Posted on 09/16/2008 6:52:59 PM PDT by Riflema
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, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
(Excerpt) Read more at city-journal.org ...
As long as home prices were going up, people who found themselves unable to make their mortgage payments were probably able to sell their house and still break even or make a profit. It’s become a major problem now because of the drop in home prices. Can’t make the payment, walk away from the house. I wonder how many who have walked away had even made a downpayment on the house.
Oh, I am SO bookmarking this.
Be afriad. Be very very afraid.
Then prepare to take care of the problem.
Bookmark and bump
Great find.
Directly related to this are non mentioned parts of the Housing Bill recently passed that remove Kelo protections and fund cities for repossessing via eminent domain whole neighborhoods with govt grants....read this carefully...Eminent Domain related issues in the Housing Bill: http://www.libertymatters.org/newsservice/newsservice.htm
President Bush just signed another taxpayer-funded piece of constitutionally challenged legislation to bail out 400,000 home buyers who face forclosure in the failing Bush economy. The government’s latest intrusion into market issues, the Housing and Economic Recovery Act of 2008, may have far-reaching ill effects on private property, however. Among other provisions, “it creates a new regulator for ailing mortgage giants Fannie Mae and Freddie Mac and establishes a $300 billion program to expand the Federal Housing Administration’s ability to guarantee mortgages.” And, writes John Berlau, “of all the unintended consequences of the housing bill, one of the most ironic and far-reaching may be this: that whatever security marginal homeowners have from foreclosure, their homes will be far less safe from being taken by a bureaucrat through eminent domain.” Included in the package is $3.9 billion for Community Development Block Grant funds. Those funds will allow cities and counties to take private properties and then sell them to private developers, thanks to the 2005 Supreme Court Kelo decision. The Senate made an attempt to protect property owners from greedy governments by inserting a clause stating, “No funds under this title may be used in conjunction with property taken by eminent domain unless eminent domain is employed for a public use.” But, that clause disappeared from the House version after House Financial Services Chairman Barney Frank (D-MA) and Treasury Secretary Henry Paulson got their heads together. The new language allows bureaucrats to use the billions in federal grants to seize homes for general economic development, as provided under Kelo, and then pull the old “bait and switch” by creating a new project to sell the land to developers, likely not a violation of the House bill. “All in all,” writes Berlau, who writes the Open Markets blog for the Competitive Enterprise Institute, “this new language means that…there will be virtually nothing stopping states and localities from using the federal housing grants to help themselves to confiscate housing.” How ironic that a man who won his first Governor’s race by championing private property no longer believes in its importance to the future security of individual Americans or our nation.
‘Kelo’ Property Rights Protections gutted from housing bill
Congress’ bailout opens doors to eminent domain seizures:
http://www.libertymatters.org/newsservice/2008/faxback/3253_emdom.html
It is conceivable, esp. in California, for whole areas of a city to be claimed and dedicated as a blocked area to same sex couples with adopted children to be otherwise integrated into a heretofore tradititonal US community. Such a community lends itself to ‘children swapping’ pedophilia activities.
BTTT! Not Bush’s fault! ;-)
Me too.
Double PING!!
“It is scaring the (bleep) outa me that this militant group with this militant activist/agitator alumnus is getting anywhere near the most powerful postion on earth!!!”
Where have you been the last 40+ years.
LBJ, the lefties in congress and in control of the liberal states, affirmative action and the Supreme Court started this bs with LBJ’s Great Society and the War on Poverty.
Finally we are learning about Acorn and its community organizers like Snobami, the elitisgt Oreo and his buddies like Je$$ie HyJackson, Al $harpton and other “community” organizers..
Remembering the Reagan respite, I guess... for at least some of it.
Prepare with what??? Preparation H???
“Remembering the Reagan respite, I guess... for at least some of it. “
That respite only happened in our happy minds.
The community organizers were very busy lining up live and dead voters for the rats.
I'm making an effort not to lose mine...
bttt
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