Changes

|title=Clinton Administration Further Liberalizes the Community Reinvestment Act   

|title=Clinton Administration Further Liberalizes the Community Reinvestment Act   

|url=http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html

|url=http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html

|publisher=The White House }}</ref> substantially increased the amount of [[subprime mortgage]]s.  The first public [[securitization]] of CRA subprime loans started in 1997. <ref>{{cite web

|publisher=The White House }}</ref> substantially increased the amount of [[subprime mortgage]]s.  Clinton's changes to the CRA increased the amount of home loans to unqualified low-income borrowers and, for the first time, allowed the [[securitization]] of CRA-regulated loans containing subprime mortgages.<ref>{{cite web |title=Congress Tries To Fix What It Broke

|publisher=''[[Investor's Business Daily]]''}}</ref><ref>{{cite web |title=Ride out Wall Street's hurricane - The real reasons we're in this mess – and how to clean it up

}}</ref> In the view of some critics, the weakened lending standards of CRA and other affordable housing programs, coupled with the Federal Reserve's low interest-rate policies after 2001, was a major cause of the financial crisis of 2007/08.<ref>Joseph Fried, Who Really Drove the Economy Into the Ditch? (New York, NY: Algora Publishing, 2012), 6.</ref>  <ref>{{cite web

|title=FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES   

|title=FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES   

|url=http://www.wachovia.com/inside/page/textonly/0,,134_307%5E306,00.html

|url=http://www.wachovia.com/inside/page/textonly/0,,134_307%5E306,00.html