Second, I always hear that the Community Reinvestment Act is to blame for the crisis because it supposedly forced banks to lend to minorities whose loans were bad, when, in fact, isn't it true that only 6 percent of the subprime loans were made by entities that were even subject to the Community Reinvestment Act and 94 percent of the loans were made by lenders not subject to the Community Reinvestment Act?
Menendez challenges the blame placed on the Community Reinvestment Act for the mortgage crisis.
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