Published Wednesday, April 30, 2008 by Thomas J. DiLorenzo
The myth that the CRA would not be harmful to bank-industry profits was hidden for years by the Fed-created housing bubble, which allowed for easy refinancing of all the bad debt. But now that the bubble has burst, all those unqualified borrowers — whom the government calls "subprime" — are defaulting.
The bursting of the Fed-generated housing bubble is the reason why the CRA scam was not exposed until now.
(Original Text)
The CRA Scam and its Defenders (1.56 MB)