WASHINGTON — A new Federal Reserve Board report refutes the claim by some that the Community Reinvestment Act and affordable housing goals of Fannie Mae and Freddie Mac caused the mortgage crisis.

"We find little evidence that either the CRA or the" affordable housing "goals played a significant role in the subprime crisis," wrote senior Fed economists Robert B. Avery and Kenneth P. Brevoort in the report titled "The Subprime Crisis: Is Government Housing Policy to Blame?".

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