Not at all.
The problem with Clinton's modification to the Community Reinvestment Act (which has been around since the 1970's) is that it had no effect on the banking crisis. In fact, CRA loans were far more closely scrutinized
Myth: The Community Reinvestment Act (CRA) caused the foreclosure crisis.
ncrc.org
The majority of subprime loans were originated by non-CRA covered financial institutions. In fact, only about 25 percent of sub-prime loans were made by institutions covered by CRA.¹
CRA was passed in 1977. The explosive growth in subprime lending occurred more than two decades later, nearly doubling from 2001-2006 alone. No major changes to CRA were enacted during this time.
CRA does not mandate banks to make only home loans. Banks are encouraged to examine credit needs and lend appropriately based on these needs (for small business, home, and other types of loans).
CRA penalizes banks for reckless, irresponsible and otherwise predatory lending.
What caused the 2008 Crash was 1) Banks making reckless loans to middle class people without income verifications to buy houses they planned to flip quickly, and selling those garbage mortgages as investments. The SEC provided very little oversight to this activity.