More from Michelle on the "universally negative" reaction to the proposed bailout -- hit the phones and make your displeasure known to your congressional representatives! If we could defeat amnesty, we can defeat this ridiculous proposal. I vote to make Mr. CRA, 1977, pay for it!
When I have more time, I will relate my banking adventures at Washington Mutual as they relate to Carter's horrible legislation. Alas, for now, it's off to work!
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The CRA has nothing to do with the subprime housing crisis or the credit cerisis the US faces today. At least 80% of the subprime loans were not even covered by entities regulated by the CRA up until 2004. I say this because in 2004 the Bush appointed head of the FDIC sought and gained rules changes that took 1100 banks off the CRA standards list.
For more check my research head's post on the matter
Qu'ul cuda praedex nihil!
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