Posted on 09/16/2009 6:32:02 PM PDT by Kaslin
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 contracts to act as mortgage counselors in low-income areas in return for dropping their protests against the banks.
In one particularly lucrative deal, 14 major banks eager to put CRA protests behind them in 1993 signed an agreement to have Acorn administer a $55 million, 11-city lending program. It was precisely such agreements that helped turn Acorn from a network of small local groups into a national player.
And Acorn hasn't been alone. A U.S. Senate subcommittee once estimated that CRA-related deals between banks and community groups have pumped nearly $10 billion into the nonprofit sector.
(Excerpt) Read more at ibdeditorials.com ...
mark for later read
bump
Everyone should read this. This is why we are where we are today. CRA, ACORN, Fannie & Freddie, lawsuits aginst banks not giving away money - I mean lending it to people who cannot repay and get a free pass.
6+minute segment is a must-see.
September 16, 2009
Media dam on ACORN videos has been breached
Thomas Lifson
The mockery of Charlie Gibson for being clueless apparently changed some minds. The media embargo on the ACORN tapes has been broken. Today, the New York Times, NPR and Los Angeles Times have informed their readers of the scandal. The Times’ spin is almost comic. But far more importantly, Jon Stewart has spoken.
Stewart delivered a hilarious segment, mocking ACORN (and mugging for the camera to great dramatic effect) and the rest of the media. They have now officially become a laughingstock, and the story indelibly framed in the minds of younger Americans, who view Stewart in large numbers.
The entire 6+minute segment is a must-see.
http://www.americanthinker.com/blog/2009/09/media_dam_on_acorn_videos_has.html
Thanks for the bump
IBD is one of the best
Two of the best. The American Thinker and IBD. Add Canadian Free Press to that list. These three publications are doing the job that all of journalism should be doing.
Obama *IS* ACORN.
Two of the best. The American Thinker and IBD. Add Canadian Free Press to that list. These three publications are doing the job that all of journalism should be doing.
Obama *IS* ACORN.
This is why the ratings for the lame stream media are in the basement
Isn't that when a certain President who recently made racist remarks was in office?
Jimmah Carter was, and still is, an ignorant human being!
Just wait till our eagle-eye senators meet to investigate. They are like a lion on the hunt and they’ll pounce on this and devastate it.
NOT! They’ll fall asleep and get sidetracked.
It’s like a cancer that festers unseen and unfelt, until it’s overtaken the entire body.
Yes he is. He insisted upon exhausting diplomatic solutions even as the season for sand storms in Iran progressed. By the time the rescue attempt was ordered, it was akin to August for hurricane season in the US...touchy at best.
Those deaths of the helicopter crews are laid at Carter's feet. The Go Teams were ready months before he finally gave the go ahead. He waited until sand storms were just short of certain. FUJC. You cost those men their lives for nothing short of your own attempt at the fame of a fruitful negotiation with Iran.
“Community Reinvestment Act, the 1977” Jimmy Carter AGAIN! The guy is like VD(the gift that keeps on giving)!
Gawd....the 70’s were such ‘scummy times’. I remember them well. PLENTY of ‘propaganda’ on television, as well. Thank Norman Lear for that.
I am a banker.
The federal law enforcement agents that are bank examiners are in our shop now.
They are measuring compliance and giving ratings.
In 1999 didn’t Clinton sign an amendment to CRA that allowed the mortgage crisis to accelerate?
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