From your link: The bill's purpose is "to close the wealth gap in the United States" by increasing "home ownership and small business ownership for low- and moderate-income borrowers and persons of color."
yea i see no reason why it should be expanded more than what it is.
but to say the CRA was a major player in the mortgage crisis? anyone have data on this? All ive seen is the federal reserve analysis which pretty much said CRA loads were small fish and preformed at an equal level to other sub primes. 'Course they aren't likely the most unbiased of sources, but i have yet to see any data pointing to poor people loan programs taking a major share of the crisis.
What happened was not just CRA commitments per se, but banks that didn't give out CRA loans weren't allowed to grow and acquire other banks. As a result, the most "minority friendly" banks like WaMu grew to gargantuan proportions by acquiring the banks that saw the folly in lending to the un-creditworthy.
Credit unions were exempted from CRA rules, but Barney Frank's closing that loophole.
The CRA isn't solely to blame by any means, though. GWB wanted to expand minority home ownership, so he appointed people that would make that happen. Angelo Mozilo (Freddie Chairman) was a big proponent of closing the wealth gap also. The east coast banksters also colluded with west coast mortgage brokers to turn those loans out like there was no tomorrow so that they could be packaged and sold overseas.
The ironic thing is that the minority mortgage meltdown has led to the biggest destruction of minority wealth in this country's history.