Are you the same Fred Garvin that used to be on Saturday Night Live? Will somebody provide us a link here?

While I know that many partisans here will decry my sources as being biased, let me try to introduce some facts by the leftist Federal Reserve Bulletin and the uber-liberal Heritage Foundation.

As of 1999 the dollar amount of loans extended under all CRA special lending programs made up a relatively small portion of total CRA-related lending in that year for most reporting institutions.

In the case of home purchase and refinance loans, the proportion of CRA-related home purchase and refinance loan dollars that were extended under CRA special mortgage programs was only 4 percent for the median banking institution.

Most of the CRA special mortgage programs that were reported in the survey were established relatively recently. More than half (62 percent) were established after the CRA regulations were modified in 1995; only 6 percent of the programs were established before 1990.

80% of the subprime loans were issued by mortgage lenders and others not covered by the CRA.

Federal Reserve Bulletin

President Bush's 2003 “American Dream Downpayment Act” which horrified the Heritage Foundation:

American Dream Downpayment Act

And “The Zero Down Payment Act of 2004” introduced by Republican Rep. Pat Tiberi of Ohio which made the Heritage Foundation nearly apoplectic:

Zero Down Payment Act

For about as good an analysis as you're going to get in a couple of pages, check out this article fact-checking Obama in:

Politics and Critical Thinking

Fred "Gullible" Garvin, noted Citizen Republican apologist, attempts once again to deflect blame from his Republican masters.

Memo to Republicans: CRA Has Nothing To Do With the Current Problems

"There's a meme going around the right wing blogs. Deregulation has nothing to do with the current problems in the market. The real culprit is the Community Reinvestment Act signed into law by President Carter in 1977. Nothing could be further from the truth as a reading of the facts of the matter reveal."