Posted on 09/28/2008 10:49:41 PM PDT by smoothsailing
Financial Affirmative Action
By Matthew Vadum
Published 9/29/2008 12:08:01 AM
When the history of the Great Economic Meltdown of 2008 is written, in-your-face shakedown groups like the Greenlining Institute will be held to account.
Greenlining, headquartered in Berkeley, California (where else?), is a left-wing pressure group that threatens nasty public relations campaigns against lenders that refuse to kneel before its radical economic agenda. Its principal goal is to push politicians and the business community to facilitate "community reinvestment" in low-income and minority neighborhoods.
snip
Activist groups were encouraged to agitate by the Carter-era Community Reinvestment Act, which enshrined in law a kind of lending protection racket. Banking regulators were given the power to make trouble for banks that failed to lend enough money to so-called underserved communities. Banks that paid enough -- whatever that means -- got left alone, but banks that didn't, got their legs broken.
How much money is enough to satisfy the law? Even the Federal Reserve Board can't say for sure. From the Fed's online summary of the Act:
The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.
One can almost imagine a CRA commissar saying, "It'd be a real shame if something happened to that nice bank of yours." When in doubt about potential CRA liability, don't risk committing a crime against diversity: make the loan. Or else.
After CRA came into effect, Saul Alinsky-inspired "community organizer" groups such as Greenlining, ACORN, and National Council of La Raza got into the shakedown business. They preach the hateful class-warfare rhetoric of their fellow community organizers Jeremiah Wright, Jesse Jackson, Al Sharpton, and Michael Pfleger.
(Excerpt) Read more at spectator.org ...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Think of it as “community organizing” with the Democratic congress organizing and bringing the “community leaders,” the guilt-ridden and fearful Republicans to their knees in fear of facing some unnamed nastiness if they don’t cave.
McCain wont touch this...so what’s the point?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Does the bailout bill do anything about tightening up the subprime mortgage requirements under the CRA? Has any other action on that front been taken or will it be taken? Does the gov’t taking over Fannie and Freddie do anything to resolve the issue?
There really was a housing bubble, so Dems decide to get Paulson, friend of Shumer, Dodd et al, to declare a wall st. meltdown and a need to rescue it. W. agrees because there really is a problem, and Congress is rushed to keep the sky from falling--they insist it is falling and must be rescued NOW.
The things that makes this suspicious are that 1. the final negotiators were to be Paulson, 2 Reps and 2 Senators (1 each of Dem and Repub.) Closed door--only Shumer was allowed in, plus 3 more Dems who came and went.
After it was over, Pelosi not only took credit for Dems saving America; she gave great credit to Obama for his great input.
Just Dems hogging the credit or ploy to help Obama?
I may help him a lot because MSM will have Pelosi, Frank, Shumer, Dodd and all on tv praising The ONE. And the economy is front center for voters.
vaudine
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I actually thing they could, would, and maybe did.
vaudine
Barack Obama and the Strategy of Manufactured Crisis
"Conspicuous in their absence are any connections at all with any other group, moderate, or even mildly leftist. They are all radicals, firmly bedded in the anti-American, communist, socialist, radical leftist mesh."
Whether by Fabianist incrementalism, or by catastrophe and revolution, the Socialists win by their strategy -- unless we expose them.
Please tell every one of your contacts -- and email them.
I've got a better one.
My theory is that Bush is just as guilty for this mess as the democraps. How's this?
Bush met with Vicente Fox on February 16, 2001, a mere three weeks after his inauguration, to discuss terms of the Partnership for Prosperity Agreement (with Mexico).
Bush signed the Partnership for Prosperity Agreement (with Mexico) on September 6, 2001. (See: Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market)
Bush gave a speech on June 17, 2002, where he outlined his goals, among which were that by 2010, he wanted to increase minority home ownership by at least 5.5 million.
In that speech, he defined the minority groups he wanted to 'help' thusly: "Three-quarters of white America owns their homes. Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does." (See: President Calls for Expanding Opportunities to Home Ownership)
Bush even thanked Franklin Raines, of Fannie Mae and Leland Brendsel of Freddie Mac for attending and described how they were going to increase their commitment to the minority markets by more than $440 billion.
Bush went on to say, "This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments."
"Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership."
ACORN was one of the many groups receiving funds from the federal government, specifically, the Neighborhood Reinvestment Corporation. Here's what Bush proposed in 2002:
"The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities. We're beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what's available, what's possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people."
New Alliance Task Force was formed in 2003 out of the mandate of the Partnership for Prosperity Agreement (with Mexico) to expand the Mexican illegal alien market by increasing the number of goods and services offered, including home, auto and business loans. (See: New Alliance Task Force)
Here's the stated goals of Bush's New Alliance Task Force:
One of the ways banks went about educating 'minority' home owners was to place representatives in every Mexican consulate so that while the illegal aliens were applying for their Matricula Consular card, the bank rep could explain how they could take advantage of the banking goods and services such as checking accounts, savings accounts, credit cards, home, auto and business loans.
Wells Fargo reported in 2004 that they created over 400,00 new Matricula Consular accounts between 2001 and 2004 and at the time were opening over 22,000 new Matricula Consular accounts a month. Note, this is just Wells Fargo. This does not include BofA, Wachovia, Chase, WaMu, or any of the myriad of local and regional banks. This also does not take into account that the peak of the subprime lending did not occur until 2005-2006.
According to the IRS, they've issued over 11 million ITINs since 1996. No word on how many were issued when.
The Mexican government says they've issued over 5 million Matricula Consular cards.
So, between Bush's goal of securing home loans for over 5.5 million 'minority' owners by 2010, the 5+ million Matricula Consular cards and the IRS issuance of over 11 million ITINs, we're potentially looking at at least 5-11 million home loans to illegal aliens.
But all of this could not happen if the border patrol was deporting all these new customers, so once again, Bush stepped in to help by having ICE stand down on interior enforcement.
Worksite arrests of illegal aliens fell some 97 percent, from 2,859 in 1999 to 159 in 2004. Investigations targeting employers of illegal immigrants fell more than 70 percent, from 7,637 in 1997 to 2,194 in 2003. Arrests on job sites fell—precipitously, from 17,554 in 1997 to 445 in 2003. Fines levied for immigration-law violations fell from 778 in 1997 to 124 in 2003. Notices of intent to fine employers fell from 865 in 1997 to just 3 in 2004.
It takes years, it gets all confused, but in the end the Dems get to take money from largely Republican taxpayers, and give it to entirely Democrat deadbeats.
Here's what Bush proposed in 2002 :
"The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities."
" We're beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what's available, what's possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people."
Bush's New Alliance Task Force was formed in 2003 out of the mandate of the Partnership for Prosperity Agreement (with Mexico) to expand the Mexican illegal alien market by increasing the number of goods and services offered, including home, auto and business loans. Here's the stated goals:
***Comprises representatives from the FDIC, Mexican Consulate, 34 banks, community-based organizations, federal bank regulatory agencies, government agencies, secondary market companies, and private mortgage insurance companies.
***Organized into four working groups that provide updates during the NATF's quarterly meetings.
***Financial Education—educates immigrants on the benefits and importance of holding accounts, the credit process, and mainstream banking.
***Bank Products and Services Working Group—encourages banks and thrifts to develop financial service products with remittance features as a strategy to reach the unbanked immigrant community.
***Mortgage Products—created the New Alliance Model Loan Product for potential homeowners who pay taxes using an ITIN.
***Social Projects—provides scholarship funds for immigrant students and fosters economic support for Plazas Comunitarias, a program that will give Mexican citizens an opportunity to finish their high school education.
*** By 2010 Bush said he wanted to increase minority home ownership by at least 5.5 million.
EXCERPT Read all the gruesome details in Post #11.
I could be wrong, maybe you didn't mean it that way.
For a different perspective, Click on the video link at the post below yours, post #15.
If it moves to fast for you (It did for me), just pause it at any point.
All in all, I'd say that video explains a heck of alot.
Below is more history re the bs of Affirmative Action or Political Correctness as it has been a the core of this problem before most of us knew there was a problem:
Another case of collusion?
Commentary: It’s time to take a hard look Washington as well as Wall StreetBy Peter Brimelow, MarketWatch
Last update: 12:56 a.m. EDT Sept. 29, 2008Comments: 98NEW YORK (MarketWatch) — How did I become rich and famous while toiling as a wage slave in the impecunious trade of financial journalism? When my grandchildren ask this question, I will be able to reply: by writing two articles that prevented the financial meltdown, and likely recession, of 2008.
This is an excerpt, please go to the link for the complete article:
Hi Liz,
Just a correction.
The bailout is for $750 billion, not $750 million.
In this speech, Bush did call on FNMA and FDMC to increase 'minority' spending by $440 billion and increase 'minority' home ownership by 5.5 million, which is not just a drop in the bucket.
Fannie and Freddie responded. Since they went beyond Bush's $440 billion by almost twice as much, we can also expect that the number of 'minority' homeowners was nearly doubled, too. This kind of dovetails nicely into the 11 million ITINs the IRS has said they've issued. And, when Mexico says they've issued 'over 5 million' Matricula Consular cards, we can expect that this number is closer to the 11 million ITINs the IRS has issued, which, technically, is over 5 million.
Here's another interesting fact. No Mexican banks accept their own government's Matricula Consular card as valid ID to open an account. Yet, almost all US banks will accept it.
I don't think Bush called for "$440 billion" from the agencies.
I think he mentioned that they committed themselves to that amount.
(I could be wrong)
Can you post your quote?
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