Our own experience with CRA over more than 30 years and recent analysis of available data, including data on
subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties.
FHA
loan performance has been far superior to that of the
subprimes, with a default rate three times lower than that of
subprime adjustable - rate mortgages.