ACORN & Obama At Root Of Financial Mess
Part of what got us in to this entirely mess is Fannie and Freddie Mac and the fiasco, politicians, of course, all blaming one another. Barack Obama pointing the finger away from himself, but Howard Kurtz says that ACORN, a group that has endorsed Obama for president, is at the root of this big financial mess. Now, ACORN is the same group that’s being investigated for allegations of voter fraud, in states across the country.
Stanley Kurtz, He’s a senior fellow at the Ethics and Public Policy Institute, talked about ACORN:
“ACORN is a group of very radical community organizers. They have been very strongly supported by Barack Obama, although he sometimes likes to deny that connection. Obama has channeled the funds to ACORN from various foundations he’s been on. He’s done training for ACORN of their leaders.
And what ACORN does is they try to intimidate banks into giving these high-risk loans to low-credit customers. This is what they did for years, especially in the late ’80s and early ’90s.They would flood protestors into the lobbies of banks, scare away customers, they would send protestors to the homes of bankers, they would break into private offices of bankers to scare them, and they would file complaints under something called the Community Reinvestment Act, which is a law that ACORN used to try to force these banks to make these high-risk loans. These are the very actions/tactics Obama trained the ACORN leaders to use.
The banks were resisting ACORN at that early point. And what happened at that point was that ACORN realized that they would never bring the banks around to these high-risk loans unless it got Fannie and Freddie in on the game, because the banks would say — hey, we can only make that so many of these risky loans to you because Fannie and Freddie won’t buy them. They have very high credit standards. So, ACORN went its Washington lobbyists, who put pressure on its Democratic allies in Congress, and that’s how Fannie and Freddie got their credit standards changed and really watered down so tremendously. Then everyone said, oh, we can make a lot of money at this, but what really started the contagion of these bad loans was the pressure from ACORN and Democrats on to Fannie and Freddie.
I think the outcome of the election is going to make a huge difference as far as getting to the bottom of ACORN’s actions. If McCain comes in, I think ACORN is going to get seriously investigated. And if Barack Obama comes in, then they’ve got one of their best friends in the world as president and I think they’re going to be in gravy.”
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