The CRA was a major contributor to the financial melt down and housing collapse yet the Obama administration and socialist Democrats have injected it with steroids.

IBD Editorials

EXCERPTS:

Subprime Scandal: As part of financial reform, Republicans ought to defund, if not dismantle, the Community Reinvestment Act — before it strikes again.

“That requirement contributed to the large number of subprime and other risky loans that failed in the financial crisis,” said Peter Wallison, a member of the Financial Crisis Inquiry Commission.

If Clinton added teeth to the CRA, Obama’s adding fangs. Top bank regulators have warned that they are on the “fair lending” warpath. They’ve toughened CRA exams and referred violators to the Justice Department for prosecution.

Meanwhile, Democrats led by Rep. Barney Frank have introduced a bill to expand the CRA to cover nonbank financial institutions, including securities firms, making the SEC a CRA enforcer.

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