Jessica, you’re right, CRA is not the only culprit. And I cited it only as a rebuke to Nancy Pelosi’s assertion that Republicans are responsible. The primary cause was artificially low interest rates induced by the non-partisan Federal Reserve. You cannot take interest rates down to nil and not expect asset inflation to occur.

It concerns me that the journalist you cite puts redlining in quotes. What is that supposed to imply? That it didn’t happen? It did. Racist lenders literally drew red lines around black neighborhoods and then did not lend within the lines. That is blatantly discriminatory. Low-income neighborhood or not, mortgage applications need to be viewed on a case-by-case basis.

If you click through and read the article referenced in the article you reference (about the CRA), it says even when you control for income there was discrimination against blacks in lending. That discrimination was there, was racist, and cannot be explained away by income alone.

I wonder how many of those hispanics are illegal aliens. The amnesty crowd (John McCain) never mentioned economic collapse as one of the benefits of illegal immigration.

From guys like McCain you only hear about the great benefits of illegal immigration. They don’t talk about the subprime mortgages, and they don’t talk about the lawsuits against our school districts. If Elgin neighborhoods weren’t full of illegal immigrants, there would be no lawsuits, because none of the neighborhood schools would be majority hispanic. We could have neighborhood schools that our kids could walk to. Now instead we have the Futterman lawsuit that is likely to bankrupt U-46, enrich Futterman lawyers, and destroy Elgin. Thank you Ed Schock, thank you illegal immigrants, thank you John McCain. NOT.

Vote Obama in November!