No, the financial crisis is NOT caused by the Community Reinvestment Act of 1977

That's what started it all, according to conservatives--too many loans made to minorities.  The Big Picture exposes, in a definitive and clear way, that lie.  Read the whole thing, if interested.  Snippets:

Did the 1977 legislation, or any other legislation since, require banks to not verify income or payment history of mortgage applicants?

What about "No Money Down" Mortgages (0% down payments) ? Were they required by the CRA? Fannie? Freddie?

How exactly did legislation force Moody's, S&Ps and Fitch to rate junk paper as Triple AAA?

The four biggest problem areas for housing (by price decreases) are: Phoenix, Arizona; Las Vegas, Nevada; Miami, Florida, and San Diego, California. Explain exactly how these affluent, non-minority regions were impacted by the Community Reinvesment Act ?