Note to Rick Santelli and his fellow myth makers. The Community Reinvestment Act (CRA) had nothing to do with the mortgage crisis. How do we know this? A liberal welfare queen named Ben Bernanke said so:
Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties.
Sorry, Rick.