There has been a lot of push back against the idea that the Community Reinvestment Act nudged banks to give mortgages to people who should have not gotten them. But then here comes this fantastic story about East Bridgewater Savings in Boston.
he FDIC has turned up the heat on Petrucelli's bank, giving it an apparently rare "needs to improve rating," for not making more risky loans under the Community Reinvestment Act...
[For anyone somehow unaware or still not convinced that government is the problem > ]
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Wednesday, March 25, 2009
Yes, It Was Government Regulation That Caused Our Currrent Crisis
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