I was hoping some of the more knowledgable people on this list could provide figures or a kind of history of modern day mortgage practices so as to help me clear it up.
.........
The LBO archives are rich with detailed attacks on the 'Minorities did it!' and 'Let's blame the CRA!' memes.
I suggest the following as a start, posted by list member Sean Andrews on 10/7/08:
"Community Reinvestment Act at fault -- NOT"
<http://mailman.lbo-talk.org/pipermail/lbo-talk/Week-of-Mon-20081006/016572.html>
The links provided within that post, particularly this one:
<http://overlynuanced.blogspot.com/2008/10/cooling-hot-air-over-housingcredit.html>
are very helpful.
I also suggest this podcast:
"The Giant Pool of Money"
<http://www.thisamericanlife.org/Radio_Episode.aspx?episode=355>
Finally, anyone -- for example, Sailer -- who thinks 'PC' home loans to 'minorities' led in a straight (or even crooked) line to things like the approximately 60 trillion dollar, scarcely regulated or understood credit default swap market, spectacular events such as the default of Iceland and the central banks of the major economic players pumping astounding amounts of capital into money systems to prevent collapse is, at best, a jackass.
.d.