Does she have proof of that? Is there any proof of that?
” “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.
Does she have proof of that? Is there any proof of that? “
She says it’s in the CRA bill...I haven’t researched it, but she said all of it would be on her website, which I listed a link for.
Actually, now that I look, there were several articles about this some time back.
Mercy! This one is from the year 2000! How did we all miss this stuff!???
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
http://www.city-journal.org/html/10_1_the_trillion_dollar.html
[snip]The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups
A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation. Similar deals operate in almost every major U.S. city.
In addition to providing the nonprofits with mortgage money to disburse, CRA allows those organizations to collect a fee from the banks for their services in marketing the loans. The Senate Banking Committee has estimated that, as a result of CRA, $9.5 billion so far has gone to pay for services and salaries of the nonprofit groups involved.