ACORN, Barack Obama, Bill Clinton and Jimmy Carter Caused the Mortgage Bailout Crisis

October 2, 2008 at 11:58 am 3 comments


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.

 

Only Clinton and Obama could come up with the following way to swindle our tax dollars into the pockets of radical Communist leftist organizations hiding behind the false claim of being nonprofits. Read Carefully: Clinton’s rewrite was for “allowing community groups that marketed loans to targeted groups to collect a fee from banks.”

 

 Advocacy Groups

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 impeach2008@gmail.com

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Entry filed under: abc news, ann coulter, bailout, bankruptcy, Barack Obama, Blogroll, cbs news, cnbc, cnn, cnn bias, Fannie Mae, finance, fox news, Freddie Mac, glenn beck, john mccain, life, lou dobbs, Michelle Obama, mortgages, news, politics, sarah palin, taxes, Uncategorized. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , .

Help Stop Crooked Senate Bailout Grows from $700 to $872 Billion and Still Growing Michelle Obama Emerges From Exile with Great News

3 Comments Add your own

  • 1. Dave Keon  |  October 2, 2008 at 1:07 pm

    Thanks for the insight Nancy. Have you looked into why, if this is true, the republican-controlled congress at the time, and the republican admin of the last 8 years didn’t catch these violations?
    Thanks,
    Dave

    Reply
  • 2. tsfiles  |  October 10, 2008 at 7:34 pm

    The “Republican-controlled” Congress was barely controlled by Republicans. They never had a wide margin.

    Bush began his warnings as early as 2003. McCain sounded the alarm in 2006. Bush again warned Congress 18 times in 2008.

    Reply
  • 3. Logicalinsanity  |  November 2, 2010 at 10:16 pm

    I think Nancy is spot on. The Bush Administration tried to warn people about the coming mortgage crisis. I have Barney Frank and Chris Dood both on Video numerous times telling us that everything was fine. Then when the bubble busted the tax payers were responsible for the failures.
    Injury added to insult is they passed the blame. Then passed an enormous spending bill to support levels of corruption to cover it up.
    Wall Street got its bonuses, and so did the democrat congress. Good bye you corrupt asses.

    Reply

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