Posted on 10/08/2008 6:15:28 AM PDT by Liz
REFERENCE For decades, ACORN, a left-wing activist group pressured lenders to give loans to lower-income borrowers who couldn't otherwise afford homes. ACORN worked in conjuction with quasi-govt agancy Fannie Mae which was so badly managed, it had to be bailed out, thus saddling US taxpayers with gigantic debts.
LEFTIST POLITICS AND TOXIC MORTGAGES Recipients of ACORN'S mortgage ministrations become political recruits, serving as foot soldiers for ACORN's radical agenda. Now these toxic mortgages are poisoning the nation's economic viability.
ACORN HAS THE ANSWER: Pressure banks not to foreclose on these deadbeats. As the bailout was being discussed, ACORN President Maude Hurd warned that her "members plan to hold Secretary Paulson accountable and ensure he uses this authority to make streamlined loan modifications a priority for struggling American families." The group's housing arm, the Acorn Housing Corp., is already funded with millions of taxpayer dollars to renegotiate loans for low-income people who should have never received them in the first place. Loan modification is ACORN's bread and butter. And when the group doesn't get what it wants, it sues, protests and shakes-down until business and government accede to their extortionate demands.
ACORN MISSION STATEMENT Who We Are (from their web site)
National non-profit ACORN Housing has been providing free housing counseling to low and moderate income homebuyers since 1987. ACORN has opened HUD-certified, Fannie Mae-approved housing counseling offices across the US, helping over 50,000 families to achieve homeownership.
ACORN Housing provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through our unique lending partnerships. We look at your savings and credit history to see if you qualify for a mortgage. We can help you with credit problems and to create a downpayment savings plan. When you qualify, we can help arrange a mortgage with lower interest rates, lower down payments and lower settlement costs than what banks usually offer.
ACORN HOUSING CORPORATION--2008 BOARD OF DIRECTORS
AHC is governed by a diverse five-member Board of Directors whose professions range from a self-employed consultant who retired after 23 years working with 3M as a Senior Analyst to a long time activist and resident of East New York. The Board is best described as a dedicated and diverse group of individuals that is committed to seeing that AHC achieves its mission. Brief bios on the AHC Board of Directors are presented below.
Alton Bennett, President, Information Technology Consultant
Dorothy Amadi, Vice-President, New York Public School Teacher Assistant
Gwen Adams, Board Member, Retired Schoolteacher
Lewis Jenkens, Board Member, Retired
Guillermo Loaiza, Secretary-Treasurer, Mortgage Loan Officer
Mr. Alton Bennett, President: Mr. Bennett is a self-employed consultant having retired after working 23 years with 3M as a Senior Analyst. He is a graduate of Augsburg College in Minneapolis, MN with degrees in Economics and Business Administration. He also holds an Associates Degree from Waldorf College in Forest City, IA with emphasis on Math and Economics. Mr. Bennett is a former Association Board Delegate of ACORN representing Minnesota and the Former Treasurer of the National ACORN Board. He served for two years as a member of the Federal Home Loan Bank of Des Moines Affordable Housing Advisory Council. He has been on teams that negotiated lending agreements with several lenders and tax preparation companies. He is a resident of Minnesota since 1974 and raised his family in Minneapolis and more recently Woodbury, MN.
Ms. Dorothy Amadi, Vice President: Ms. Amadi, a long time activist and resident of East New York Brooklyn, NY, has been a critical player in the construction and rehabilitation of affordable housing in very poor New York neighborhoods.She has been the President of the Mutual Housing Association of New York (MHANY) since 1995. MHANY owns over 150 properties and over 500 units of affordable housing throughout Brooklyn.
Ms. Gwen Adams: Ms. Adams, a longtime resident of New Orleans Lower 9th Ward lost her home to Hurricane Katrina in 2005. Her many efforts include the ongoing community rebuilding process of her hometown.
Mr. Lewis Jenkins: Mr. Jenkins is a retired refinery worker from JT Thorpe Corporation. He was a former active Local 18 Union member. Mr. Jenkins was also a carpenter laborer working on the construction of Bush Intercontinental Airport. Mr. Jenkins is a native of Houston living in Acres Homes for over 30 years.
Mr. Guilermo Loaiza: Mr. Loaiza is a Mortgage Officer with J.P. Morgan Chase & Company. He has been in the mortgage industry for 10 years. He is the president of the Arizona ACORN Housing Corporation, and member of ACORN. He attended Phoenix College. He has been a resident of the South Mountain Village community for over a decade where he lives with his family. Prior to moving to Phoenix, Mr. Loaiza lived in New York City.
DONATE TO ACORN Your Gift Makes Successful Homeownership Possible ACORN Housing is a nonprofit that helps low income families purchase
and protect their homes. Please consider giving at our 'Sponsor' level of $50. ACORN Housing has partnered with Network for Good to securely process your
online credit card donation via the Network for Good Donor Advised Fund. This transaction will appear on your credit card statement as "Network for Good". DONATION FORM https://npo.networkforgood.org/Donate/Donate.aspx?npoSubscriptionId=4059
RE: Chicago-based Association of Community Organizations for Reform Now (ACORN)
RE: ACORN President Maude Hurd
RE: Acorn Housing Corp (funded with millions of tax dollars)
ACTION NEEDED Law enforcement should determine whether ACORN is affiliated with multiple companies or corporations - that might be using addresses of ACORN and Fannie Mae insiders are listed in offshore banking havens. ACORN may have received hidden fees from its mortgage extortions.
ACORN and Fannie Mae principles may be listed on reports issues by the Financial Industry Regulatory Authority, the largest nongovernmental regulator of U.S. securities firms. These firms may hold LLC accounts (which do not have to disclose the owners) and may all share the home addresses of ACORN principles. ACORN principles may have listed themselves as the "sole members, owners, 50 percent owners, vice presidents, treasurers" of these LLC's. ACORN insiders may have listed themselves as "acting as intermediaries between money [managers] and institutional investors to facilitate introductions and resulting investments." ACORN principles may have setup these entities to receive "placement fees." "commissions," and other monies from companies thst ACORN coerced into giving out mortgages.
Investigators should determine whether ACORN extorted jobs for ACORN and Fannie Mae principles in companies doing mortgage business. ACORN may have collected $millions in fees with ACORN and Fannie Mae insiders, keeping the bulk of the money for themselves. Law enforcement should determine whether ACORN shook down companies looking to do mortgage business and whether Fannie Mae colluded with ACORN and whether ACORN principles did anything illegal to enroch themselves via fees they received. ACORN may have shaken-down companies giving out mortgages to secure jobs for ACORN insiders in order to facilitate the payoff process. We need to see SEC filings (and amended filings) to see of ACORN got placement fees and whether ACORN and Fannie Mae coluded to commit government fraud---illegally using tax-exempt monies to facilitate these frauds.
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As part of the Tax Exempt Compensation Enforcement Project, the Internal Revenue Service (IRS) intends to examine non-profit organizations (NPO), to learn more about the practices nonprofits follow as they fill out Form 990, the main public disclosure documents for charities and foundations, and whether accounting fraud and tax evasion is taking place, and whether the compensation of specific individuals is excessive, and whether instances of questionable compensation practices may evade IRS and banking and SEC laws. The IRS will examine NPO insider transactions, such as (1) loans, the (2) sale, (3) exchange or (4) leasing of property to non-profit officers. indisers, and others. In particular, the IRS will look to see how organizations report (5) "excess benefit transactions" on Form 990, and (6) executive pay. News agencies reported the IRS statement Aug 10, 2004, and that some 2,000 charities will be reviewed under a new IRS enforcement effort to determine whether NPO's are abusing their tax-exempt status. "We are concerned that some charities and private foundations are abusing their tax-exempt status by paying exorbitant compensation to their officers and others," said IRS Commissioner Mark Everson.
The IRS has received complaints that 501Cs are being used to run just about every kind of off-the-books accounting fraud. In one case, the president of a non-profit organization was embezzling donations and was engaging in accounting fraud by having the NPO pay his entire apartment lease which was fraudulently booked on non-profit documents as a "business office." Concerns have also been raised that the IRS has been stymied in its efforts to penalize falsified tax documents and official financial instruments to cover-up theft, and the failure of individuals to report stolen money as income. Nonprofits, authorities, trust, foundations, unions, have the potential and may, in fact, be major money laundering conduits. They wrap themselves in all sorts of high-sounding causes while engaging in activities that are fraudulent and benefit insiders at the expense of law-abiding Americans. Legal fees, a line item in most non-profit accounting reports, are well-used money laundering schemes that evade US taxes and use fraudulent accounting techniques to violate US banking and SEC laws.
Non-profit- 501C's are used to run just about every kind of fraudulent accounting schemes, some observers say. The SEC needs to investigate the financial improprieties oand covert operations (1) whether ACORN is a conduit to launder monies to pay individuals for questionable activities that violate the civil rights of American citizens; (2) whether officers of publicly-held companies are using ACORN to launder money and are booking donations to ACORN as business expenses in order to evade US taxes, and avoid banking and SEC laws; (3) whether ACORN evades FEC laws by illegally transferring NPO donations to campaign accounts.....and whether Barack Obama knew about it.
Democrat Affirmative Action Housing Policies have put us in this ‘crisis’ and that’s all I got to say about dat.
ACORN representatives,or those who claim to be, are canvasing Orange Co. CA neighborhoods offering to help tenants forestall eviction. They are requesting $1000 fee.
Agents involved in foreclosurer are aware of these problems.
Obama was a lawyer and ‘community organizer’ for ACORN at one time...so my guess is that he helped bury the skeletons! Makes you wonder if that 90,000.00 bucks in Jefferson’s freezer was ACORN/Fannie Mae/Freddie MAc monies?
Good post! We need some freeper lawyers to comment!
Great post Liz.
But, they said Obama was never associated with ACORN!
We have to keep up the littany of his lies.
When the government takeover aka nationalizion of Fannie $ Freddie ACORN receives by law 4.5 points on EACH home handled by these two mortgage company’s.
I heard this morning on Fox that the world markets, including our own are0crashing because they expect Obama to win and the US will go socialist/Marxist.
How can they say that when just this year alone, the Obama Campaign has paid ACORN $800,000.00 bucks for ‘make-up the vote’ efforts!!
HELLO JUSTICE DEPARTMENT!!!! Anyone there??? Any MORAL people listening???
http://www.discoverthenetworks.org/Thinkmap%20SDK%202.5%20Standard%20Edition/webapp/TM-1VER/index.asp?keyword=Association%20of%20Community%20Organizations%20for%20Reform%20Now%20(ACORN)
but...I thought the rest of the world wanted their messiah?
Recipe for winning:
Point out the policies that led to this economic disaster. Affirmative action socialized wealth redistribution. Can anyone else see what happened here? They had them all buy houses and then when it cannot sustain itself, tax those who still have anything to save those houses for them. Outright redistribution doesn't play well in an election. This was brilliant of the dems over years to “get theirs”. Starting to think Republicans don't even get it. At least these people get the results they want. We don't even get the results when we get what we want.
Point out that O would have pulled out in ‘04 if he had the power he seeks today. Not “will” you dorks (McCain Palin campaign ppl), would have! Translation: Would have surrendered. McCain and Palin don't realize that by saying “will” makes it look like all O wants/wanted was a stable withdrawal, which he can have now ‘cause of the surge success etc.
Obama is the government's candidate. Has to be. You couldn't try harder to throw this.
If we don't have the balls, they will and do.
One illegal alien was arrested this year in Tucson after allegedly using a stolen Social Security number to buy two homes and rack up over $780,000 in bad debt. Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the US Dept of Housing and Urban Development. It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona. The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford. One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.
ILLEGAL MORTGAGE FRAUD MODUS OPERANDI?
ACORN may have collected $millions in fees with ACORN and Fannie Mae insiders, keeping the bulk of the money for themselves. Law enforcement should determine whether ACORN shook down companies looking to do mortgage business and whether Fannie Mae colluded with ACORN and whether ACORN principles did anything illegal to enrich themselves.
ACORN may have shaken-down companies doing business with Fannie Mae to secure jobs for ACORN insiders in order to facilitate the payoff process.
We need to see SEC filings (and amended filings) to see if ACORN insiders were registered as companies that got placement fees and whether ACORN and Fannie Mae colluded to commit government fraud---illegally using tax-exempt monies to facilitate these frauds.
MICHELE MALKIN EXCERPT House Republicans removed one pro-ACORN measure from the rescue bill - torpedoeing a provision devoting 20 percent of all profits from the bailout to a housing slush fund - which would've funneled money to ACORN and similar groups. In its place, however, ACORN's favorite lawmakers - led by Maxine Waters (D-Calif.) and Barney Frank (D-Mass.) - got ACORN-championed "foreclosure-mitigation" provisions into the rescue.........During the floor debate on Friday, Reps. Frank and Waters assured Democratic colleagues that they had personally lobbied Treasury Secretary Hank Paulson on these measures and would press him to consent to "do the kind of loan modifications we've been urging." Waters exulted: "We're in charge! . . . We own them now." If the banks don't write down enough loan principal to keep Rep. Frank happy, he threatens hearings and new legislation......with the backing of ACORN. ACORN President Maude Hurd warns that her "members plan to hold Secretary Paulson accountable and ensure he uses this authority to make streamlined loan modifications a priority for struggling American families."
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DONATE TO ACORN---from their web site
Your Gift Makes Successful Homeownership Possible ACORN Housing is a nonprofit that helps low income families purchase and protect their homes. Please consider giving at our 'Sponsor' level of $50. ACORN Housing has partnered with Network for Good to securely process your online credit card donation via the Network for Good Donor Advised Fund. This transaction will appear on your credit card statement as "Network for Good".
DONATION FORM https://npo.networkforgood.org/Donate/Donate.aspx?npoSubscriptionId=4059
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MODUS OPERANDI Authorities need to determine whether ACORN colluded in multiple schemes, whether ACORN used ID theft in donation schemes for favored candidates. ACORN had at its disposal numerous names that could have been employed in various ID theft operations to fuether its political goals.
Moreove, ACORN may have solicited donors who are officers of publicly-held companies to manipulate publicly-reported earnings through a variety of devices designed to produce materially false and misleading financial results.
Authorities need to determine whether ACORN colluded with its donors---particularly donors who are officers of publicly-held companies-----in schemes that may have included (1) misusing corporate reserve accounts, (2) concealing losses, (3) inflating asset values, (4) improperly accounting for transactions, (5) deferring profits into reserve accounts, (6) improperly shifting capital funding to other projects to hide illegal payments to ACORN. ACORN donors may have fraudulently booked contributions as business expenses.
ACORN may have employed money-laundering schemes to evade the IRS, SEC, FEC and US banking laws. Classic money-laundering schemes work like this: ACORN might solicit a donor to write a check for say $150,000. ACORN would then deposit a percentage for itself, then illegally convert the remainder to another account----perhaps to a putative consultant, administrative, or legal account.
In the transaction, the donors money would be fraudulently converted, then redeposited offshore (in a friendly foreign bank), where the donor would have access to the funds out of sight of IRS, SEC, and US banking laws.
In another conversion scheme, ACORN might solicit donors to write checks for $50,000, then deposit the check into a subsidiary bank account labeled legal or administration fees. The bank would then illegally convert the monies and redeposit them into a campaign account (designated by ACORN) out of sight of the FEC.
Authorities need to determine whether ACORN and its corporate donors violated state and federal RICO statutes by participating in (1) securities fraud, (2) mail fraud (3) electronic fraud, (6) theft (8) co-opting donors into criminal acts, (9) failing to report wrongdoing (10) breach of fiduciary duty (11) receiving insider information, (12) accounting fraud, (13) creating slush funds, (14) manipulating inventories, and, (15) improperly valuing assets.
>>>ACORN may have employed money-laundering schemes to evade the IRS, SEC, FEC and US banking laws.
The brothels that were shut down in NY (Emperor and Lap Dance) were laundering monies through nonprofits (ACORN affiliates). One owner was a certified IRS agent and the other a lawyer specializing in bankrupcy.
I assume the FBI is looking into this...
You wanna know how one of the remaining, biggest banks handled these ‘loans’ without succumbing as other institutions have to bankruptcy and takeover?
They gave the loan rather than pay ‘the fine’ for not giving the handout. Then, they put aside the amount to cover the loan, in anticipation of the day when the real debt would accrue, i.e., when the mortgagee walked/balked/filed for bankruptcy.
Billions of dollars were put aside for the express purpose of putting up an internal ante when the house called the bet.
Now, the jobs are scarce and the ‘bankees’ coming home have grim faces. Two reorgs later, American jobs going for $60-90 K are ‘offshored’ to India because it’s cheaper. Code and customer service have to be redone, and you can thank your lucky stars if you actually have a relationship of any kind, personal or no, with a banker handling your accounts.
NINJA loans took the profits of JP Morgan Chase and exported them, making the present bank position attractive and even more powerful.
Fannie/Freddie/ACORN Shakedown + Mr. Potter’s mindset = All you need to know.
RE: government fraud, kickbacks, extortion, filing false documents, obstructing justice, IRS fraud, bank fraud, failing to notify authorities of wrongdoing,(1) colluding to deceive Taxpayers; engaging in a conspiracy to misuse tax-exempt revenue; violating state and federal RICO statutes; official fraud; extorting tax-exempt revenue in the commission of crimes; colluding to obstruct justice; forcing Taxpayers to report wrongdoing; breach of fiduciary duty for withholding criminal information from Taxpayers; accounting fraud to hide tax-exempt revenue used in government fraud.
MESSAGE Reps. Frank and Waters assured Democratic colleagues that they had personally lobbied Treasury Secretary Hank Paulson on these measures and would press him to consent to “do the kind of loan modifications we’ve been urging.” Waters exulted: “We’re in charge! . . . We own them now.” If the banks don’t write down enough loan principal to keep Rep. Frank happy, he threatens hearings and new legislation......with the backing of ACORN. ACORN President Maude Hurd warns that her “members plan to hold Secretary Paulson accountable and ensure he uses this authority to make streamlined loan modifications a priority for struggling American families.”
CALPERNIA POSTED The brothels that were shut down in NY (Emperor and Lap Dance) were laundering monies through nonprofits (ACORN affiliates). One owner was a certified IRS agent and the other a lawyer specializing in bankrupcy.
REFERENCE Mark Brener, the 62-year-old alleged mastermind of the Emperors Club (patronized by disgraced ex-Gov Eliot Spitzer), was certified by the IRS to represent taxpayers in disputes, and assured his customers that hed never get caught because he always paid his taxes. Brener once worked for the Israeli national tax-collection agency.
REFERENCE The beginning of Spitzers end can be traced to three banking transfers that left his personal account at the North Fork Bank in New York spring and summer 2007. These payments totaling $15,000 attracted the attention of bank employees who monitor accounts for signs of suspicious activity. (NOTE: After 911, money-laundering laws were significantly tightened, requiring banks to file so-called suspicious activity reports whenever there is evidence that clients might be trying to sidestep routine regulations).
Spitzers money transfers to a company called QAT International Inc later revealed to be a front for Brener's Emperors Club brothel were reportedly considered by the bank to be an attempt to avoid another law that requires all transactions over $10,000 to be reported to the US Treasury.
Breaking down payments with intent to avoid US Treasury reporting requirements is an offense known as structuring.
Then-Gov Spitzers administration has also been connected to sophisticated "Destroyer Programs" that erase computer hard drives.
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