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Fed: CRA Didn't Cause B&C Mess.(Community Reinvestment Act )(Brief article)
Washington-A Federal Reserve Board study discovered that banks and thrifts made only a small percentage of subprime loans in their Community Reinvestment Act assessment areas, refuting critics who claim CRA contributed to the crisis.
"Only 6% of all the higher-priced (subprime) loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas," Fed governor Randall ...
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