The Role of the Community Reinvestment Act in the Financial Crisis
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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.