The blame on the CRA is entirely misplaced, as Barry articulates much better than I ever could have:

http://bigpicture.typepad.com/comments/2008/10/misunderstandin.html

I also believe there’s greater culpability in deregulation (than the misplaced blame on the CRA), including: (1) the lifting of the prohibition of Credit Default Swaps via the Commodity Futures Modernization Act; and (2) Greenspan’s malfeasance in ignoring the numerous warnings from his own Fed governors and treasury officials.

http://bigpicture.typepad.com/comments/2008/09/the-new-new-dea.html