Democrats in their own words Covering up the Fannie Debacle

or How You and I Got Swindled by Corrupt Democrats


2004 House Finance Committee Hearing

As a smallish footnote to the $700+ billion bailout, guess who gets 20%?

Answer: Why ACORN (Association of Community Organizers) of course – you know that huge financial institution. Oh wait… the aren’t a financial institution. They are Obama’s fellow street organizers, specializing in registering fraudulent Democratic voters nationwide.

Anyone wonder what $140 billion will do to increase the voter rolls? Perhaps they can enroll everyone in Canada, Mexico and China? Ensuring Democrat rule for centuries to come? Not to mention enabling Obama to remain POTUS for life.

UPDATE (Saturday, Sep 27th, 2008 ):

ACORN outrage removes affordable housing provision

The ACORN issue is off the table.

After several days of rage from conservative activists regarding a provision in the bailout bill that would send some of the profits from the sale of distressed assets the goverment buys into an affordable housing trust fund, congressional negotiators have removed section 105(d) of the bailout proposal, according to aides on both side.

ACORN, a Democratic ally, was not specifically directed any funds in the previous proposal, but money that went to state and local governments could then have been divvied out to the organization, which the GOP said was a deal breaker. Fevered opposition to the provision had become a viral sensation.

It appears that, with the removal of the affordable housing trust fund, all of the proceeds from the sale of assets will now go to retire the debt.

In case you are wondering why ACORN, then understand that organization was tight with Freddie and Fanny, via their Congressional Democrat buddies, who loved Fredie and Fanny dearly for the “contributions”. Long story short: ACORN and its lively program of subprime loans to minorities is at the heart of the financial meltdown.

UPDATE (Thursday, Oct 2nd, 2008 ):

Not to mention B.H. Obama was the 2nd largest receipient of “donations” from these two financial institutions, nor that Franklin Raines was convicted of stealing over $100 million from them, nor should one overlook the the same F. Raines now serves as B.H. Obama’s housing/financial adviser.

Naturally the largest receipient was another Dem – Sen C Dodd, who leads the Senate Finance Committee and, just as naturally, has been in the forefront of the Bailout Charge to feed us all a delicious crap sandwich with strawberry-flavored earmarks on top.

Why couldn’t this problem created by the Democrats be fixed with an auction? Or similar devise which the Feds have great and successful experience with? Just asking…

UPDATE (Friday, Oct 3d, 2008 ):


GOP ad lowers the boom on Dems over subprime disaster

PS:
So what were some of the “outdated” criteria [for mortgages in the nineties]?

Credit History:
Lack of credit history should not be seen as a negative factor…. In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts…

Down Payment and Closing Costs:
Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations (i.e. ACORN), or municipal agencies to cover part of these costs…

Sources of Income:
In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

Accepting these new criteria was hardly voluntary. The Fed warned the banks:
“Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions.”

Source:
Reckless Mortgages Brought Financial Market to Its Knees
By John R. Lott, Jr.

Note: Or looking at it the Liberal way: If you are poor and want to be middle class, first get the house you want, then get some money, and eventually get a job.

Lots of good info in this vid. Many google searches are listed. You many have to hit pause often to read the addresses – given the fast pace.


Burning Down The House: What Caused Our Economic Crisis?

Related Posts:
The Barack Hussein Obama Page

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