Perhaps those pushing the inane theory that the Community Reinvestment Act (and other efforts to provide affordable credit to credit-worthy residents of low-income neighborhoods) is responsible for the financial meltdown can take a crack at explaining the connection between the CRA and this sort of behavior by credit rating agencies.

Eduardo M. Peñalver is the Allan R. Tessler Dean of the Cornell Law School. The views expressed in the piece are his own, and should not be attributed to Cornell University or Cornell Law School.

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