He issued new CRA regulations requiring banks and savings and loan associations to meet quotas for mortgages to borrowers at or below 80% of median income in their service areas.
An additional 4.5 million were guaranteed by the FHA and sold through Ginnie Mae before 2008, and a further 2.5 million loans were made under the rubric of the Community Reinvestment Act (CRA), which required insured banks to provide mortgage credit to home buyers who were at or below 80% of median income.