- We agree with Investors’ Business Daily, which says that the reason for the current financial crisis is that the Community Reinvestment Act passed by the Democrats forced banks to lend money to a bunch of shiftless darkies who couldn’t repay their loans.
‘Shorter’ concept created by Daniel Davies and perfected by Elton Beard. We are aware of all Internet traditions.™
Shorter Response: A study of CRA loans shows:
- CRA loans constituted only 23% of all loans and 9.2% of high-cost loans.
- CRA loans were twice as likely to be retained in the originating bank’s portfolio than loans made by other institutions.
- CRA loans were less likely to be foreclosed upon than other loans.