At the height of the lending frenzy (2004-2006), the study finds that banks loaned even more in response to an examination, and that the outcomes were even worse. The authors speculate that easier loan securitization may have made risky CRA-compliant loans seem less costly.
在贷款疯（2004—2006年）高峰期，研究表明银行因检查而增加的贷款规模更大了，结果也更加糟糕。作者推测，贷款证券化更加容易可能是为执行CRA而发放的高风险贷款成本下降的原因。最后，与所有优秀研究一样，该研究解释了为何作者更仔细的研究产生了与此前研究不同的结果。