What CRA gave rise to was extending credit to borrowers in low- and moderate-income communities. That's because the portfolio of CRA loans built up in the 1990's turned out to be quite profitable. It was like finding gold at Sutter's Mill. The conventional mortgage market was already booked for the weekend, and here was this new pool of potential profit just waiting to be tapped. The problem was some of the people who ultimately did the tapping and the products that they pushed in doing so.
This is a graph of secondary mortgage market share. The blue line is the GSE's as they were more and more pushed out of the picture. The red line is the profit-at-any-cost private label securitization shops built by Wall Street that enforced no underwriting standards and pushed anything with a signature on it out the back door. Strip off the profit, sell of the risk. I'll be gone, you'll be gone. The problems will all belong to somebody else. That's what the red line measures.