johnwk
10-08-2008, 05:08 AM
McCain needs to talk about the economy and with specific reference to our current financial melt down!
The seeds of today's financial meltdown lie in the Community Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America's financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster. _________ CLICK HERE (http://massdiscussion.blogspot.com/2008/09/obama-and-acorns-hands-have-fannie-and.html) for the full story
As we find out, the engine behind our current Fannie Freddie melt down began in the 1990’s when Madeline Talbot, a close friend and business associate of Obama, worked together with ACORN who started to use intimidating tactics to literally force banks to hand out sub prime mortgage loans to individuals who were not financially qualified to payoff these loans. The charge of “racism” was successively used as one of ACORN’s most powerful weapons to gain these high risk sub prime loans which Freddie and Fannie were literally force to buy! A specific Clinton policy required half of Freddie and Fannie loans to be sub prime loans, and which culminated in our current economic crisis in which the pensions and life savings of prudent hard working Americans have been stolen. And who do we have to thank, Obama, his friend Madeline Talbot, and the socialist ACORN gang which is now working to steal the election and put a socialist democratic party in power over the United States of America!
And let us not forget the above does not even take into account Obama’s pals in Congress like Barney Frank, Christopher Dodd, Maxine Waters , and other democrat socialists who blatantly stood in the way of proposed legislation to regulate Fannie and Freddie sub prime loan hand outs.
McCain needs to talk about the economy and point to Obama’s direct association with ACORN, Madeline Talbot a “community organizer” which started the slippery slope with high risk mortgage loans being handed out to people without the financial means to meet their payments. Another good article on this issue is O'S DANGEROUS PALS (http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm?page=0)
The unadulterated truth is, Obama had his hand in starting the financial melt down engine [high risk loans] which we are now paying for through the nose. And Obama wants to talk about the economy? He’s responsible for our economy’s current condition!
BTW, I am not a McCain supporter, but I do know the difference between McCain and Obama and that is the choice we have been left with.
JWK
We are here today and gone tomorrow, but what is most important is what we do in between and is what our children will inherit and remember us by.
The seeds of today's financial meltdown lie in the Community Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America's financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster. _________ CLICK HERE (http://massdiscussion.blogspot.com/2008/09/obama-and-acorns-hands-have-fannie-and.html) for the full story
As we find out, the engine behind our current Fannie Freddie melt down began in the 1990’s when Madeline Talbot, a close friend and business associate of Obama, worked together with ACORN who started to use intimidating tactics to literally force banks to hand out sub prime mortgage loans to individuals who were not financially qualified to payoff these loans. The charge of “racism” was successively used as one of ACORN’s most powerful weapons to gain these high risk sub prime loans which Freddie and Fannie were literally force to buy! A specific Clinton policy required half of Freddie and Fannie loans to be sub prime loans, and which culminated in our current economic crisis in which the pensions and life savings of prudent hard working Americans have been stolen. And who do we have to thank, Obama, his friend Madeline Talbot, and the socialist ACORN gang which is now working to steal the election and put a socialist democratic party in power over the United States of America!
And let us not forget the above does not even take into account Obama’s pals in Congress like Barney Frank, Christopher Dodd, Maxine Waters , and other democrat socialists who blatantly stood in the way of proposed legislation to regulate Fannie and Freddie sub prime loan hand outs.
McCain needs to talk about the economy and point to Obama’s direct association with ACORN, Madeline Talbot a “community organizer” which started the slippery slope with high risk mortgage loans being handed out to people without the financial means to meet their payments. Another good article on this issue is O'S DANGEROUS PALS (http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm?page=0)
The unadulterated truth is, Obama had his hand in starting the financial melt down engine [high risk loans] which we are now paying for through the nose. And Obama wants to talk about the economy? He’s responsible for our economy’s current condition!
BTW, I am not a McCain supporter, but I do know the difference between McCain and Obama and that is the choice we have been left with.
JWK
We are here today and gone tomorrow, but what is most important is what we do in between and is what our children will inherit and remember us by.