The CRA and subprime lending

Community Affairs Office

Banking and Community Perspectives, 2009, issue 1, 3-7

Abstract: The Community Reinvestment Act (CRA) has been under much scrutiny amid the subprime lending bust. Critics of the CRA contend that the law pushed banking institutions to undertake high-risk mortgage lending. A Federal Reserve Board staff analysis finds that the CRA was neither a source nor driver of the housing market's collapse. In this issue, we examine the CRA and its role in the mortgage market and distinguish it from causes of the subprime failure.

Keywords: Subprime mortgage; Subprime market; Community Reinvestment Act of 1977 (search for similar items in EconPapers)
Date: 2009
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