The Left's narrative on the housing crisis was just the usual "minorities-hit-hardest" story. The vast majority of homeowners who lost their homes were "white," not "minority." Maybe the CRA is bad policy, but it had little to nothing to do with the housing crisis. Of the 2.5 million foreclosures from 2007-2009, only 240,0202 were of homes owned by "black" owners and 335,950 owned by "Latino" home owners.
Back then, when the interest rates fell low, many people started buying overpriced houses they couldn't afford, and then they borrowed against those homes to pay for vacations, boats, new cars, etc. Then, of course, some of them lost their homes.
I had a friend who lost her home because she became seriously ill and the medical bills drove her family into debt. Those are the people who deserve sympathy. It wasn't her fault she became ill. But, many people lost their homes because they overpaid and overspent. That's what really happened. No one wants to say that, though. ;-)
only 240,020 were of homes owned by "black" owners