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only 25 percent of subprime mortgages fall under cra. Deregulation pushed by phil gramm caused this. CRA was passed in 1977, gramm got deregulation pushed thru 1999. The reason the law Glass-Spiegel Act was created after the depression so this didnt happen. Gramm got this taken away and thats why we had this. Gramm was rewarded for this he is now vice chairman of a bank.
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