Obam, ACORN, and the Bailout Bill
September 30, 2008
Do you know who ACORN is?
Acorn is a perfect example of political correctness. As described on its website: “ACORN is the nation’s largest grassroots community organization of low- and moderate-income people with over 400,000 member families organized into more than 1,200 neighborhood chapters in 110 cities across the country. Since 1970, ACORN has been building community organizations that are committed to social and economic justice, and won victories on thousands of issues of concern to our members, through direct action, negotiation, legislative advocacy and voter participation. ACORN helps those who have historically been locked out become powerful players in our democratic system.”
First of all… it is all the people who had to make sure that everything is “FAIR” and that there was “EQUALITY” that even those who can’t afford a home can get a loan for a home.
Isn’t that funny? Those are the same people who can’t pay their mortgages and a direct reason why we are in the financial crisis we are in. So ACORN through “negotiation” and “legislative advocacy” helped make it so you don’t have to make any money to qualify for a home because as stated in the preamble of our constitution….
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, [Don’t forget… we also give every damn person in this country a house whether they can aford it or not] do ordain and establish this Constitution for the United States of America.
What gets my goat. In the first draft of the bailout Bill. ACORN was going to receive at least 20% of any profits earned from the government bailout. http://michellemalkin.com/2008/09/25/kill-the-bailout-more-acorn-funding/
Would it surprise you if Obama had tied to ACORN?
http://article.nationalreview.com/?q=NDZiMjkwMDczZWI5ODdjOWYxZTIzZGIyNzEyMjE0ODI=
It just never stops does it?
Hmmmm. I wonder if ACORN’s help for the poorest among us is the reason why the Republican party hates them so much?
Dunno if I can quite buy this one. Not the Obama tie…but ACORN being so responsible. Reasons why:
1. ACORN did most of its work with Countrywide through Fannie and Freddie.
2. Fannie and Freddie currently hold more than half of the $1 trillion of Alt-A mortgages, but only $55.4 billion in sub-prime.
3. Alt-A mortgages are NOT the same as sub-prime. Up until about 2007, they were considered much safer.
4. The provision used by ACORN and others is the CRA. The CRA was modified in 2005 by the administration and congress (both sides of the house) to make regulations more lax than the current regulations, while providing for less oversight, and cutting funding on programs like ACORN.
5. As shown by Bloomberg, Alt-A mortgages issued after 2005 are far more likely to be defaulted on. (http://www.bloomberg.com/apps/news?pid=20601109&refer=news&sid=arb3xM3SHBVk)
Seems to me that it wasn’t so much ACORN or the CRA program that threw things topsy turvy, but was the elimination of oversight that opened up what was a previously more regulated market.
[...] In the first draft of the bailout Bill. ACORN was going to receive at least 20% of any profits earned from the government bailout . http://michellemalkin.com/2008/09/25/kill-the- bailout -more-acorn-funding/ …[Continue Reading] [...]