See post #9.
THIS is an important story. On Beck’s radio show Bachmann also talked about the fact that the CRA required banks to make bad (subprime) loans to ‘special groups’ or they’d be shut down. There was an alternative....they could contribute to ACORN.
She says ACORN is ‘unfunded’ by congress until only Oct. 31, 2009 and that we must insist our congressmen do something about it.
Conversation with Beck*: http://www.glennbeck.com/content/articles/article/196/31898/
Also see Bachmann’s website:
# 10.14.09 Bachmann Calls for Independent Investigation into ACORN’s Influence in Minnesota
http://bachmann.house.gov/News/DocumentSingle.aspx?DocumentID=149776
‘
*[snip]The federal government wrote a law called the Community Reinvestment Act. It demands that banks make loans to people who are poor credit risks. So that law was already passed.
GLENN: Okay. Now, that law actually was passed by Bill Clinton.
CONGRESSWOMAN BACHMANN: That’s right.
GLENN: And it was pushed by Barney Frank and I believe Senator Dodd was involved with that.
CONGRESSWOMAN BACHMANN: That’s right.
GLENN: All of the usual suspects were involved.
CONGRESSWOMAN BACHMANN: All of the usual subjects including some Republicans that got behind this law. The Community Reinvestment Act. So that was already passed. Then what happened, the federal government hung a threat over these banks because banks didn’t want to make loans to people who were poor credit risks. That’s not they are there in the business to do. So as part of the demand from the federal government, what they said is if the banks fail to lower their lending standards, then the federal government would shut down their interstate bank branches and they would not allow banks to open new branches. So in other words, the federal government would essentially shut these banks down if they refuse to make bad loans to people who wouldn’t be able to pay them back.
GLENN: Right.
CONGRESSWOMAN BACHMANN: And what we found out, Glenn.
GLENN: Listen to this.
CONGRESSWOMAN BACHMANN: And we’re breaking this story on your radio show is that one way the banks could satisfy their requirement under the Community Reinvestment Act is they could partner with ACORN. So a bank could either make a cash donation to ACORN, they could give equipment donations or they could work with ACORN to provide these loans to people who are poor credit risks. One bank that did that was the Citizens Bank of Massachusetts. They put it in a partnership with ACORN. Minnesota Bank, Northeast Bank of Minnesota donated $2,000 to ACORN.
http://www.glennbeck.com/content/articles/article/196/31898/
BUMP.
B U M P
Does she have proof of that? Is there any proof of that?
She was on his TV show, too.
This is not new news, it just doesn’t get discussed as much as it should. These laws and actions by Congress, ACORN and the frightened lending institutions are at the very heart of the mortgage fiasco and collapse!