More on the sub-prime crisis

Back in March I blogged about President Bill Clinton's Community Reinvestment Act and its, by design, effect on the US mortgage market. Back then I posted the text of a New York Times article from 30 September 1999 about the reasons for and the predicted effects of this "easing (of) the credit requirements on loans" by instituting a policy that "will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.".
Today I found elsewhere on the web a .bmp of the New York Times article which I reproduce here...



For more on the Community Reinvestment Act take a read here and remember this information the next time the banks and Republicans are blamed for the banking crisis. This part of the banking crisis is directly attributable to Bill Clinton and his attempts at social engineering.