Charts SYSTEMS

[snootmagruder]

GDL, That article is nothing short of liberal spin. Here's the truth about the articles two points:
* Although the CRA was started in 1977, it was the mid to late 90s changes to it that were important.Fanny Mae and Freddie mack were also brought into the game given quotas during this time which increased each year after.
* Mortgage companies and credit unions were assigned versions of CRA.
Article showing mortgage Bankers Association agreement voluntarily signed to avoid forced regulation.
http://articles.latimes.com/1994-09-15/business/fi-38912_1_mortgage-bankers

The credit default swaps and repeal of Glass Steagall certainly played into it, but they did not Cause it, only enlarged it from a very bad recession to a total meltdown.

The one thing different about this real estate cycle was the dramatically increased pressure for minority lending. The lowered lending standards were required to keep up with the quotas forced on them for the CRA loans
and it spread to the rest of the industry like cancer.