Guess What Caused the Mortgage Crisis Bailout and How To Keep It From happening Again
It has nothing to do with mistakes or incompetence by banks. It is entirely caused by tight regulations on the banks written and worsened by three Democrats.
CRA requires reports on loans that are non-qualified by geography, income and race. If a bank didn’t write enough bad mortgages, they lose their license
Fannie Mae is required to buy the bad mortgages, guarantee them, and sell them in bundles that are traded as CMOs
This total process lets banks make fees on even the worst unacceptable mortgages and transfer the risk to the taxpayers
Three Democrats, Jimmy Carter, Bill Clinton and Barry Obama created and worsened it all and should be jailed for destroying our financial system
The Democrats caused the Mortgage Crisis with their expansion of Fannie Mae and the Democrat’s passage of the CRA (Community Reinvestment Act) which requires, actually FORCES, YES FORCES every bank in America to make bad mortgages to financially unqualified buyers and to illegal aliens, and the Democrats including Bill Clinton forced Fannie Mae to purchase the crap, guarantee the crap, and sell it to the world’s financial markets as CDOs that were not worth the paper they were printed on. Worse, because the entire world from China to Japan to Russia believed they were obligations of the US Government, they became part of the reserve capital of every financial institution in the world. The basis for all the world’s banks and insurance companies!
In return for these crimes, Wall Street, the nation’s banks and Fannie Mae donated hundreds of millions to the Democrats. Chris Dodd and Barack Obama were the two biggest beneficiaries of Fannie Mae corrupt cash. That is why the Democrats are so vehemently enthusiastic at passing Bush’s bailout. The Democrats need the crisis solved before people focus on the Democrats as being the cause of the crisis.
Also, the Democrats biggest source of votes are the freeloaders who get to buy homes with the crap mortgages, so the Dems want to bail them out with ACORN fraud.
So, the Democrats needed the Republican Congressman’s support to pass the bailout to save the corrupt Democrats from:
(1) exposure as being the true source of the crisis,
(2) to avoid repeal of the Democrats’ favorite welfare law, the Community Reinvestment Act which even this minute is continuing to force banks to write more and more crap mortgages, sowing the seeds for a repeat crisis next year, and
(3) keep the mountain of donations flowing to Barack Obama and his forty thieves from the crooked banks and Wall Street firms.
Guess what caused financial crisis
The big lie is that the mortgage crisis was caused by Bush deregulation.
The opposite is true.
The mortgage crisis was caused by Bill Clinton in 1995 when he make much worse a bad law that Jimmy Carter started in 1977, so the whole mess is caused by Democrat Presidents and Democrats in Congress.
Jimmy Carter signed the CRA Community Reinvestment Act that required banks to lend in low income areas.
Here is what Wikipedia says Clinton did:
Quote: “Clinton Administration Changes of 1995
In early 1993 President Clinton ordered new regulations for the CRA which would increase access to mortgage credit for inner city and distressed rural communities. The new rules went into effect on January 31, 1995 and featured: requiring numerical assessments to get a satisfactory CRA rating; using federal home-loan data broken down by neighborhood, income group, and race; encouraging community groups to complain when banks were not loaning enough to specified neighborhood, income group, and race; allowing community groups that marketed loans to targeted groups to collect a fee from the banks.
According to a United States Department of the Treasury study of lending trends in 305 U.S. cities between 1993 and 1998 $467 billion in mortgage credit flowed from CRA-covered lenders to CRA-eligible borrowers. The number of CRA mortgage loans increased by 39 percent. Other loans increased by only 17 percent.” close quote
Clinton passed a law “encouraging community groups to complain.” IN 1995!!!! That is when Barack Hussein Obama was training ACORN staff of semi-terrorists how to picket and blockade bank headquarters to blackmail the banks into writing mortgages to people who would never repay the loans. Even worse, in 1995 Obama collected a fortune in legal fees as a lawyer representing ACORN to the Senate Banking Committee to get higher fees paid to ACORN under the CRA.
Focus on this: In every state in the union, anyone who receives money in connection with a mortgage is required to attend certified classes and testing to become a “State Licensed Mortgage Broker.” Obama got a Federal exception overriding State mortgage broker laws to enable ACORN to obtain otherwise illegal fees for originating mortgages. It is believed that ACORN has received billions yes, BILLIONS of otherwise illegal mortgage fees because of Barack Obama.
Even worse, ACORN received these fees by forcing banks to write toxic mortgages to people who did not qualify for mortgages and who never would repay them. And Obama earned legal fees from ACORN for his complicity in planting the seeds that caused our current financial crisis.
Bothe the ACORN officers and directors and Barry Obama should be in jail for destroying our nation’s financial system and costing taxpayers more than a trillion dollars and still counting.
Obama was collaborating with Ayres in charity boards to make millions in cash grants to ACORN.
William Ayres is the unrepentant terrorist whose group bombed the Pentagon, Federal buildings, and Police buildings, and who murdered innocent police officers, leaving their children without fathers, but who got off on a technicality. The same William Ayres, who said in an interview with the New York Times on 9/11/2001 while the Twin Towers were aflame and crumbling, that he regretted as a terrorist that he had not done enough.
William Ayres solicited $50 million from a charity, which was founded by an innocent philanthropist who had unknowingly turned his charity over to left wing loonies. Ayres then hired Obama as Chairman of this charity.
The terrorist and Obama refuse to talk about this, so that we have no idea how Ayres met Obama and came to know Obama well enough to hire Obama to run a $50 million charity. All we know is that being Chairman of this charity from 1993 to 2002 is Obama’s only executive experience. The charity is CAC, the Chicago Annenberg Challenge, whose stated purpose was to reform and improve education in low income areas of Chicago.
What we do know is that under Obama’s Chairmanship, the CAC never gave one penny to any school!
All the money went to radical groups with the intent of teaching children that America is evil, and they should overthrow the establishment. Oh, and that the Republicans are the establishment, so young people should vote Democratic. That is what Obama did when people entrusted him with $50 million. All of this is documented in the archives of the University of Illinois on their Chicago campus.
The Senate Banking Committee estimated that as early as 2000, as a result of CRA, community groups such as ACORN and La Raza had received $9.5 billion in services and salaries. That number, of course, will have grown massively during recent years.
What Barack Obama did was teach ACORN Staff of semi-terrorists how to demonstrate and picket and blockade bank headquarters until they gave loans to unqualified buyers rounded up by ACORN and then pay fees to ACORN for blackmailing the banks.
ACORN devotes its life to getting mortgages for unqualified buyers. ACORN gets rich on the fees Clinton forces the banks to pay to ACORN.
ACORN uses the money from the bank fees to sign up new voters who will vote for Nobama.
ACORN is being sued in many states for signing up voters that even Jesus cannot find, and ACORN staff are in jail for voting fraud, but it goes on and on and on.
The Clinton CRAp law is still in effect, even stronger than before. ACORN continues to make millions in Clinton fees, using the money to register fictitious voters who will elect Barack Obama President.
This is a violation of election laws and bypasses FEC regulations limiting financial support of candidates.
Obama, Clinton and the Democrats are using bad laws they wrote to steal your tax dollars to steal our elections.
In the meantime the Community Reinvestment Act, which is not treated at all in the bailout bill, is continuing to force all the banks in America to continue writing no money down, interest only mortgages to freeloaders, so we shall have another round of collosal defaults next year, and the year after, and the year after.
Click on the following link to tell your Senators and Representatives in the communicate using a form option, saying, ACTUALLY COPY AND PASTE THE FOLLOWING:
“REPEAL THE CRA COMMUNITY REINVESTMENT ACT TO STOP THE CRISIS AND ELIMINATE, DISSOLVE FANNIE MAE SO BANKS WILL HOLD THE MORTGAGES THEY WRITE AND KEEP ACCOUNTABILITY”
To find your congresspersons, enter your zip code in the left hand box of this link:
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