CRA didn't cause the financial crisis. That's a fairy tale.
Fannie & Freddie did cause the financial crisis!
That is true, but they were part of the problem.
Seeking ONE CAUSE of such an enormously complex event is just silly.
The RE meltdown probably would not have happened if banks held the paper they originated, either.
The RE meltdown probably would not have happened if money hadn't been so cheap, either.
I can go on and on with IF BUT ONLY SOMETHING HAD BEEN DIFFERENT examples that would have resulted in different outcomes.
This isn't the first time the price of real estate has collapsed.
This isn't the first time the Government has had to bail out the Bansters.