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MadCapitalist wrote: The empirical results say otherwise.

The underwriting guidelines for CRA loans would suggest that CRA loans couldn't possibly be the culprit.

No stated income
No stated asset
No negative amortization
No prepay penalty
No interest only
Fully documented income and assets
30 year fixed or 5 year fixed programs only
Credit must be established; "alternative" credit acceptable (utility bills or other verified monthly obligations all paid on time)

How in the world the accusers of CRA loans arrived at that conclusion is beyond me. I guess they've gotta blame it on something.
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