The mess did NOT get created because of normal full-doc fixed loans. It was created because of LIAR (ALT-A) loans and other exotic 100% loans I(subprime, negative amortization etc..)... these are all the loans that your CAPITALISTS (wall street banks) were pushing with DOUBLE the bonus for mortgage originators to push people to these loans instead of fixed loans. I lived in Nevada and Arizona from 2000 to 2008 so I saw it first hand...
I hate to inform you but that law on the books was working fine until they eliminated regulations and started to do two very important things:
1 - able to securitize these loans and pass them off as trash
2 - able to ignore non-existent regulators
I didn't expect you really understand or know what the CRA was but you might want to bone up on the term redlining.
I find it amazing how the same people cannot be able to recognize even simple cause and effect actions and most of these people voted for Bush twice - DUH! Look at the above example as further justification - a law that's been on the books and working fine until 2002 (when this started and expanded in 2003 and 2004) is being blamed for the housing bubble.
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