1.http://content.time.com/time/specials/packages/article/0,288...
A simple example of why this idea has very little validity: the housing bubble was a global phenomenon.
As a second example: most of the questionable sub-prime lending during the housing bubble was done by private institutions not under the CRA regulation.
Some good reading on the subject: http://www.ritholtz.com/blog/2011/11/examining-the-big-lie-h...
Now if you want to talk about repealing Glass-Steagall or the lack of regulation of the derivatives market via the Commodity Futures Modernization Act (both mentioned in the article you link to), then I'm all ears.
Is there a link that shows the foreclosure data in different countries?
I find it hard to take at face value as some large real estate markets (e.g. China) don't even have the same structure (mortgages, underwriters, loan originator, loan repackager) as US does.
http://www.ritholtz.com/blog/wp-content/uploads/2011/11/Sept...
I agree with you about China - different structure - but this chart shows how the bubble spread throughout Europe.
I think the fact that 30% of all houses here are "underwater" is a better sign of a housing bubble than the amount of foreclosures because at least where I live in many cases banks prefer not to foreclose but put the house on the regular market and hope to sell it for a reasonable prices.