Lisa Chow
Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Who's Really to Blame for Financial Crisis? Clinton Says Not the Left
Monday, October 06, 2008
New York, NY –
As Republicans and Democrats blame one another for the roots of the current financial crisis, Senator Hillary Clinton is defending a 1977 law that was strengthened by her husband, President Clinton, that expanded home mortgages to low-income families.
Some conservatives are blaming the 'Community Reinvestment Act' for the foreclosure crisis.
But, Clinton says that law helped people become responsible homeowners.
CLINTON: Low income people, thanks to the community reinvestment act were able to own homes because they were toaught how to save money for downpayment, they were counseled into kind of mortgage that would be in their best interest, and their foreclosure rate is miniscule.
REPORTER: The Community Reinvestment Act requires banks to lend in the low-income neighbourhoods where they take deposits.
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