Free Republic
Browse · Search
Topics · Post Article

To: All
THE CONGRESSMAN AND THE SUBPRIME DEBACLE (how the US economy was devastated)

FACT SOURCE--EDITED EXCERPTS New York Times report: Lawmakers generosity on big corporations' tab.
Copyright 2012 All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read more: NARRATIVE

Rep. Joe Baca (D-Calif 43rd) has achieved near celebrity status in his suburban LA district, as much for his record of giveaways — turkeys, scholarships, boots for firefighters — as for anything he has done in the US Congress.

Baca's generosity is made possible by The Joe Baca Foundation, a so-called "charity" he and his family set up circa 2008 under the pretext of "aiding" local organizations. The Joe Baca Foundation is run out of the family residence by Baca's son at a publicized salary of $51,800 (could be more, much more and could include numerous perks, credit cards, expense accounts, cars, free $5 gas fillups, health benefits, and so on). NOTE: Running a foundation out of a residence usually allows the resident to evade real estate taxes.

Perhaps nowhere is the mixing of charitable and political agendas more evident than with Baca's family-run The Joe Baca Foundation. Foundation's key function is to help the self-serving Democrat and Latino separatist run a near-permanent political campaign. Joe Baca T-shirts and caps are given out at district events, where banners display Baca's name. Local newspapers highlight The Joe Baca Foundation’s donations, and TV stations run appearances by Baca and his family at these "charitable" functions---amounting to free publicity for Baca's election campaigns .

Baca benefits from the good will corporate-financed philanthropy generates among his voting base b/c very little of the money to finance The Joe Baca Foundation's high-profile activities comes out of Baca’s pocket.

Instead, Baca appears to be engaged in multiple sub rosa activities----exchanging donations from local companies and major corporations in exchange for easy access to him. Baca's foundation donors step to the head of the line when needing Baca's assistance, and usually succeed in getting his Washington office to get the job done.

The Foundation prefers not to call attention to its finances, usually underplaying its size and influence, but the list of The Joe Baca Foundation corporate donors and supporter serves almost like a road map to Baca’s major legislative actions in Congress.

<><>Coca-Cola donated $40,000 as it prepared to fight a proposal to prohibit the use of food stamps to buy sugary sodas, an issue before the Congressional agriculture subcommittee conveniently headed by Cong Joe Baca.

<><>The Lewis Group of Companies, a local development firm and a frequent sponsor of The Joe Baca Foundation events, will start construction on a 2,000-unit housing project built on land that Cong Joe Baca helped deliver by steering legislation through Congress to close the Rialto Municipal Airport, the current occupant.

<><> Baca secured an infamous Congrressional earmark in the amount of $500,000 for Telacu, a local housing group that donates to The Joe Baca Foundation.

<><> Another donor to The Joe Baca Foundation is Rentech, a California-based biofuels company that wants to build a new fuel plant in Baca’s district. After it made two donations, Baca’s son, who serves on the Rialto City Council (after losing reelction to the Calif state Assembly), voted to endorse federal tax dollars for the project. Eeven before the company had completed the local environmental permit reviews, Cong Baca sent a letter to the US Energy Department on his office stationery urging approval of the federal financial assistance.

Cong Baca’s Washington office declined to address reporter's questions about the foundation, or about positions the congressman has taken that appear to benefit donors. “They do a lot of great work,” said Stephen Wall, a spokesman for Baca, referring to The Joe Baca Foundation. “But as far as what we do, it is separate.” Baca’s son, who is paid to handle administrative matters at the Joe Baca Foundation, said many of the other donors were small California businesses with no issues before lawmakers in Washington.“We have always been about giving back,” Baca, Jr said.

NB: The IRS has targeted non-profit foundations as RABID MONEY LAUNDRIES AND TAX EVASION MACHINES.

More below.

41 posted on 07/27/2012 2:28:25 PM PDT by Liz
[ Post Reply | Private Reply | To 15 | View Replies ]

To: All

A 2009 Wall Street Journal investigative report WRT the subprime mortgage borrowing spree that wreaked havoc on the US economy reveals that----according to the Federal Financial Institutions Examination Council, financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, subprime mortgage lenders and brokers, colluded together in fradulent schemes to increase homeownership among Latinos using falsified applications, and other tricks of the trade.

The massive mortgage fraud ended in disaster for which no one has been held responsible. Taxpayers got saddled with billions of dollars in bailout bills.

These subprime activities were not simply the mortgage market at work. They were fueled by avarice, greed, stupidity--all enabled by Congressmen and other groups which leave a trail at the door of Cong Joe Baca.

Between 2000 and 2009, Hispanic populations increased; but Hispanic home ownership grew even faster, increasing by 47%, to 6.1 million from 4.1 million, according to the US Census Bureau. Over that same period, homeownership nationally grew by an enemic 8%. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtainedg costly non-prime mortgages---soaring to a shocking 169%, (Research provided by Wall Street Journal)

The subprime mortgage bank fraud network was spearheaded by Cong Joe Baca (D-Calif 43rd), in his powerful position as chairman of the Congressional Hispanic Caucus. Baca's district ranks No.5 among all US Congressional districts in percentage of home loans tailored to sub-prime borrowers.

Baca used his the legislative power of his office and his leadership position in the Congressional Hispanic Caucus to calculatedly launch a housing initiative called "HOGAR"-- Spanish for home. The entities engaged in conspiracies to collude with industry and community groups to increase mortgage lending to Latinos--knowing full well forged fraudulent identities and fasified mortgage applications were being used.

Mortgage lenders---lured by huge profits---eagerly provided funding to Baca's group, and fielded an army to bestow with mortgage loans on unquaified lations which were destined for default.

In years past, minority borrowers seeking loans were often stopped because banks and mortgage companies with sound business practices were reluctant to lend within particular low-income geographical areas. This reasonable business practice was mischaracterized as "racialist" as a way to intimidate lenders.

However, the soundness of the earlier business practices resonated as the subprime financial devastation began to wreak havoc on the nation's economy. Taxpayers were saddled with monstrous bills as defaults reached stratospheric heights.

Cong Baca's modus operandi and his collusive efforts to open the mortgage pipeline to unqualified borrowers proved highly successful.

42 posted on 07/27/2012 2:32:06 PM PDT by Liz
[ Post Reply | Private Reply | To 41 | View Replies ]

Free Republic
Browse · Search
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794 is powered by software copyright 2000-2008 John Robinson