Over the past week or so some conservatives (NRO, Fox, etc.) have suggested that lending to minorities with bad credit - for example under the Community Redevelopment Act - caused the Wall Street crisis.
Nuts. Cynthia Tucker de-bunks it.
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Isn't the real reason the foreclosure mess has taken such a toll the excessive leveraging of bundled securities full of shaky mortgages? Where does that leave the already goofy "PC Lending Theory"?
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