This is the sort of Big Lie that people who are in a panic are inclined to believe, both because it is simple and it plays on longstanding prejudices. But, as Robert Gordon pointed out, only around 25 percent of subprime loans came from bank subsidiaries and affiliates covered under CRA.
Tapped also draws a distinction between the defaulted mortgages themselves and the profiteering off of these mortgages:
But as I've said before, even if 100 percent of sub-prime loan defaults were made by minorities, without the instruments developed to make tremendous amount of capital off of this debt, the crisis would not have endangered the entire economy. Even so, that's not the case. CRA did not play a key role in exacerbating this crisis, that was done by mortgage companies and bank subsidiaries not covered by that law. But once again, the attraction of Big Lies is that they are so terrifyingly familiar.
Update: This is a much more thorough debunking of the myth that CRA created this crisis.