May 2, 2008

Thomas DiLorenzo on Countrywide Financial's commitment to CRA lending

In his April 26 New York Post article on the CRA entitled "The Real Scandal," Professor Liebowitz explains how the government's Fannie Mae Foundation singled out one bank in particular as the role model for all other banks in America in terms of its commitment to CRA lending: Countrywide, the nation's largest mortgage lender, had committed to $600 billion in low-income or "subprime" loans as of 2003. Today, Countrywide is essentially bankrupted and has been merged with Bank of America.

~ Thomas DiLorenzo, "The CRA Scam and its Defenders,", April 30, 2008

No comments: