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Monday, June 13, 2011
WND's Lamb Misleads About Community Reinvestment Act
Topic: WorldNetDaily

Henry Lamb writes in his June 11 WorldNetDaily column:

The housing market crumbled because of government intervention. The Community Reinvestment Act of 1977 and subsequent revisions imposed government management of the housing industry by forcing banks to issue loans to credit risks a free market would never tolerate. To entice banks to make these unjustified loans, the government guaranteed repayment. When some of the people couldn't, or wouldn't, repay their mortgages, the government took your tax money to make good the guarantee. This is the single most important cause of the current economic disaster, and the responsibility rests upon progressive Democrats who firmly believe that government must control and manage human activity.

In fact, experts agree that the Community Reinvestment Act had no significant role in the financial crisis, and that lending money to poor people and minorities isn't inherently risky.

Posted by Terry K. at 11:47 AM EDT

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