how many times have you heard this from the right wing intelligentsia: THE CRA CAUSED THE HOUSING CRISIS. The Subprime Crisis: Is Government Housing Policy to Blame? Robert B. Avery* Senior Economist and Kenneth P. Brevoort Senior Economist Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, DC 20551 August 3, 2011 We find little evidence that either the CRA or the GSE goals played a significant role in the subprime crisis. Our lender tests indicate that areas disproportionately served by lenders covered by the CRA experienced lower delinquency rates and less risky lending. Similarly, the threshold tests show no evidence that either program had a significantly negative effect on outcomes. http://www.ritholtz.com/blog/2011/1...ampaign=Feed:+TheBigPicture+(The+Big+Picture)