ACORN, Barack Obama, Bill Clinton and Jimmy Carter Caused the Mortgage Bailout 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 making much worse a bad law that Jimmy Carter started, so the whole mess is Democrat President’s fault.
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 dollars 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 how to picket and blockade bank headquarters to blackmail the banks into writing mortgages to people who would never repay the loans. Even worse Obama was collaborating with Ayres in charity boards to make millions in cash grants to ACORN.
The new rules introduced by the Clinton administration in 1995, during a time when many banks were merging and needed to pass the CRA review process to do so, substantially increased the number and aggregate amount of new community groups marketing non-traditional mortgages. Community activist’s demonstrations, picketing and sit-in interventions at yearly bank reviews resulted in their obtaining large amounts of money from banks, since poor reviews could lead to frustrated merger plans and even legal challenges by the Justice Department. 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 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.
Click on this link http://congressorg.capwiz.com/congressorg/directory/congdir.tt and tell your Congressmen and Senators to repeal the CRA Community Reinvestment Act that is creating ore toxic mortgages to cause another mortgage crisis next year by writing more toxic mortgages and that pays millions to both ACORN and LA RAZA for recruiting toxic unqualified borrowers. Just cut and paste this into the message form.
To help impeach Obama from the Senate and, god forbid, from the Presidency, send a blank email to firstname.lastname@example.org
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