The Investors Business Daily ran this editorial March 3:

Financial Crisis: As Congress crafts new banking rules to beef up the Community Reinvestment Act, the panel it picked to probe the subprime mess is discounting CRA's role in it. How convenient.

The "bipartisan" Financial Crisis Inquiry Commission kicked off its hearings this year by pillorying Wall Street. It also vowed to investigate the impact of housing policy. So far all it's done is farm out a study on the subject to a Berkeley economist pal of Phil Angelides, the commission's Democrat chairman.

Predictably, his 25-page paper concludes that the Community Reinvestment Act had no real role in the crisis, even though the anti-bank redlining regulation was strengthened and enforced like never before starting in 1995.

To read more, click this link:

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=522828