Posted on 09/29/2008 3:20:39 AM PDT by Liz
As Congress slogged toward an apparent financial-market rescue bill, the time arrived for a closer look at the roots of the crisis. Who were the culprits?........as Election Day grows ever nearer, the role of one candidate in particular stands out: that of Barack Obama. As Stanley Kurtz details (FR POSTED http://www.freerepublic.com/focus/f-news/2092940/posts), Obama spent many years cultivating ties with, working with - and even funding - the very folks who pushed for the risky lending that underlies the current mess. That is, "community organizer" groups like ACORN. ACORN is especially noteworthy, not only because of its prominence in the drive to relax mortgage requirements, but also because of its shady tactics. And its links to Obama.
(Excerpt) Read more at nypost.com ...
Full details tonight on MSN,CNN,CBs,NBC-(NOT)
I’m pleasantly surprised that this is becoming a campaign issue. I’ve been reading about ACORN for awhile, and have been hoping more people look at this and other elements of Obama’s Marxist leanings.
Unless the banks agreed to ACORN's terms - which many (understandably) did.
Talbott & Co. generally wanted them to ease down-payment requirements and ignore weak credit histories. And their intimidating tactics often necessitated police action, as at a '97 protest at Pulaski Bank & Trust in Arkansas, where activists blocked drive-through lanes.
The movement's biggest victory, of course, came when Fannie Mae and Freddie Mac began buying up the riskier loans - providing fresh incentive for banks to make even more of them. .."
The banks aren't that afraid of ACORN. They knew Fannie Mae's participation was tantamount to a government guarantee no matter how much bad paper they bundled up. Banks ate this up.
To us, but 90% of the public has no idea about ACORN, what they do, and about obama's ties. They have no idea the dems repeatedly have blocked reform of Fannie and Freddie.
ACORN is a VOTE FRAUD group! This is what COMMUNITY ORGANIZERS do!
Great artical ping.
We need a 9-11 Type Commission to stop this from happening again, and an Apology to Taxpayers from Obama for this $700 Billion screwup.
Dont forget that Penny Pritzker, Obama’s national finance chair, “pioneered” the securitization of subprime mortgages. If you include Raines and Jim Johnson, Frannie Mae execs, Obama is tied to virtually all the culprits in this Economic crisis.
If American knew this central core of Obama’s career, he would go the way of Al Sharpton. So they cannot be told.
Americans can get used to living in a “hut” on a dollar a week. (sarc)
http://www.youtube.com/watch?v=0CYYPV8Nlek
This is a little bit of ACORN New Orleans. Remember this?
Is this what Obama means when he says “get in your face”?
I have a very odd question...
When I bought my recent house, I was required to pay PMI for the first year until I had paid a bunch of my mortgage.
Were these riskier loans to lower income buyers also required to pay PMI? How many of these foreclosures also had PMI? Where did all that money go?
If I am paying PMI, I am paying for insurance for the banks money. Doesn’t that mean these banks did not really lose as much money as they are saying?
What gives here?
I don't know but it is possible that loans at a higher rate were issued without them.
"..No-PMI loans: These loans will carry a higher interest rate but will not require you to pay the private mortgage insurance premium. What happens is that you still have PMI on your loan but the mortgage company picks up the tab and gives you a higher interest rate. .."
I expect every trick that you can imagine has been tried to get commisionable loans through.
So I have fantastic credit, have owned a home in the past and always paid extra, own my own business, I have to pay PMI. People with little to no income don’t pay PMI...
ACORN is one of my private little obsessions, so thanks for this.
They, and others like them are completly choking the recovery of this city. ACORN and the politicians that cow-tow to them, are responsible for the death of New Orleans long before Katrina. As I have personaly discovered, if you try to stand up to them, you are forever labled a racist or an Uncle Tom. This is all a part of their stratagy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.