I think this guy had some excellent thoughts on it:
http://www.memoryhole.net/kyle/2008/10/ ... crash.html
It wasn't necessarily the CRA itself but rather a series of deleterious legislations subsequent and, from what it sounds like, really starting with IBBEA of 1994.
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“Love takes off the masks that we fear we cannot live without and know we cannot live within. I use the word "love" here not merely in the personal sense but as a state of being, or a state of grace - not in the infantile American sense of being made happy but in the tough and universal sense of quest and daring and growth.” - James Baldwin