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1977, President Jimmy Carter + 1995, President Bill Clinton * "CRA" - Community Reinvestment Act * Origin of the Current "Crisis"

In 1977 President Jimmy Carter signed the Community Redevelopment Reinvestment Act (or CRA) into law. As a result of “national grassroots pressure for affordable housing”, it forced banks to underwrite risky mortgage loans in order to meet the needs of “the entire community.”

In 1995 the Clinton administration strengthened the regulations of the Community Redevelopment Act. The CRA enabled consumers to secure mortgages with “no verification of income or assets; little consideration of the applicant’s ability to make payments; [and] no down payment.”

As the mortgage industry grew, Fannie Mae and Freddie Mac (government-sponsored entities, or GSEs) became a kind of “jobs program for out-of-work Democrats”.

Clinton administration friends and staffers managed the GSEs including Franklin Raines (now advisor to President Obama), Jim Johnson, Jamie Gorelick (outspoken member of the "Bi-Partisan 9/11 Commission")and Rahm Emmanual (now Chief of Staff for President Obama). This small group of executives paid themselves nearly $200 million in only six years’ time.

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Tags: CRA


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Comment by Brad Moore on February 17, 2009 at 11:10am
Chad Krebs:
I understand your mathematical timeline and the logicial conclusions you derive; however, that is not the point I am trying to make. The point is, the toxic financial stew began in 1977 and was shifted into overdrive in 1995.

Kirby lists compelling videos that illustrate my point.

President Carter laid the foundation.

President Clinton got in the dry.

Nancy Pelosi, Barney Frank, Charles Rangle, etc. exploited it.

And now, the politicians that "moved into the house Carter & Clinton built" want to point the finger at "predatory lenders". When in fact, these politicians built a "big game resevere" for the "predators" to thrive in.

Nancy Pelosi and Barney Frank are con artists!

Comment by Phillip Howell on February 16, 2009 at 2:42pm know what they say..."Where there is smoke there is fire!"...Funny how a lot a people can't seem to remember back much further than "the last 8 years"...

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