I have no idea how long these references will be active, but they intrigue me.
"We've now entered a new stage of the financial crisis: the ritual assigning of blame. It began in earnest with Monday's congressional roasting of Lehman Bros. CEO Richard Fuld and continued on Tuesday with Capitol Hill solons delving into the failure of AIG. On the Republican side of Congress, in the right-wing financial media (which is to say the financial media), and in certain parts of the op-ed-o-sphere, there's a consensus emerging that the whole mess should be laid at the feet of Fannie Mae and Freddie Mac, the failed mortgage giants, and the Community Reinvestment Act, a law passed during the Carter administration. The CRA, which was amended in the 1990s and this decade, requires banks—which had a long, distinguished history of not making loans to minorities—to make more efforts to do so." http://www.slate.com/id/2201641/
"But as the Wonk Room’s Pat Garofalo points out, at the beginning of today’s hearing, Chairman Henry Waxman (D-CA) said that 400,000 documents amassed by the committee showed that the right-wing claim is nothing more than a conservative myth. Later in the hearing, Rep. Edolphus Towns (D-NY) asked the four CEOs whether poor people caused the current financial crisis. All said “no. . . .” See also: http://thinkprogress.org/2008/12/09/myth-fannie-freddie/
"Blaming the CRA is one of conservatives’ favorite talking points and has been peddled by Charles Krauthammer, Fox News, FreeRepublic.com, the Wall Street Journal, Washington Times, and the National Review.
"But as the Center for American Progress’s Robert Gordon noted in the American Prospect, lenders did not approve bad loans to comply with CRA; they did so to make money: 1) Subprime loans intensified 'at the very time when activity under CRA had slowed and the law had weakened,' 2) CRA doesn’t even apply to many of the loans behind the mortgage meltdown, and 3) The 'lenders subject to CRA have engaged in less, not more, of the most dangerous lending.'”
And then: http://www.salon.com/opinion/greenwald/2008/09/26/national_review/index.html
"But here’s the thing: Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago, an explosion that dwarfed the S.& L. fiasco. In fact, Fannie and Freddie, after growing rapidly in the 1990s, largely faded from the scene during the height of the housing bubble." http://www.nytimes.com/2008/07/14/opinion/14krugman.html#