'RESCUE' REWARDS HOUSING HUSTLERS (Bwaney Fwank loves ACORNS--titter)

NY POST ^ | 10/7/08 | MICHELE MALKIN

[Liz]

....you thought the trillion- dollar-plus "financial-rescue plan" signed into law Friday had been stripped of the radical group ACORN.....: The Chicago-based Association of Community Organizations for Reform Now's fingerprints are all over the law. ACORN's "fixing" a crisis it helped create is flabbergasting......the left-wing activist pressured lenders to give loans to lower-income borrowers who couldn't otherwise afford homes.....grateful homeowners then become political recruits, serving as foot soldiers for ACORN's radical agenda. Problem is, such mortgages are now going bad all across America. ACORN's answer: Pressuring banks not to foreclose....and with the "rescue" bill, they're getting ready to simply rewrite mortgages to make them affordable. House Republicans removed one pro-ACORN measure from the bill - torpedoeing a provision devoting 20 percent of all profits from the bailout to a housing slush fund - funneling money to ACORN and similar groups. ....however, ACORN's favorite lawmakers - Maxine Waters (D-Calif.) and Barney Frank (D-Mass.) - got ACORN-championed "foreclosure-mitigation" provisions into the rescue.

[Liz]

He sure loves ACORNS but Bwaney also gets a "kick" out of yhose Slim Jims and Slurpees in Congressional urinals.

[Travis McGee]

bttt

[fieldmarshaldj]

ACORNS are too small. Gerbils are more his size.

[Liz]

Heheh——good one.

Course this is just a suggestion..... but he could Superglue a buncha Acorns together to get his kicks (snicker).

[fieldmarshaldj]

He’s too busy supergluing those together to shove up OUR kiesters.

[xcamel]

[FlingWingFlyer]

I think it’s time the FBI guys get busy with these ACORN thugs.

[WellyP]

What percentage of all bad loans are the “sub-prime” loans? What percentage of all “sub-prime” loans went bad? What percentage of all bad loans in the Chicago are related to ACORN.

ACORN needs to be opened with a BIG HAMMER! Barney must be investigated and if found guilty, taken down!

[Eric in the Ozarks]

It would seem taylor-made for the FBI; a multistate conspiracy to steal federal elections.

[Mr. Mojo]

the left-wing activist group [ACORN) pressured lenders to give loans to lower-income borrowers who couldn't otherwise afford homes.....

Not just pressured, but threatened.

(They threatened lawsuits charging racism, and their "community organizer" field agents occasionally showed up at outside the homes of individual bankers/lenders in attempts to intimidate).

ACORN is nothing less than a marxist mafia.

[fieldmarshaldj]

"Barney must be investigated and if found guilty, taken down!"

Sending Barney to prison would be like sending a single straight guy to an island full of supermodels.

[WellyP]

I agree that ACORN is a Marxist Mafia! What I am looking for in how much money it has cost to fund ACORN related to the number of failed “sub-prime” loans.

[Liz]

Excellent point-—thanks.

[cookcounty]

NOW we find out. This is the most dishonest and corrupt Congress in history.

[Truth29]

From the article - Waters exulted: "We're in charge! . . . We own them now."

The mask is slipping. Walters also said at an oil hearing that she would take over the oil companies. All responsible Americans who bought what they could afford and pay their mortgages on time are being played for fools. The message here is not to be responsible and to beggar thy neighbor.

[Cyclone59]

Boy I hate that picture of that Bwarny, that smug ass look on his face says 1000 words about how much better than the rest of us he thinks he is.

[Truth29]

Walters = Waters

[Liz]

Yeah, and the speech-defect of his——ugh.

[VOA]

What percentage of all “sub-prime” loans went bad?

I'm not a loan official or in real estate...
but I think what I've heard is that four percent of sub-prime
loans have gone bad. Yep, four out of one hundred.
But I guess even at that level of defaults, the fact those mortgages
were bundled together with performing mortgages has "made toxic"
the financial instruments because nobody knows if a specific
financial instrument has zero percent or a high percentage
of the defaulting mortgages.

(Now maybe that's just a tip of a moving iceberg and more are
going bad in time as re-setting of adjustables occur.)

[BuffaloJack]

Let me tell you how these thugs pull off a mortgage scam.
My sister-in-law is selling her house in a less afluent part of town. She was asking for $25K. Two young guys looked at the house and made an offer much less than the asking. They told us they couldn’t go above $15K, so the deal never happened.
Last weekend I saw the local police arresting these two on TV. Here is their scheme.
Guy One buys a house for $10K-$15K. Let’s say $10K. He sells it to Guy Two for $50K. Guy Two gets a mortgage on the house for $50K, splits the $40K profit between himself and Guy One. He never makes a mortgage payment and the bank winds up holding collateral worth $10K for a mortgage with a $50K face value. Guy One and Guy Two do this 50 times (the number in the news story) and they have $2M to split down the middle. The mortgage company then goes on to sell the bad debt via some brokers and eventually the bailout will reimburse them.
Clever scheme and you and I will be left paying it off.