A growing literature suggests that housing policy, embodied by the Community Reinvestment Act (CRA) and government sponsored enterprises' affordable housing goals, may have caused the subprime crisis. The conclusions drawn in this literature, for the most part, have been based on associations...

Some have suggested that housing policy, embodied by the Community Reinvestment Act (CRA) and affordable housing goals of the government-sponsored enterprises (GSEs), caused the subprime crisis. We examine if these programs led to worse mortgage outcomes using two approaches. The first examines...

A growing literature suggests that housing policy, embodied by the Community Reinvestment Act (CRA) and the affordable housing goals of the government sponsored enterprises, may have caused the subprime crisis. The conclusions drawn in this literature, for the most part, have been based on...