Stanley Kurtz - How ACORN and its allies built the mortgage disaster
obamao.sux....@gmail.com
from 1995.
That March, House Speaker Newt Gingrich was scheduled to address a
meeting of county commissioners at the Washington Hilton. But, first,
some 500 protesters from the Association of Community Organizations
for Reform Now (ACORN) poured into the ballroom from both the kitchen
and the main entrance.
Hotel staffers who tried to block them were quickly overwhelmed by
demonstrators chanting, "Nuke Newt!" and "We want Newt!" Jamming the
aisles, carrying bullhorns and taunting the assembled county
commissioners, demonstrators swiftly took over the head table and
commandeered the microphone, sending two members of Congress
scurrying.
The demonstrators' target, Gingrich, hadn't yet arrived - and his
speech was cancelled. When the cancellation was announced, ACORN's
foot soldiers cheered.
Editorial writers from Little Rock to Buffalo condemned ACORN's action
as an affront to both civility and freedom of speech. Editorialists
also pointed out that the "spending cuts" the protesters railed
against were imaginary - Gingrich proposed merely to slow the growth
in some welfare programs and turn control back to the states.
Yet ACORN had only just begun. Two days later, 50 to 100 of the same
protesters hit their main target - a House Banking subcommittee
considering changes to the Community Reinvestment Act, a law that
allows groups like ACORN to force banks into making high-risk loans to
low-credit customers.
The CRA's ostensible purpose is to prevent banks from discriminating
against minorities. But Rep. Marge Roukema (R-NJ), who chaired the
subcommittee, was worried that charges of discrimination had become an
excuse for lowering credit standards. She warned that new, Democrat-
proposed CRA regulations could amount to an illegal quota system.
FOR years, ACORN had combined manipulation of the CRA with
intimidation-protest tactics to force banks to lower credit standards.
Its crusade, with help from Democrats in Congress, to push these high-
risk "subprime" loans on banks is at the root of today's economic
meltdown.
When the role of ACORN and congressional Democrats in the mortgage
crisis is pointed out, Democrats reply that banks subject to the CRA
represent only about a quarter of the loans that led to our current
troubles. In fact, the problem goes way beyond the CRA.
As ACORN ran its campaigns against local banks, it quickly hit a
roadblock. Banks would tell ACORN they could afford to reduce their
credit standards by only a little - since Fannie Mae and Freddie Mac,
the federal mortgage giants, refused to buy up those risky loans for
sale on the "secondary market."
That is, the CRA wasn't enough. Unless Fannie and Freddie were willing
to relax their credit standards as well, local banks would never make
home loans to customers with bad credit histories or with too little
money for a downpayment.
So ACORN's Democratic friends in Congress moved to force Fannie Mae
and Freddie Mac to dispense with normal credit standards. Throughout
the early '90s, they imposed ever-increasing subprime-lending quotas
on Fannie and Freddie.
But then the Republicans won control of Congress - and Rep. Roukema
scheduled her hearing. ACORN went into action to protect its golden
goose.
It struck as Roukema aired her concerns at that hearing. Protesters,
led by ACORN President Maud Hurd, stood up and began chanting, "CRA
has got to stay!" and "Banks for greed, not for need!" The protesters
then demanded the microphone.
With the hearing interrupted and the demonstrators refusing to leave,
Roukema called the Capital Police, who arrested Hurd and four others
for "disorderly conduct in a Capital building" - a charge carrying a
penalty of a $500 fine, six months in prison or both. As the police
arrived, two of the protesters menacingly approached Roukema's desk,
still demanding the hearing microphone.
Requests to the Capital Police to release the activists from Sen. Ted
Kennedy (D-Mass.) and Rep. Joe Kennedy (D-Mass,) failed. Then Rep.
Maxine Waters (D-Calif.) showed up at the jail and refused to leave
until the protesters were released; the Capital Police relented.
Meanwhile, instead of repudiating ACORN's intimidation tactics, Rep.
Kennedy berated Roukema for arresting one of his constituents and
accused the Republicans of preparing for "an all-out attack on CRA."
He also promised to introduce legislation to expand the CRA's coverage
to mortgage bankers and large credit unions.
This little slice of political life from 1995 had a variety of ripple
effects. Above all, ACORN's intimidation tactics, and its alliance
with Democrats in Congress, triumphed. Despite their 1994 takeover of
Congress, Republicans' attempts to pare back the CRA were stymied.
Instead, Democrats like Rep. Barney Frank (D-Mass.) and Reps. Kennedy
and Waters allied with the Clinton administration to broaden the
acceptability of risky subprime loans throughout the financial system,
thus precipitating our current crisis.
ACORN had come to Congress not only to protect the CRA from GOP
reforms but also to expand the reach of quota-based lending to Fannie,
Freddie and beyond. By steamrolling the GOP that March, it had crushed
the last potential barrier to "change."
Three months later, the Clinton administration announced a
comprehensive strategy to push homeownership in America to new heights
- regardless of the compromise in credit standards that the task would
require. Fannie and Freddie were assigned massive subprime lending
quotas, which would rise to about half of their total business by the
end of the decade.
When the ACORN-Democrat alliance finally succeeded in blocking
Republicans from restoring fiscal sanity in 1995, the way was open to
virtually unlimited lending quotas - and to a whole new way of
thinking about credit standards.
Urged on by ACORN, congressional Democrats and the Clinton
administration helped push tolerance for high-risk loans through every
sector of the banking system - far beyond the sort of banks originally
subject to the CRA.
So it was the efforts of ACORN and its Democratic allies that first
spread the subprime virus from the CRA to Fannie and Freddie and
thence to the entire financial system.
Soon, Democratic politicians and regulators actually began to take
pride in lowered credit standards as a sign of "fairness" - and the
contagion spread.
And when financial institutions across the board saw that they could
make money by trading what would once have been considered junk loans,
the profit motive kicked in. But the bad seed that started it all was
ACORN.
How does Barack Obama fit into all of this? Obama has been a key ally
of Chicago ACORN going back to his days as a community organizer.
Later, as a young lawyer, he offered leadership training to the
activists who were forcing Chicago banks into high-risk subprime
loans. And when he made it on to the boards of Chicago's Woods Fund
and the Chicago Annenberg Challenge, he channeled money ACORN's way.
Obama was perfectly aware of ACORN's intimidation tactics - indeed, he
oversaw a Woods Fund report that boasted of managing to fund the
radical group despite its shocking behavior.
And as a lawmaker, in Illinois and in Washington, he has continued to
back ACORN's legislative agenda.
ACORN's high-pressure tactics live on. And congressional Democrats are
still covering for ACORN, funneling it money and doing its legislative
bidding. ACORN also continues its shady ways, using a vast network of
technically separate but in fact quite interconnected organizations to
evade federal laws on the politicized use of government money.
Perhaps most disturbing of all, the Obama campaign appears to have
little more regard for freedom of speech than Reps. Kennedy or Waters
did when they backed up ACORN's thugs in 1995. The campaign actually
practices ACORN-style tactics, sending out "action wires" that call on
supporters to block Obama critics from radio appearances (a tactic
once applied to me) and demanding legal actions against unfriendly
political advertisers.
As a presidential candidate, Obama promises a massive national-service
program closely allied with the nonprofit sector. He wants to remove
"barriers for smaller nonprofits to participate in government
programs."
In other words, he plans a massive effort to funnel America's youth
into volunteer work alongside the likes of ACORN. So Obama's favorite
community organizers may soon be training your child.
ACORN's alliance with the Democratic Party is at the root of the
current financial meltdown. And Barack Obama has stayed true to
ACORN's ways.
Pretty soon, the folks who poured into the Washington Hilton to shut
down Speaker Gingrich in 1995 may no longer need to take over the
microphone. They'll be in charge of it.
http://www.frontpagemag.com/Articles/Read.aspx?GUID=9845A7D9-FFD6-4E2D-87AB-40FDFC81942D
More ACORN Fraud Exposed - Former employees blow the whistle.
http://www.newsmax.com/timmerman/acorn_voter_fraud/2008/10/13/140131.html
Dave
> TO discover the roots of to day's economic crisis, consider a tale
> from 1995.
Stanley who?
Nice try at deflecting the blame away from the deregulators and toward a
bunch of dirt poor inner city activists, who, despite being impoverished
actually make a difference.
I revise my prediction from 50/50 chance of a successful election to
60/40 against.
dxAce
Dave wrote:
> obamao.sux....@gmail.com wrote:
> > TO discover the roots of to day's economic crisis, consider a tale
> > from 1995.
>
> Stanley who?
>
> Nice try at deflecting the blame away from the deregulators and toward a
> bunch of dirt poor inner city activists, who, despite being impoverished
> actually make a difference.
Yeah, at screwing things up! Gawd, you're such retard.
Dave
cheley_b...@live.com
The GOP Is a Mess, offering Nothing for the common man.
dxAce
cheley_b...@live.com wrote:
> The GOP Is a Mess, offering Nothing for the common man.
Only if the common man (or woman) is a lazy SOB (or DOB as may be the case) such
as yourself.
saltyfi...@gmail.com
> The GOP Is a Mess, offering Nothing for the common man.
Ja Ja, Liberal Fascist Socialism will take care of you - Hiel Hitler!
cheley_b...@live.com
If you Knew Anything about Kristallnacht
http://en.wikipedia.org/wiki/Kristallnacht
or had a Hint of what happened in Europe during WWII
you wouldn't be spouting this shiut
Comparing ANY American Candidate to the Dictatorial regimes of the
Soviet Union or Nazi Germany
just shows how ignorant you are
and how we really have so much freedom her in the United States
saltyfi...@gmail.com
Wikipedia? bwaHAHAHA! Ja, das ist the extent of yooneeverceety
edumacated libearals - LMFAO!
dogbertm...@gmail.com
or FrontPageMag seriously.
They have not one iota more credibility than Pravda did in Soviet
times.
Stop reading garbage and get some education, ok?
dogbertm...@gmail.com
>
> http://www.frontpagemag.com/Articles/Read.aspx?GUID=9845A7D9-FFD6-4E2...
>
> More ACORN Fraud Exposed - Former employees blow the whistle.
>
There's a really good reason you won't find this kind of story in the
mainstream media.
Let me give you a hint: it's not because of some supposed 'liberal
bias'.
It's because they make this shit up. It seldom checks out. They're
shameless propagandists, masquerading as news organizations.
Duh. Try reading something that's truthful, like a real newspaper.
Dumbass.
obamao.sux....@gmail.com
“Fair and Balanced” Obamaganda 24/7
http://therealbarackobama.wordpress.com/2008/10/15/fair-and-balanced-obamaganda-247/
Example of ObaMao's Neo-Commie Liberal Fascist Censorship
http://therealbarackobama.wordpress.com/2008/09/26/burning-down-the-house-what-caused-our-economic-crisis/
ObaMao threatening the licenses of TV stations that run NRA ads
http://www.pajamasmedia.com/instapundit/archives2/024910.php
Prosecutors and sheriffs threatening to prosecute Obama critics?
Missouri Sheriffs & Top Prosecutors Form Obama "Truth Squads" &
Threaten Libel Charges Against Obama Critics
http://gatewaypundit.blogspot.com/2008/09/missouri-sheriffs-prosecuters-form.html
Under the Obama administration, the lawyers sending these letters will
be government employees.
http://volokh.com/posts/1222390649.shtml#446562
Barack Obama is used to having his way. Interestingly, he is not a fan
of people pointing out when he’s lying about things like civil rights,
especially that pesky Second Amendment. That’s why Obama has a team of
hired goons - some call them lawyers - to threaten legal action
against those who air his record.
http://www.thebitchgirls.us/?p=9252
Check out this TV news report from St. Louis, too, which makes clear
that the Obama campaign is behind this.
http://www.kmov.com/video/index.html?nvid=285793&shu=1
Obama and the Fairness Doctrine
http://pajamasmedia.com/blog/obama-and-the-fairness-doctrine/
Revenge of the Bitter Gun Owners - Why Obama is vulnerable on the
Second Amendment
http://reason.com/news/show/128973.html
Barack Obama and his Marxist New Party
http://newzeal.blogspot.com/2008/08/obama-file-22-barack-obama-danny-k.html
Obama’s Alinsky-based campaign training camps (i.e. Camp Obama) have
been running throughout the summer under the rubric of “fellowships”.
http://therealbarackobama.wordpress.com/2008/09/28/obamas-amerikkka-corps/
"In the 1930s, the socialist intellectual H.G. Wells called for the
creation of a "liberal fascism," which he envisioned as a totalitarian
state governed by an oligarchy of benevolent experts. In Liberal
Fascism, Jonah Goldberg brilliantly traces the intellectual roots of
fascism to their surprising source, showing not only that its
motivating ideas derive from the left but that the liberal fascist
impulse is alive and well among contemporary progressives"
TianM...@gmail.com
BWAHAHAHA!!!! You crack me up lil commie boy!
Real Newspaper? Like New York Times toilet paper?
http://www.discoverthenetworks.org/groupProfile.asp?grpid=6207
Perhaps you prefer Los Angeles toilet paper,
http://www.discoverthenetworks.org/groupProfile.asp?grpid=6203
RHF
> On Oct 15, 4:03 am, dogbertmcdogg...@gmail.com wrote:
>
>
>
> > >http://www.frontpagemag.com/Articles/Read.aspx?GUID=9845A7D9-FFD6-4E2...
>
> > > More ACORN Fraud Exposed - Former employees blow the whistle.
>
> > >http://www.newsmax.com/timmerman/acorn_voter_fraud/2008/10/13/140131....
>
> > There's a really good reason you won't find this kind of story in the
> > mainstream media.
>
> > Let me give you a hint: it's not because of some supposed 'liberal
> > bias'.
> > It's because they make this shit up. It seldom checks out. They're
> > shameless propagandists, masquerading as news organizations.
>
> > Duh. Try reading something that's truthful, like a real newspaper.
> > Dumbass.
>
> BWAHAHAHA!!!! You crack me up lil commie boy!
>
> Perhaps you prefer Los Angeles toilet paper,http://www.discoverthenetworks.org/groupProfile.asp?grpid=6203
Note to "MWB",
.
This Political Off-Topic Thread was started by
"OSDD" (the OP) and Not-Me; including 12 'other'
Posts Not-by-Me -but- It's All "RHF's" Fault
for trying to set the Record Straight.
.
Giving an Alternative Opposing Opinion -aka-
The-Right-Thinking-Other-Half-of-the-Story.
.
=BUT= Go ahead and Give all the Liberals a Pass :
While you Blame the Conservatives for Everything.
.
(OT) : Both Parties of the US Congress Built the
Mortgage Disaster and the Financial Crisis of 2008
http://en.wikipedia.org/wiki/Subprime_mortgage_crisis
-was- Stanley Kurtz - How ACORN and its allies
built the mortgage disaster
http://en.wikipedia.org/wiki/Economic_crisis_of_2008
.
Bring Back the Safeguards of the
"The Glass-Steagall Act" 1933
http://en.wikipedia.org/wiki/Glass-Steagall_Act
.
Repeal/Amend the bad provisions of the
Gramm-Leach-Bliley Act of 1999
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
.
Repeal/Amend the bad provisions of the
Community Reinvestment Act 1977
http://en.wikipedia.org/wiki/Community_Reinvestment_Act
* Allow for for the Assignment of Mortgage Risk
Factors and Prudent Interest
* Plus Preclude the Bundling-Consolidation
{Commingling} of Different Risk Classes.
.
Not President Kennedy's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
Not President Johnson's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
Not President Nixon's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
Not President Carter's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
Not President Reagan's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
Not President Bush's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
Not President Clinton's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
Not President Bush's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
and it will Not be President Obama/McCain's Fault
-but- Both Parties of the US Congress for the
Bad Laws, Lax Regulations and NO Over Sight.
.
the truth be told - blame congress ~ RHF
.
rhf...@gmail.com
younger males for fun. Discretion a must. Interests include shortwave
radio, right wing politics, Rush Limbaugh and role playing.
Click on my profile for more information..
I am currently out of town visiting new friends I've met online. Will
email my home address. Have open door policy at my house so drop ins
most welcome. Serious inquiries only.
Roy
P.S. Justin and Dylan yes that is my home address. You are welcome to
stay with me, come over when you get into town, I am a night owl so
don't worry about the hour. Looking forward to seeing you!
Mike
> On Oct 15, 5:13�pm, TianMei...@gmail.com wrote:
>
>
> Note to "MWB",
> �.
> This Political Off-Topic Thread was started by
> "OSDD" (the OP) and Not-Me; including 12 'other'
> Posts Not-by-Me -but- It's All "RHF's" Fault
> for trying to set the Record Straight.
> �.
> Giving an Alternative Opposing Opinion -aka-
> The-Right-Thinking-Other-Half-of-the-Story.
> �.
> =BUT= Go ahead and Give all the Liberals a Pass :
> While you Blame the Conservatives for Everything.
> �.
I have done my best to ask ALL OT political posters to stop. I have
not extended a "pass" to anyone. I will admit I am particularly
disappointed in you, since it wasn't that long ago that you were
asking people to make an attempt to remember that this is a shortwave
newsgroup. Your attempt to suggest that I am only interested in
stopping conservative extremists, like yourself, is just another
attempt on your part to make it look like you're the one being
wronged. In reality, YOU are the one "wronging" all of us that believe
the is a SHORTWAVE newsgroup.
To make it clear:
I wish everyone - Left and Right - would return to shortwave. I can
read the political sites on my own. I don't need the help of either
side.
SHORTWAVE, please. If you have to engage in this juvenile nonsense, at
least try to offset it with a few shortwave-related posts.
When was the last time you turned a shortwave radio on, Roy?
Mike
Louisville, KY
rhf...@gmail.com
RHF
Mik'O - Just for You :o)
RNZI on 15720 kHz @ 01:06 UTC
http://www.rnzi.com/index.php#
S-Meter : S7~S9 with Good Audio [44544]
Program about Indie Music
sounds like Aussie CW?
-ps- The little fake phony 'rhf...@gmail.com'
and 'roy...@gmail.com' ain't Me [RHF] : So you
can take his 'sic' posts up with him.
.
Mike
>
> S-Meter : S7~S9 with Good Audio [44544]
> Program about Indie Music
> sounds like Aussie CW?
>
> and 'roy....@gmail.com' ain't Me [RHF] : So you
> can take his 'sic' posts up with him.
>
> - Show quoted text -
Roy,
Thanks. Good to know you can still turn that radio on! Which receiver/
antenna combo were you using?
Oh, and don't worry about the troll. No one would mistake that
nonsense for you!
Radios are a lot more interesting than this election...
Mike
Louisville, KY
cuh...@webtv.net
Louisville,Kentucky one before in 1963.I was unimpressed.
cuhulin