{"entry":{"title":"Lending to the Poor Didn't Cause the Mortgage Crisis","date":"Fri, 16 Aug 2013 04:00:00 +0000","author":"CAP Action Fund, CAP Action Fund","description":"
Despite the multiple times the right wing’s arguments have been debunked, they are once again repeating the false narrative that the financial crisis was caused by government policy and lending to low-income borrowers. The latest to weigh in is former-Senator Phil Gramm. On the Wall Street Journal op-ed page, he trots out<\/a> the idea that government regulators used the Community Reinvestment Act (CRA) to force banks to make loans to undeserving poor people and that Fannie Mae and Freddie Mac purchased doomed subprime mortgage backed securities to meet the affordable housing goals. This, he says, was the main cause of the crisis. But this idea has been thoroughly discredited.<\/p>","original_link":"http:\/\/thinkprogress.org\/economy\/2013\/08\/15\/2475531\/no-lending-to-poor-people-did-not-cause-the-financial-crisis\/"}}