OPINION: ‘New Welfare Queens’ Did Not Cause Mortgage Crisis

Conservative political circles are circulating the idea that the mortgage crisis is a result of the Community Reinvestment Act of 1977, writes Ed Kilgore, but this fiction is specious. (Democratic Strategist) “In truth the CRA didn t require lending to unqualified applicants though it did provide that applicants’ credit-worthiness could be established…, and in any event CRA doesn t even apply to the non-bank lenders responsible for the vast majority of bad mortgages.”