Here's in interesting article from a pair of Federal Reserve economists:
It's a complex issue. You oversimplify, then try to use that oversimplification to assign blame. It's intellecutally bankrupt.Two basic points emerge from our analysis of the available data. First, only a small portion of subprime mortgage originations is related to the CRA. Second, CRA-related loans appear to perform comparably to other types of subprime loans. Taken together, the available evidence seems to run counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis.