This long article from Winter 2000 explains a lot!
“...A radical group called ACORN Housing has a $760 million commitment from the Bank of New York;..”
City Journal Home.
Howard Husock
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
The Community Reinvestment Act funnels billions to left-wing activists, while threatening to destabilize lower-middle-class neighborhoods.
Winter 2000
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being....
Excerpt.
http://www.city-journal.org/html/10_1_the_trillion_dollar.html
Try this one. I will be posting in a moment if it hasn’t been already.
http://findarticles.com/p/articles/mi_m1355/is_n19_v86/ai_15779827?tag=content;col1
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