Oct 7, 2008

Sucker's Bet [LINK]

It was only a matter of time. Among the causes of the 2008 economic crisis, critics point to the Community Reinvestment Act, legislation that boosts affordable housing by mandating that mortgage lenders extend credit to low-income applicants who might otherwise be rejected as uncreditworthy. Lambasted for his prominent role in fostering this policy and for propping up undercapitalized mortgage giants Fannie Mae and Freddie Mac, Rep. Barney Frank (D-MA) has declared that, since these policies were designed to help the poor, such criticism is motivated by racism.

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