The Community Reinvestment Act of 1977 lives on

FRONT PAGE MAG
Obamanomics in Catastrophic Action
by John Perazzo
January 22, 2016

Remember a few years ago, when the American housing market collapsed as a direct result of government policies that—in the name of racial justice—pressured banks to approve mortgage loans for massive numbers of under-qualified nonwhite applicants? Remember how that collapse set in motion the financial crisis that then-presidential candidate Barack Obama repeatedly called “the worst economy since the Great Depression”? And remember how Obama—who had long been a leading proponent of precisely the policies that had triggered the crisis—cast himself as the savior who was going to restore fiscal sanity and untangle the whole big mess? Well, now Savior Obama and his White House are excitedly introducing Americans to their latest brainchild, the “HomeReady” mortgage program—offered through Fannie Mae and designed to help borrowers in “low-income” and “high-minority” census tracts. READ MORE

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