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Keyword: cra

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  • Glenn Beck talks with Michele Bachmann ( New breaking ACORN scandal info )

    10/14/2009 1:03:18 PM PDT · by Halfmanhalfamazing · 120 replies · 6,299+ views
    Glenn Beck ^ | October 14th | Glenn Beck
    GLENN: From high above Times Square in Midtown Manhattan, this is the third most listened to show in all of America. Hello, you sick twisted freak. Welcome to the program. Is Michele Bachmann on the phone? Congresswoman Bachmann, welcome to the program. How are you? CONGRESSWOMAN BACHMANN: Good morning, Glenn Beck. I'm doing great. Great to talk to you. GLENN: May I say I believe you are one of a handful. Give me a number. I'm thinking five, a handful of people, maybe three, that actually are in there doing the right thing, and you'll fall on your sword if...
  • GOP uses ACORN to fight bank redlining law

    10/12/2009 1:12:22 PM PDT · by Jet Jaguar · 9 replies · 539+ views
    AP via Breitbart ^ | Oct 12, 2009 | By SHARON THEIMER and PETE YOST
    Conservative Republicans are capitalizing on the troubles of community activist group ACORN—ranging from charges of voter registration fraud to embarrassing videos of its employees—to revive their long-standing fight against a federal law that grades banks on their investments in poor and minority neighborhoods. The 1977 Community Reinvestment Act was intended to end redlining, a practice in which banks in effect walled off many inner-city neighborhoods from mortgage loans. But some GOP lawmakers say it has outlived its purpose and is being used inappropriately by ACORN to shake down banks for money. They want to repeal the law, scale it back...
  • A Poisonous Cocktail

    10/06/2009 12:50:23 AM PDT · by bruinbirdman · 8 replies · 901+ views
    Forbes ^ | 10/5/2009 | Peter Schweizer
    Expanding the Community Reinvestment Act As we try to shake off the financial crisis, here's a bright idea. Take a law that has led to the writing of an enormous amount of bad mortgages and expand it. Then take enforcement away from bank examiners and give it to housing activists. Sound like a poisonous cocktail? Well, it is what the Obama administration and Democrats are currently stirring up on Capitol Hill. The White House and Congress want to expand a 30-year-old law--the Community Reinvestment Act--that helped to fuel the mortgage meltdown. What the CRA does, in effect, is compel banks...
  • Forbes: A Poisonous Cocktail-Expanding the Community Reinvestment Act (affirmative action mortgages)

    10/04/2009 5:41:06 PM PDT · by avoiceinwilderness · 24 replies · 2,094+ views
    Forbes Magazine ^ | 10/5/09 | Peter Schweizer
    As we try to shake off the financial crisis, here's a bright idea. Take a law that has led to the writing of an enormous amount of bad mortgages and expand it. Then take enforcement away from bank examiners and give it to housing activists. Sound like a poisonous cocktail? Well, it is what the Obama administration and Democrats are currently stirring up on Capitol Hill.
  • Democrats on path to repeat housing disaster

    09/22/2009 2:42:22 AM PDT · by gusopol3 · 11 replies · 670+ views
    Washington Examiner ^ | September 22, 2009 | Byron York
    With all the attention paid to the health care battle, Association of Community Organizations for Reform Now, and the president's "Full Ginsburg" appearances on five Sunday talk shows, few people noticed a hearing with an exceedingly boring title -- "Proposals to Enhance the Community Reinvestment Act" -- held last week in the House Financial Services Committee. But the session marked a key moment in the ongoing battle between Republicans and Democrats over what caused our current financial woes -- and how we might best avoid getting into the same trouble again. At the hearing, and in others across Capitol Hill,...
  • Acorn: Creature of the CRA

    09/17/2009 5:33:31 AM PDT · by SJackson · 11 replies · 484+ views
    RealClearMarkets | Frontpagemagazine ^ | September 17, 2009 | Steven Malanga
    The Acorn scandal, in which amateur journalists posing as a prostitute and a pimp went seeking a mortgage for a house of prostitution and received advice on how to evade the law, is a fitting new chapter in the controversial history of the advocacy group. Acorn found its way into the mortgage business through the Community Reinvestment Act, the 1977 legislation that community groups have used as a cudgel to force lenders to lower their mortgage underwriting standards in order to make more loans in low-income communities. Often the groups, after making protests under CRA, were then rewarded by banks...
  • Barney Frank's New Bill to Expand the Community Reinvestment Act

    09/17/2009 5:38:20 PM PDT · by Bob017 · 25 replies · 1,089+ views
    iSteve ^ | 17 September 2009 | iSteve
    Nothing succeeds like failure. Here's a press release from the National Community Reinvestment Coalition: Expansion of Community Reinvestment Act Would Promote Economic Security and Financial Inclusion for For ... whom? Can't you guys at least finish your titles? I'm imagine in your "Who? Whom?" equation, I'll end up a Whom, but I don't think the end of your sentence was going to be "for Steve Sailer's Family." So, what's in Barney's Bill, H.R. 1479, the "Community Reinvestment Modernization Act of 2009"? - Extension of the CRA from mortgages to small business loans. - Inclusion of credit unions (my vague impression...
  • Dems push expanded Community Reinvestment Act; deny Act's role in mortgage meltdown

    09/17/2009 5:16:49 AM PDT · by reaganaut1 · 31 replies · 1,921+ views
    Washington Examiner ^ | September 16, 2009 | Byron York
    A number of experts believe that aggressive enforcement of the 1970s-era Community Reinvestment Act contributed to the mortgage meltdown, and thus to the greater financial crisis, by requiring financial institutions to lend to unqualified borrowers. Now, the Democratic majority in the House of Representatives is responding to that situation by proposing to expand the scope and power of the Community Reinvestment Act. This morning House Financial Services Committee chairman Rep. Barney Frank held a hearing on H.R. 1479, the "Community Reinvestment Modernization Act of 2009." The bill's purpose is "to close the wealth gap in the United States" by increasing...
  • OMG! Democrats Trying To EXPAND Community Reinvestment Act

    09/16/2009 10:25:32 PM PDT · by Shellybenoit · 8 replies · 584+ views
    The Community Reinvestment Act, first passed in 1977 under Jimmy Carter, was intended to increase minority homeownership. It grew out of charges that banks were "redlining" entire inner-city neighborhoods as bad credit risks. Banks now were forced to perform outreach to these areas. In the '70s and '80s, banks could show that they were trying to do that by advertising in minority newspapers and having representatives sit on the boards of local groups. In other words, they were rated on the effort made and not on the results achieved. Creditworthiness still mattered. In 1995, as Howard Husock pointed out eight...
  • Act From Which An Acorn Grew, And An Economy Died, Lives On

    09/16/2009 6:32:02 PM PDT · by Kaslin · 46 replies · 1,056+ views
    IBD Editorials ^ | September 16, 2009 | STEVEN MALANGA
    The Acorn scandal, in which amateur journalists posing as a prostitute and a pimp went seeking a mortgage for a house of prostitution and received advice on how to evade the law, is a fitting new chapter in the controversial history of the advocacy group.Acorn found its way into the mortgage business through the Community Reinvestment Act, the 1977 legislation that community groups have used as a cudgel to force lenders to lower their mortgage underwriting standards in order to make more loans in low-income communities. Often the groups, after making protests under CRA, were then rewarded by banks with...
  • Acorn's Cash For Hookers

    09/15/2009 5:52:00 PM PDT · by Kaslin · 17 replies · 1,615+ views
    IBD Editorials ^ | September 15, 2009
    Oversight: As the Senate votes to de-fund Acorn, add pimping, tax evasion and human trafficking to voter fraud paid for with taxpayer dollars and you have an organized criminal enterprise. It's time to investigate.After Acorn workers were caught on tape in three cities allegedly abetting what they believed was a fraudulent-mortgage and sex-trafficking scheme, the Senate has voted overwhelmingly to strip the group of funding in the Transportation/Housing and Urban Development appropriations bill. The amendment, offered by Nebraska Republican Sen. Mike Johanns, passed by an 83-to-7 margin and marked the third time this year that Republicans have tried to block...
  • There's no quick fix to the global economy's excess capacity

    08/16/2009 1:21:59 AM PDT · by bruinbirdman · 19 replies · 1,087+ views
    The Telegraph ^ | 8/15/2009 | Ambrose Evans-Pritchard
    There is one overwhelming fact about the world economy that cannot be wished away. Excess capacity in industry is hovering at levels not seen since the Great Depression. Too many steel mills have been built, too many plants making cars, computer chips or solar panels, too many ships, too many houses. They have outstripped the spending power of those supposed to buy the products. This is more or less what happened in the 1920s when electrification and Ford’s assembly line methods lifted output faster than wages. It is a key reason why the Slump proved so intractable, though debt then...
  • ACORN'S RATHKE TELLS MEMBERS TO ACT NOW TO REALLY ENFORCE THE COMMUNITY REINVESTMENT ACT

    08/13/2009 4:45:11 PM PDT · by Kackikat · 32 replies · 1,078+ views
    Chief Organizer ^ | 08/13/09 | Kackikat
    Dauphine Island The Community Reinvestment Act (CRA) passed in 1977 occupies a lot of space in my book, Citizen Wealth, because it is both arguably the single largest legislative victory achieved by community organizations over the last generation and because it has helped millions purchase homes, one of the most dramatic creators of citizen wealth for lower income and working families, especially in minority communities. The Obama Administration has proposed a super-cop, the Consumer Financial Protection Agency (CFPA), to ensure that CRA and other consumer protections are fully followed and enforced across the gamut of financial institutions. Yippee, yi-ky-yay! Thank...
  • Acorn's Seed Money

    01/27/2009 6:01:02 PM PST · by Kaslin · 16 replies · 1,413+ views
    IBD Editorials ^ | January 27, 2009
    Stimulus: The group that pushed banks into the risky loans that brought the economy down is now eligible for a huge chunk of stimulus cash. The stimulus plan does create jobs — for community activists.As in any agreement, contract or piece of legislation, the devil is in the details. So it is with the stimulus package percolating in Congress. Analysts are beginning to figure out that only a small percentage of the money will actually trickle down into the economy in the first two years, not enough to do much stimulating. Yet in this package is a $4 billion pot...
  • The Role of Government Affordable Housing Policy in Creating the Global Financial Crisis of 2008

    07/08/2009 12:32:43 PM PDT · by angkor · 5 replies · 779+ views
    COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM ^ | July 7, 2009 | U.S. HOUSE OF REPRESENTATIVES
    In order that Freepers have direct access to it, I am re-posting this link to yesterday's report "The Role of Government Affordable Housing Policy in Creating the Global Financial Crisis of 2008" from the U.S. House of Representatives Committee on Oversight and Government Reform. The link has been noted in at least two other threads today, however I believe that because it's (a) timely, (b) important, and (c) comprehensive, that it warrants its own thread. And this version will get you straight to the report without having to wade through the snark of those other threads. By the way, this...
  • CRA, Fannie Mae, and the Democrats: A Conspiracy Theory

    07/08/2009 12:04:03 PM PDT · by fiscon1 · 19 replies · 433+ views
    The Provocateur ^ | 07/08/2009 | Mike Volpe
    I first heard about the Community Reinvestment Act sometime in late 2008. When I first heard commentators come on major networks like Fox News and assign it as the most significant blame for the mortgage crisis I was stunned. I have spent the last nearly seven years in the mortgage business. If the CRA was such a factor, why hadn't I heard of it before? As I learned more about it, I started to understand why it became such a popular cause celebre.
  • Cong. Report Says Government Caused Financial Crisis

    07/08/2009 8:39:02 AM PDT · by 2nd amendment mama · 24 replies · 2,124+ views
    HumanEvents.com ^ | 7/8/2009 | Connie Hair
    In a stunning report (pdf) released yesterday by the House Committee on Oversight and Government Reform, the current financial crisis was traced back to government intervention in the U.S. housing market.  Yes, you read that right.   The report issued by the Republican minority didn’t disclose the names of the culprit individuals, but it sure pointed a lot of fingers at organizations, politicians, lobbyists and Fannie Mae/Freddie Mac. According to the report, government intervention “created ‘affordable’ but dangerous lending policies which encouraged lower down payments, looser underwriting standards and higher leverage.  Finally, government intervention created a nexus of vested interests...
  • Federal Government Was Culprit in Housing and Economic Crisis, Says Congressional Report

    07/08/2009 3:33:43 AM PDT · by Man50D · 58 replies · 4,641+ views
    CNSNews.com ^ | July 8, 2009 | Fred Lucas
    Fannie Mae and Freddie Mac were the chief culprits in the housing crisis because they encouraged people who could not afford payments to borrow money, according to a congressional report released Tuesday. The claims in the report have long been advanced by conservatives, who argue that the Community Reinvestment Act and other federal programs fed the housing bubble that burst in 2007 and led to the economic downfall in 2008. But the report explains in detail how Fannie and Freddie -- government sponsored enterprises (GSE) that were not subject to the same oversight as other publicly traded firms -- “privatized...
  • Revisiting Fannie/Freddie and the CRA in the Mortgage Crisis

    07/07/2009 11:42:18 AM PDT · by fiscon1 · 25 replies · 1,453+ views
    The Provocateur ^ | 07/07/2009 | Mike Volpe
    The Republicans have again chosen their favorite boogey men for blame in the mortgage crisis, Fannie Mae, Freddie Mac and the Community Reinvestment Act. The Republicans House Committee on Oversight and Government Reform lead by Congressman Darrell Issa has released this white paper today on all three entity's roles in the mortgage crisis. In my opinion, the Republicans have once again inflated the role of all three in the crisis.
  • ACORN Rent-A-Mob Thugs to Harass Lenders in 14 Cities Tuesday

    06/30/2009 4:33:42 AM PDT · by Scanian · 23 replies · 954+ views
    The American Spectator ^ | June 29, 2009 | Matthew Vadum
    ACORN, which played a starring role in creating the subprime mortgage crisis, plans to add insult to injury by harassing lenders across the nation with protests tomorrow in an effort to coerce them into supporting President Obama's Making Home Affordable foreclosure-avoidance program. Austin King, director of ACORN Financial Justice, sent out a press release today advising of the demonstrations that are planned as part of its "Homewrecker 4" campaign. The four financial companies targeted are Goldman Sachs, HomEq Servicing, American Home Mortgage, and OneWest. Read the whole document here. ACORN plans to hit Dallas, Pittsburgh, Philadelphia, St. Louis, New York...