Cerise
Well-Known Member
When Obama worked for ACORN (the Association of Community Organizations for Reform Now) he filed suit against Citibank citing CRA violations -- the Community Reinvestment Act, a law passed in 1977 meant to encourage banks to make loans to high-risk borrowers, often minorities, living in unstable neighborhoods.
The CRA opened the door for groups like ACORN to abuse the law with legal threats of racisim, forcing banks to make hundreds of millions of dollars in "subprime" loans to high-risk poor and minority customers.
Now we know what a "community organizer" does.
Burning Down the House/Listen to the Money Talk
House of Lies
Taxpayers are now being forced to pay for the situation that Obama helped to create.
Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.
The revisions also allowed for the first time the securitizing of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. http://news.yahoo.com/s/ibd/20080917/bs_ibd_ibd/20080917issues01
"Subprime lending started off as a good idea - helping Americans buy homes who couldn't previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world." -- Barack Obama, NY Speech, September 17, 2007
The CRA opened the door for groups like ACORN to abuse the law with legal threats of racisim, forcing banks to make hundreds of millions of dollars in "subprime" loans to high-risk poor and minority customers.
"I've been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work." -- Barack Obama, Speech to ACORN, November 2007
Now we know what a "community organizer" does.
In the early 1990s, reports Stanley Kurtz, senior fellow at the Ethics and Policy Center, Obama was personally recruited by Chicago's ACORN to run training sessions in "direct action." That's the euphemism for the techniques used under the cover of the federal Community Reinvestment Act to intimidate financial institutions into giving what have been called "Ninja" loans — no income, no job, no assets — to people who couldn't afford them. http://www.ibdeditorials.com/IBDArticles.aspx?id=307667123149723
Burning Down the House/Listen to the Money Talk
House of Lies
Taxpayers are now being forced to pay for the situation that Obama helped to create.