The Color of Money

Timing is everything, and the journalism department hit it big when it scheduled Michelle Singletary of the Washington Post as the Reynolds Distinguished Fellow this week. Singletary is the popular personal finance writer for the Post. Her column is The Color of Money. Given the way the economy has dominated the news over the past several weeks, Singletary’s visit is well timed.

On Sunday, Singletary’s column defended the Community Reinvestment Act of 1977 against the claims of some that the CRA is responsible for the mortgage crisis and, ultimately, the financial meltdown. Singletary argues that blame lies elsewhere:

“No sir, it wasn’t lending under CRA rules that took down the mortgage industry. It was greedy, reckless banking executives, lending officers and mortgage brokers who were supposed to properly screen borrowers and apply prudent loan underwriting standards. It was lax and inadequate federal and state regulation that allowed exotic and predatory mortgages to be sold to borrowers.”

In addition to her Post column, Singletary has a weekly podcast based on her appearances on National Public Radio’s Day to Day program.

Singletary’s public lecture is Tuesday at 4:30 p.m. in the Stackhouse Theatre of Elrod Commons.



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