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Comments from an AP history
and government teacher in Raleigh, NC.
e-mail betsynewmark AT gmail.com
Commissions earned from selling items through Amazon will go towards buying materials for my classes. Thank you.
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Monday, September 29, 2008
The role of ACORN in our mortgage meltdowns
Stanley Kurtz explains how ACORN worked in the early 90s to intimidate banks to make loans to people who couldn't afford them. And he then shows how Obama was there in Chicago as that strategy was being hatched and was involved in training and funding that intimidation.WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.As they say, read the rest. And Matthew Vadum has more information about the role of other community organizing groups in forcing banks to stretch their rules for making loans.
In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.
In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.
Of course, the Republicans have also pushed for extending home ownership and, until this crisis, President Bush was proud of the many people who were buying homes under his watch. But it is time to acknowledge that not every family can afford to buy a home and we do them or our economy no favor by pushing banks to loan them money to get them into their own homes if they can't afford the payments.
And we can also be very glad that the Republicans forced the Democrats to give up their efforts to send more money from the bailout plan to such community organizations that helped set up this situation today.Labels: Obama
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Stanley Kurtz explains how ACORN worked in the early 90s to intimidate banks to make loans to people who couldn't afford them. And he then shows how Obama was there in Chicago as that strategy was being hatched and was involved in training and funding that intimidation.
Of course, the Republicans have also pushed for extending home ownership and, until this crisis, President Bush was proud of the many people who were buying homes under his watch. But it is time to acknowledge that not every family can afford to buy a home and we do them or our economy no favor by pushing banks to loan them money to get them into their own homes if they can't afford the payments.
And we can also be very glad that the Republicans forced the Democrats to give up their efforts to send more money from the bailout plan to such community organizations that helped set up this situation today.
0 comments
Stanley Kurtz explains how ACORN worked in the early 90s to intimidate banks to make loans to people who couldn't afford them. And he then shows how Obama was there in Chicago as that strategy was being hatched and was involved in training and funding that intimidation.
WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.As they say, read the rest. And Matthew Vadum has more information about the role of other community organizing groups in forcing banks to stretch their rules for making loans.
In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.
In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.
Of course, the Republicans have also pushed for extending home ownership and, until this crisis, President Bush was proud of the many people who were buying homes under his watch. But it is time to acknowledge that not every family can afford to buy a home and we do them or our economy no favor by pushing banks to loan them money to get them into their own homes if they can't afford the payments.
And we can also be very glad that the Republicans forced the Democrats to give up their efforts to send more money from the bailout plan to such community organizations that helped set up this situation today.
Labels: Obama
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