Simple Answers to Simple Questions, CRA edition
The need for posts such as this one recurs because the large majority of economists are idiots. (Multiple exceptions noted—but not enough to change the truth of the initial statement.)
As the regulatory reform report notes (quoted by PK at the last link above):
In fact, enforcement of CRA was weakened during the boom and the worst abuses were made by firms not covered by CRA.
But the truth should never be allowed to get in the way of Economic Theory.