So a bank could either make a cash donation to ACORN, they could give equipment donations or they could work with ACORN to provide these loans to people who are poor credit risks. One bank that did that was the Citizens Bank of Massachusetts. They put it in a partnership with ACORN. Minnesota Bank, Northeast Bank of Minnesota donated $2,000 to ACORN. New York Bank. We'll put all of this information up on our website at MicheleBachmann.com. But this is huge.
Here you have the federal government demanding that banks lower their lending standards. And as a threat to these banks the federal government says we're putting you out of business
unless you make these bad loans. But one way you can satisfy your Community Reinvestment Act rating, because you have to get a certain score, one way you could satisfy your score, give money to ACORN. Work with ACORN. You work with ACORN, you're good with us, says the federal government. This is so bad. But the dots are connecting.
I remember Reno doing this under Clinton, Forbes mag exposed it. They made up phony home loan stats to look like discrimination against non-whites.
Unfortunately you cant blame Clinton for the last 8 years, although many here try.
A very worthy read.