Skip to comments.Major “Earmark” in Democrat Bailout Agreement (URGENT must read -ACORN and more)
Posted on 09/26/2008 4:04:56 AM PDT by SE Mom
I received a copy of Agreement in Principle relative to the $700 billion bailout being proposed and supported by Senate Democrats. The one page agreement from the U.S. Senate Banking Committee details guidelines to be put in place relative to taxpayer protection, oversight and transparency, home ownership preservation and Funding Authority.
... In the agreement in principle, there is the effect of a major earmark which commits money from future profits to be given to nonprofits organizations like ACORN, National Council of La Raza and potentially the National Urban League. This agreement clearly evidences that the Government expects to benefit in the future from the bailout when the values of property rises and mortgages or properties are then sold by the Federal government. The agreement
... In the proposed bailout agreement, Sen. Christopher Dodd, the Senate Banking Committee and other Democrats desire to pre-direct that future funds (profits) not be returned to the taxpayers via the treasury but that they be used to underwrite potential questionable (maybe even illegal activities) of certain nonprofits which have had a hand in promoting and expanding access to no money down loans for minorities, illegal voter registrations and extensive lobbying activities.
(Excerpt) Read more at blogs4mccain.com ...
John Fund on ACORN now...he’s been doing some great reporting this week.
There is one poison pill that is much larger than this, and that pill is the one that the democrats will have to swallow if they push the issue. The fact is that it was the democRATS (along with their socialist friends at ACORN) that concocted this whole scheme to give loans to deadbeats, and it has now come home to ROOST! They can whine and blame "wall street" or "bankers" or whoever they want but the buck stops in Washington, immediately at the feet of the rats.
WHAT? In other words, if we, the taxpayers, should be fortunate enough to see a profit from this mess, it is to be usurped by these radical, un-American organizations? I beg to disagree! If we are fortunate enough to realize a profit, it should be returned to our own Treasury, PERIOD! No wonder the Republican conservatives are protesting. I wouldn’t want to have my name associated with that mess either!
Oh, that is freaking hilarious PING
(see post 22)
UNREAL! I heard Fund- immediately RE-sent them this link- we need to keep on them about it:
And ACORN??? WTF??? If a republican agreed to that, fire his sorry arse.
Precisely and bears repeating.
He’s been on FOX & Friends nearly every day this week talking about his book, “Stealing Elections”.
ACORN, LA RAZA, The National Urban League
They have nothing to do with the bail out or at least they shouldn’t, why are they in it? Better yet WHO put them in it?
Let me get this right.
In 1977 Carter birthed the CRA to encourage affordable housing lending to those who can’t pay.
In 1993 Clinton puts the CRA on steroids and mandates lending to those who can’t pay
In 2000-2003 many acknowledge that our banking system will fail if we continue to loan to those who can’t pay.
In 2008 the bail out bill to fix the problem caused by those wno can’t pay will derive assets that are to be sold by the government. And the proceeds from those sales will be given back to organizations who promote loans to those who can’t pay.
This sounds like “Ground Hog Day”. Is Bill Murray putting together the bail out bill.
I AM ILL.
Looks like our email blasting is having an effect -
GET THIS TO RUSH
Fannie Mae, which was previously known as the Federal National Mortgage Association, and Freddie Mac, which was the Federal Home Loan Mortgage Corporation, have been criticized by rivals for exerting too much influence over their regulators.
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
SE Mom has the text of the ACORN earmarks. Ping to lists.
A broker called our local news radio yesterday and said that banks and institutions are going to receive monies based upon the amount of foreclosures they have. So now their current goal is to accumulate as many foreclosurers as possible to cash in on more monies.
Those are the monies earmarked for ‘affordable housing’. The addresses for these housing units are what are used for phantom votes. Heck, in my state the phantom votes even collect paychecks.
I sent it into the Hot air tip line, only to find out that Ed was already finishing up the initial post on it, and to Michelle, only to find out that she started on it hours ago.
But I’m sure glad you got this FR thread going anyway. I was just heading to bed, ignorant of it.
‘Course NOW I’ll not be able to sleep well.