You've left out the attempts by goverrnment to rein in Freddie/Fannie though you have correctly reported the cash paid out by F/F to hamstring such attempts. I guess the devil made them do that too. ;-) You've also left out that up to 80% of the shonly loans were written by firms or associates that never were subject to close Federal supervision. it's also worth observing that the CRA merely requires that if you open a branch in po-dunkville you have to service mortgages in po-dunkville rather than channeling your deposits to mortgages in Richville. You also leave out that much of the current trouble doesn't involve CRA communities in the first place. But we can agree to disagree.