Transit is no longer needed to provide mobility for low-income people, nearly all of whom have access to a car. Instead, it is mainly a subsidy to unions, downtown property owners, and rail contractors.
Featuring Edward Pinto, Mortgage Consultant and former Chief Credit Officer at Fannie Mae; Hon. Bruce Morrison, Former Congressman and Former Chair, Federal Housing Finance Board; Robert Litan, Vice President for Research and Policy, Kauffman Foundation and Senior Fellow, Brookings Institution; Mark Stamm, Principal, Stamm Mortgage Management; and John Taylor, National Community Reinvestment Coalition. Moderated by
Mark Calabria, Director, Financial Regulation Studies, Cato Institute.
Few topics related to the recent financial crisis have generated so much heat, yet so little light, than the debate surrounding the role of the Community Reinvestment Act and its impact on mortgage lending standards. While regulators and the community groups strongly defend the act, many economists have pointed to CRA as an important driver behind the lowering of underwriting standards. The panelists will present original data and research on the impact of CRA and its role in the financial crisis.