Obama's, middle-class...
Posted on 10/30/2008 6:10:33 AM PDT by reaganaut1
With wanton disregard for the economic well being of America, a decade ago the social justice entrepreneurs of the ultra-leftist Association of Community Organizations for Reform Now (ACORN) let Americans know their strategy for bringing equality of result to the housing market -- at all costs.
In a circa 1999 document, "To Each Their Home: Success Stories from the ACORN Housing Corporation," the ACORN affiliate called the American Dream a sham and bragged about undermining banks' underwriting standards.
The brochure acknowledged there may be scattered "stories of hope and success" in ACORN-targeted communities, but "they also belie the supposition that if you simply work hard, sacrifice and save, you can easily buy a home of your own."
ACORN Housing took credit for developing "several innovative strategies" to get around pesky traditional lending guidelines, which were unfair because they "were geared to middle class borrowers."
Instead of using passé measures of creditworthiness such as, say, credit history and having an adequate income, ACORN convinced lenders to adopt "more flexible underwriting criteria that take into account the realities of lower income communities." Henceforth, some banks serving inner cities would accept "less traditional income sources such as food stamps." (See Foundation Watch, November 2008.)
It's unclear why ACORN stopped there. Perhaps the rent-a-mob group, renowned for occupying banks, disrupting legislative hearings and emergency medical facilities, surrounding the homes of politicians and CEOs, and annoying trapped motorists into paying tribute as part of its "toll roads" program, could have convinced narrow-minded bankers to accept another financial innovation.
...
Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to ACORN-style agitation that over time weakened underwriting criteria and helped to alter the culture of financial institutions in the U.S.
(Excerpt) Read more at spectator.org ...
ACORN: Who Funds the Weather Underground’s Little Brother? By Matthew Vadum http://www.capitalresearch.org/pubs/pdf/v1225222922.pdf
ACORN: To Each, Their Home http://www.capitalresearch.org/blog/wp-content/uploads/2008/10/toeachtheirhome.pdf
Obama's, middle-class...
ping
http://www.freerepublic.com/focus/chat/2113938/posts
ACORN People’s Platform
>>>Perhaps the rent-a-mob group,<<<
This is flashmobs. This method has been adopted and spilt over into all the activisms. CodePink is one.
ACORN ping; but the mortgage side.
“....bringing equality of result...”
A gross travesty in that equality of education, training, effort, sacrifice, planning, and lawful behavior is NOT expended by the fortunate recipients of this grossly unjust, and largely racist policy.
Equality of opportunity has existed in America for decades. That is all we need.
>>>Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to ACORN-style agitation that over time weakened underwriting criteria and helped to alter the culture of financial institutions in the U.S.<<<
http://www.freerepublic.com/focus/chat/1681380/posts
Jimmy Carter: The Untold Story
Without ACLU type lawyers ACORN could not “Occupy” banks and use thug tactics. The police have their hands tied. And they wonder why businesses flee the inner cities!
"These are my people."
As long as the applicants had a pulse and could write their names, they got the loan.
Many of these loans were flipped back and forth among immigrant families for higher and higher profits, duping the banks at every turn.
When they did enough damage, the last "homeowner" defaulted and departed for Mexico with thousands in cash.....leaving the bank (and now taxpayers) holding the bag).
BTT!
Obaba's idea of redistributing wealth is chronicled in a Nov 2008 Capitol Research Center Report. The Report centers on ACORN (lawyer Obaba was an ACORN organizer and represented them in a infamous lawsuit which set massive mortgage fraud in motion).
SURPRISE ACORN and its affiliates, all hot to trot cheerleaders for higher taxes, are longtime tax deadbeats. A search of public records found more than 200 tax liens of more than $3.7 million associated with affiliated groups that share ACORN’s address, Elysian Fields Ave, New Orleans. The most recent IRS lien, for $23,383, was filed against an ACORN affiliate, American Workers Associates Inc, Sept 9, 2008.
OBABA WANTS MORE TAXES FROM YOU TO REDISTRIBUTE TO HIS DEADBEAT PALS They will get a lot of help from Cong Charlie "The Spanish Playboy" Rangel controls the writing of tax laws but doesn't pay HIS taxes.
LOL... that hat has become a “fashion statement”!
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