[Schnucki]

"By intervening -- even just threatening to intervene -- in the CRA review process, left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers," reported Husock. "A radical group called ACORN Housing has a $760 million commitment from The Bank of New York."

[2ndDivisionVet]

Seeking to address complaints from anti-poverty activists and housing advocates about banks allegedly discriminating against minority borrowers and "redlining" inner-city neighborhoods, the CRA decreed that banks had "an affirmative obligation" to meet the credit needs of victims of discrimination in borrowing.

Anotherwords COMMUNITY ACTIVISTS like Saul Alinsky, Barack Obama and Bill Ayers!!

[nuconvert]

Bump

[BooksForTheRight.com]

The massive transfer of money from the “haves” to the “have nots” failed, and now the “haves” will be asked to come up with the tax money to pay for the fix.

[Carley]

Roots in Carter, watered and fed by democrats from that day forward.

Lied lied and lied to is what we got from the dems, every single day.

[syriacus]

I’m glad to see the truth is starting to come out.

[rockinqsranch]

http://www.freerepublic.com/focus/news/2083123/posts?page=50

http://findarticles.com/p/articles/mi_m1282/is_n25_v45/ai_14779796

http://www.freerepublic.com/focus/f-news/1965239/posts
http://www.ibdeditorials.com/IBDArticles.aspx?id=306978378974502
http://www.ibdeditorials.com/IBDArticles.aspx?id=307149667289804&kw=cra
http://www.freerepublic.com/focus/f-news/2088795/posts

I’ve added this article to my collection.

[syriacus]

By intervening -- even just threatening to intervene -- in the CRA review process, left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers," reported Husock. "A radical group called ACORN Housing has a $760 million commitment from The Bank of New York."

If the MSM were unbiased, it would be interviewing Husock.

He is terrific.

I read his book America’s Trillion-Dollar Housing Mistake The Failure of American Housing Policy last year.

It's extremely well written, well-organized, informative, and hard-to-put-down.

Amazingly, it doesn't take long to read.

[southernindymom]

I work in a mtg dept @ a Credit Union. We sell to Freddie Mac and we used to have to do manual underwriting. My boss is very conservative and would deny loans. Then we had to go to Loan Prospector, a computer generated underwriting system with Freddie Mac. The concept was to streamline underwriting and give the member a faster yes or no answer to their application. Basically in about 5 minutes, after the loan application is downloaded to LP, you get an ACCEPT or CAUTION. While there are limits to LTV and TLTV %’s, regardless, if LP came back with an ACCEPT, we HAD to give the person the loan. Freddie was willing to buy it and we could not deny the loan. Now we did verify employment/income/reserves and the like, but the feedback would at times say you didn’t have to. My boss always required it, but we do still have a few that have gone bad. There are alot delinquent though, getting worse each month. We were amazed at some of the loans that went through, ones that never would have been approved the old way. But if he would have denied the loan and it was an ACCEPT, the Credit Union could get into trouble, being accused of profiling or the like.

[XR7]

left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers," reported Husock. "A radical group called ACORN Housing has a $760 million commitment from The Bank of New York.

Can you believe an anti-American, Marxist group, the likes of A.C.O.R.N. has been able to fleece the US Treasury this way?!! And, we are going to let all the low-lifes that let this happen walk away with their forunes intact by indebting our children? When do we, as a nation, say enough is enough? Will John McCain? Is he really a "maverick"? Or will he go along with all of the rest of the crowd and embrace expediency over principle?

WaMu CEO Alan Fishman Gets $18 Million Golden Parachute

Alan H. Fishman, the CEO of Washington Mutual, will likely be unemployed after only a few weeks on the job. But don't cry for Fishman. He's set to walk away with about $18 million in bonuses after his three week stint at the failed savings and loan giant. His "golden parachute" is raising eyebrows, particularly because of his short tenure at WaMu. Washington Mutual was the nation's largest savings and loan. It was taken over Thursday night by federal bank regulators and then sold to JP Morgan Chase for $1.9 billion. This, as lawmakers continued to work on a $700 billion bailout for bad debt in the financial industry. According to the Securities and Exchange Commission, Washington Mutual gave Fishman a $7.5 million bonus when it hired him on Sept. 8, and guaranteed him $11.6 million in severance if he was terminated, the so-called "golden parachute" that has created controversy when failed executives walk with huge rewards. Fishman also was eligible for annual bonuses of up to 365 percent of his annual base pay of $1 million

http://www.associatedcontent.com/article/1066149/wamu_ceo_alan_fishman_gets_18_million.html

[Ulysse]

Barney FRANK(Rep.D)immediatly launched the accusation of racism against E.CANTOR in a debate yestrday on CNN trying to make him shut up about those roots of the mortgage mess.

Then CANTOR seemed intimidated and stopped on that issue

[nmh]

bump!

[KSCITYBOY]

btt

[randita]

FNC focusing on ACORN this morning. 39 members of Congress have signed on to a request to the DOJ to look into this group.

[uncbob]

As Investor's Business Daily recently put it, succinctly and correctly: "Over the past 30 years, Democrats, along with a handful of Republicans, have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans

PCism has destroyed this country

Even now Bush and the GOP including McCain are afraid to even mention the root cause __

With cowardice on domestic matters why bother to have our military sacrifice their lives, limbs and family overseas

[uncbob]

This addresses the mortgage situation but I wish they had also mentioned the credit card bubble where banks keep pushing cards on people who gladly pay 20% interest

That ain’t good either and is a disaster waiting in the wings

This other easy credit problem is going to blow eventually

[Leisler]

The governments can raise taxes and hand out money.

But they didn't.

Instead they ordered, as they do often, people and their business to do this and that. With no compensation.

This is slavery.

So, since these diktats, this behavior has been going on for a hundred years, each year more than the last, I don't see why it shouldn't continue.

Slavery is not made overnight.

[4Liberty]

CRA =

Community Redistribution Act

[Netizen]

The result was widely praised. "It's one of the hidden success stories of the Clinton era," wrote Ronald Brownstein in May 1999 in the Los Angeles Times. "In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of African-Americans owning their own homes is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites."

Of course they did. Reverse discrimination at its finest. Home ownership of whites should have grown tremendously as well. When they lowered the bar, it should have been lowered for everyone, but it wasn't. They kept whites from being included.

[Liz]

THE ROOT OF THE PROBLEM: Congress enabled this financial disaster. Sap-happy liberal Congressmen threatened banks with legal action. Banks were hounded, accused of "red-lining," .......when banks were simply doing a lender's job to qualify people for mortgages.

This is the political correctness atrocity at work. It would have been too "judgemental" to tell marginal people they could not afford to buy a house beyond their means.

Political correctness is the sword that slew the economic dragon.

Many of the laws requiring government oversight of the market written after the last great market crash-----in 1929---- were eliminated during the Clinton administration---one of many ignorant moves by the self-absorbed "tolerant and compassionate" liberal Clintons.

It's not beyond reason to conclude that the mortgage/market debacle is the consequences of (1) moral relativity----and (2) disestablimentarianism (the deranged obsession with tearing down the foundation of Western Civilization).

Anything remotely connected to moral absolutes of right and wrong smacks of "religion" to disturbed religion-hating liberals.....and has to be destroyed.

TAXPAYERS DEMAND POLITICIANS (1) SAY THEY WILL REPLACE REGULATORY LAWS, (2) throw out political correctness, AND (3) NEVER EVER ALLOW ILLEGALS AND OTHER MARGINALS TO PROFIT FROM OUR ECONOMIC SYSTEM.