Dems push expanded Community Reinvestment Act; deny Act’s role in mortgage meltdown; GOP cites ACORN connection by Byron York at Washington Examiner
A number of experts believe that aggressive enforcement of the 1970s-era Community Reinvestment Act contributed to the mortgage meltdown, and thus to the greater financial crisis, by requiring financial institutions to lend to unqualified borrowers. Now, the Democratic majority in the House of Representatives is responding to that situation by proposing to expand the scope and power of the Community Reinvestment Act.
This morning House Financial Services Committee chairman Rep. Barney Frank held a hearing on H.R. 1479, the “Community Reinvestment Modernization Act of 2009.” The bill’s purpose is “to close the wealth gap in the United States” by increasing “home ownership and small business ownership for low- and moderate-income borrowers and persons of color.” It would extend CRA’s strict lending requirements to non-bank institutions like credit unions, insurance companies, and mortgage lenders. It would also make CRA more explicitly race-based by requiring CRA standards to be applied to minorities, regardless of income, going beyond earlier requirements that applied solely to low- and moderate-income areas.
Republicans on the committee strongly oppose the plan. “Instead of looking to expand the number of institutions that must abide by Community Investment Act regulations,” California Rep. Ed Royce said in prepared opening remarks at today’s hearing, “I think we should reassess the role this and other government mandates played in the financial collapse and consider scaling it back.”
READ THE BILL: http://www.opencongre…
Reinvestment Act Is Tied to ACORN
…So-called “community groups” like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA “protest” is issued by a “community group.” This can cost banks great sums of money, and the “community groups” understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities. …
…Consequently, banks in every community in America have been forced to hold a portfolio of bad loans, euphemistically referred to as “subprime” loans. In order to compensate themselves for the added risk of extending these loans, many lenders have increased the lending fees associated with mortgage loans. This is simply an indirect way of doing what banks always do – and what they must do to remain solvent: charging effectively higher rates of interest on riskier loans.
But this is discriminatory!, complained the “community organizations.” Thus, if one browses the ACORN web site, one can read of their boasts of having “predatory lending laws” passed in numerous states which outlaw such fees, prohibiting banks from protecting themselves from the added risk involved in making forced loans to “subprime” borrowers. …
Interesting to Me This Comes On The Heels of the Senate Vote to Defund ACORN.. Well, perhaps it is not defunding, but rather a shell game- no doubt learned at the knee of ACORN itself
READ THE BILL: http://www.opencongre…
Learn About ACORN/ CCI
Citizens Consulting Inc. (CCI), the shadowy financial nerve center of the embattled radical activist group ACORN, has filed false lobbying disclosure reports with Congress, according to Ron Sykes, a former ACORN employee. This revelation is important because, as former ACORN national board member Charles Turner said earlier this year on “The Glenn Beck Program,” CCI “is where the shell game begins.”
“ACORN has over 200 different entities that the money gets moved around to – for this purpose to that purpose, this organization to that organization,” said Turner. “We believe the way the money has been moved around, they’ve been laundering money.” When former ACORN activist Ron Sykes was informed by this reporter that ACORN affiliate CCI registered him as a lobbyist, he was angry. “It’s like identity theft,” said Sykes in an interview. “I have no idea why they registered me. I didn’t register myself and was not aware that they were doing it.”
Whether this reflects ACORN’s institutional carelessness or a calculated effort to deceive, the discovery throws some light on how ACORN treats its employees, moves money around the ACORN network, and deals with the federal government. Federal lawmakers have known for years about ACORN’s unorthodox and possibly illegal practices, including its use of government resources to promote legislation and its extensive commingling of funds within its network of affiliates.
CCI Tied Directly To Obama Campaign: http://michellemalkin.com/2008/08/22/acorn-watch-pt-ii-obama-hid-800000-payment-to-acorn-through-citizen-services-inc/ (from Michelle Malkin on 08/22/2008)
..U.S. Sen. Barack Obama’s presidential campaign paid more than $800,000 to an offshoot of the liberal Association of Community Organizations for Reform Now for services the Democrat’s campaign says it mistakenly misrepresented in federal reports. An Obama spokesman said Federal Election Commission reports would be amended to show Citizens Services Inc. — a subsidiary of ACORN — worked in “get-out-the-vote” projects, instead of activities such as polling, advance work and staging major events as stated in FEC finance reports filed during the primary. ..
Is ACORN Intentionally Structured As a Criminal Enterprise?http://republicans.ov…
The Association of Community Organizations for Reform Now (ACORN) has repeatedly and deliberately engaged in systemic fraud. Both structurally and operationally, ACORN hides behind a paper wall of nonprofit corporate protections to conceal a criminal conspiracy on the part of its directors, to launder federal money in order to pursue a partisan political agenda and to manipulate the American electorate. Emerging accounts of widespread deceit and corruption raise the need for a criminal investigation of ACORN. By intentionally blurring the legal distinctions between 361 tax-exempt and non-exempt entities, ACORN diverts taxpayer and tax-exempt monies into partisan political activities. Since 1994, more than $53 million in federal funds have been pumped into ACORN, and under the Obama administration, ACORN stands to receive a whopping $8.5 billion in available stimulus funds.
Operationally, ACORN is a shell game played in 120 cities, 43 states and the District of Columbia through a complex structure designed to conceal illegal activities, to use taxpayer and tax-exempt dollars for partisan political purposes, and to distract investigators. Structurally, ACORN is a chess game in which senior management is shielded from accountability by multiple layers of volunteers and compensated employees who serve as pawns to take the fall for every bad act. The report that follows presents evidence obtained from former ACORN insiders that completes the picture of a criminal enterprise.
Read the report, which is linked above.
RECENT RELATED COLUMNS:
How many patriots does it take to affect change in Washington? I guess about 2 million:
HR 3226 Czar Accountability and Reform (CZAR) Act of 2009
To provide that appropriated funds may not be used to pay for any salaries or expenses of any task force, council, or similar office which is established by or at the direction of the President and headed by an individual who has been inappropriately appointed to such position (on other than an interim basis), without the advice and consent of the Senate.
ACTION ALERT: CALL YOUR SENATORS NOW AND DEMAND THEY CO-SPONSOR THIS BILL
School Officials Facing Criminal Charges for Prayer from Liberty Counsel http://www.lc.org/index.cfm?PID=14102&AlertID=1016
Pace High School Principal Frank Lay and Athletic Director Robert Freeman are facing criminal contempt charges for allegedly violating a court order prohibiting prayer. The ACLU claimed the two men were responsible for a prayer of blessing over a meal at an appreciation luncheon with former booster club members and other adults who helped with a field house project. Liberty Counsel represents Principal Lay and Director Freeman. A trial is scheduled for September 17. If convicted, Mr. Lay and Mr. Freeman could be fined or jailed, yet neither willfully violated any court order. Last year the ACLU filed a lawsuit against the school district, claiming that some of the teachers and administration “endorsed” religion. Rather than fight, the district consented to a very broad order fashioned by the ACLU, essentially banning employees from engaging in prayer or religious activities, whether before, during, or after school hours. Without hearing legal argument, a federal court entered the Consent Order, which unconstitutionally infringes on the rights of teachers, administrators, and students. The ACLU then complained that Mr. Freeman and Mr. Lay violated the order at the luncheon, so a federal judge initiated criminal contempt proceedings and referred the case to the United States Attorney’s office for prosecution. Liberty Counsel says no students were present for the prayer.
EXPOSED: Big Labor Announces “Secret Plan to Destroy the Right Forever” from Right To Work http://nrtw.org/en/blog
In a surprising display of honesty about their true agenda, union bosses and Far Left activists participated on a panel at the Netroots Nation conference called “The Secret Plan to Destroy the American Right.” What’s their “secret plan” to expand the power and size of government and raise taxes on hard-working Americans? It’s passage of the woefully misnamed Employee Free Choice Act, more accurately called the Card Check Forced Unionism Bill. Union bosses apparently see the billions of forced dues dollars that the bill would funnel into pushing Organized Labor’s radical political agenda as THE major selling point for the bill. Unfortunately for the panelists and the Big Labor hierarchy, but fortunately for the American people, there’s nothing secret about the Card Check Forced Unionism Bill and how it would obliterate the rights of American workers. Right here on Freedom@Work, we’ve kept concerned citizens informed about this union boss power grab:
- Expert legal analysis explaining how the Card Check Bill would destroy the secret ballot in union certification elections
- Workers in Albion, Indiana tell Fox News about the real life intimidation they felt during a card check organizing drive by the militant United Auto Workers (UAW) union
- A former union president testifies before Congress about the dangers of card check organizing
- Worker explains to Senate labor committee how union goons lied to him to get him to sign a card
- National Right to Work president Mark Mix discusses card check and union intimidation on a nationally syndicated radio program
- At the 2009 Conservative Political Action Conference, Mix demonstrates why union bosses love card check
- Far Left icon George McGovern writes in the Wall Street Journal about another disturbing feature of the Card Check Forced Unionism Bill: mandatory binding arbitration
VICTORY – Flag.gov Dies A Slow Death Monday
Flag.gov bit the dust Monday after first changing, for a few short hours, into a “form” based site, then to gone. While a “form” based site, directions asked informants to please not provide any personal information on someone else nor anyone’s email address. Chalk up one for old fashioned American values, although I doubt the motive was anything other than their lawyers directive.
List of Obama’s Czars and Request For Watchdogs at Glenn Beck.com http://www.glennbeck.com/content/articles/article/198/29391/ 32 Officially, but others in the role of Czar and others to be named later, per the Administration. Glenn Beck is asking concerned citizens to take the name of one and investigate. Research to find their agenda, past alliances, past press. Please send results to Glenn at his website: www.GlennBeck.com
Yet Another Government Takeover of American Business by Friends of the U.S.Chamber of Commerce http://www.friendsoftheuschamber.com/email/email4.cfm?ID=443 Another day, another assault on free enterprise. This time, it’s the Administration’s so-called Consumer Financial Protection Agency (CFPA) Act. This act is supposed to create a new bureaucracy that will protect consumers from fraudulent financial products. In truth, it is another government-run bureaucracy that will actually design financial products of its own — and then require private companies to offer these government-designed products. Free markets be damned. The House of Representatives is currently considering this flawed bill. Email your Representative now and help stop this government takeover of the American financial system. This bill will stifle competition and put private companies out of business. It will allow big government to choose winners and losers. It will destroy choice and quality for consumers. More big government. Lower quality. Less choice.
Have You Read The Health Care Bill Yet? Find it Here: http://waysandmeans.house.gov/media/pdf/111/AAHCA09001xml.pdf
Kathleen Sebelius Misspoke in Saying Public Option Not an Essential Part of Health Care Reform at The Minority Report http://tinyurl.com/la9hkm
Marc Ambinder: An administration official said that Health and Human Services Secretary Kathleen Sebelius “misspoke” when she told CNN Sunday morning that a government run health insurance option “is not an essential part” of reform. This official asked not to be identified in exchange for providing clarity about the intentions of the President. The official said that the White House did not intend to change its messaging and that Sebelius simply meant to echo the president, who has acknowledged that the public option is a tough sell in the Senate and is, at the same time, a must-pass for House Democrats, and is not, in the president’s view, the most important element of the reform package.
Dems Not Backing Down On Public Option, But Stepping Up the Fight from lp.org http://tinyurl.com/ldx5gc
Faced with withering criticism from the independent voters who elected Obama, as well as polls showing majorities of Americans oppose their health care reform plans and would prefer government inaction to the current system, the media reported this weekend Democrats may consider removing a provision for government-run health insurance from a massive bill outlining a government takeover of the nation’s health care system. Don’t be fooled. The so-called “public option” isn’t about to be taken off the table. The eradication of your private health insurance plans is at the very core of the entire so-called “reform” movement. Just listen to official White House health care spokesperson Linda Douglass. “Nothing has changed. The president has always said that what is essential is that health insurance reform must lower costs, ensure that there are affordable options for all Americans and it must increase choice and competition in the health insurance market. He believes the public option is the best way to achieve those goals.” House Democrats also tell the Capitol Hill newspaper Politico government-run health insurance will stay in their bill. It’s their goal for the legislation.
The Array of WH ObamaCare Tactics Grows at American Thinker http://www.americanthinker.com/2009/08/the_array_of_wh_obamacare_tact.html The White House is deploying an array of tactics to promote ObamaCare. Here’s the list to date.
1. Warn about the cost of inaction.
2. Use Grandma to build empathy through association.
3. Accuse opponents of racial prejudice – play the race card.
4. Shift the focus of the debate.
5. When accused of having a controversial proposal, just say “No we don’t.”
6. Hide the plan.
7. Hide key congressional proponents.
8. Pretend to give up on controversial issues that were never acknowledged in the first place.
9. Hold pro-Obamacare pep rallies that profess to be open town hall-like events.
10. Blame the media for focusing on the opponents.
11. Demonize the opposition.
12. Make false claims for Obamacare.
Joker Poker with the Health Care Bill (video) http://www.youtube.com/watch?v=obXt3FUs-yQ
Obama Unaccustomed to Having His Lies Challenged Doug Patton at Canada Free Press http://canadafreepress.com/index.php/article/13860
Barack Obama is one of the most spoiled politicians ever to capture the imagination of a nation. He has enjoyed what author and newsman Bernard Goldberg has described as “a slobbering love affair” with the American media. So many members of the Fourth Estate in this country have so thoroughly compromised themselves to sell his radical agenda that the American people no longer trust them even to report the news. And now, as the president and his toadies in Congress run into a brick wall in their efforts to take over the American health care system, they are shocked to discover that many of the same people who put them in office last year are outraged at their lies. American citizens have been vilified, marginalized, lied about and smeared by these Washington hucksters. Good people, frustrated at the arrogance of their government, are being called names like a mob, Nazis, evil-mongers, terrorists, etc. Meanwhile, the president and Congress are watching the poll numbers they live by fall into the basement. I wonder why. Most of us learned in kindergarten that when you call other people names, they are not likely to react kindly. And they certainly are not likely to vote for you again. Does this president really have so little regard for the medical practitioners of this country that he believes an American physician would cut off a limb just to put money in his/her pocket? Is this how his mind works? Does he have no shame? Does he actually know of such a doctor? Does he have evidence of such a contemptible act? If so, why is he not reporting it? We all know the answer to that. He is simply a liar who will say or do anything to drive home his agenda.
Here is but the latest act of submission to Islam by your State Department. A State Department cable has just been sent out with this announcement:
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
http://canadafreepres… (items below are taken from this article.. chock full of quotes from a book writen by our Science Czar.. check it out)
… A quote from US Climate Czar: “Should a Law of the Sea be successfully established, it could serve as a model for a future Law of the Atmosphere to regulate the use of airspace, to monitor climate change, and to control atmospheric pollution. Perhaps those agencies, combined with UNEP [United Nations Environmental Program] and the United Nations population agencies, might eventually be developed into a Planetary Regime-sort of an international superagency for population, resources, and environment. Such a comprehensive Planetary Regime could control the development, administration, conservation, and distribution of all natural resources, renewable or nonrenewable, at least insofar as international implications exist.” … as is: “If this could be accomplished, security might be provided by an armed international organization, a global analogue of a police force. Many people have recognized this as a goal, but the way to reach it remains obscure in a world where factionalism seems, if anything, to be increasing. The first step necessarily involves partial surrender of sovereignty to an international organization.” (Ed note: there are also quotes regarding chemically drugging our water supply to promote sterilization should our population get to large, as well as mandating abortion for unwed mothers, etc.. you need to read this for yourself in order to believe it- and he is top advisor to the president on science issues ??? Really????)
Accuracy In Media was told Monday by Holdren’s office that only two telephone calls had been received from the press about the sensational charges being reported against Holden in the blogosphere. Clearly, the major media haven’t taken the charges seriously, explaining why there has been a “deafening silence” from the mainstream media, as noted by Michelle Malkin.
Obama’s Ambitious U.N. Treaty Agenda (Treaty of the Seas) from Accuracy In Media
With Al Franken replacing Norm Coleman, Senate Democrats have another vote for the U.N.’s Law of the Sea Treaty, and there are strong indications that they intend to bring this controversial document up for a vote within days or weeks. Those who favor the U.N. Convention on the Law of the Sea (UNCLOS) believe that U.S. security lies in passing a treaty and hiring more lawyers to defend America before an international tribunal, rather than building more ships for the Navy and Coast Guard. The anticipated vote on the treaty follows a strong recent push for ratification from the Council on Foreign Relations and newspaper ads in favor of the treaty from the Pew Charitable Trusts, a $5 billion non-profit entity. Plus, the Obama State Department sent a document to the Senate Foreign Relations Committee on May 11 that declared UNCLOS to be a top priority for the administration. In fact, Obama’s submission to the Foreign Relations Committee names 17 treaties that he wants ratified. In addition to UNCLOS, they include the feminist Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW), the unverifiable Comprehensive Nuclear Test Ban Treaty, and the gun rights-destroying Inter-American Convention Against Illicit Manufacturing of and Trafficking in Firearms, Ammunition, Explosives, and Other Related Materials.
Communist Past of the ‘Green Jobs’ Czar from News Busters
The administration’s “Green Jobs” czar, Van Jones, has a “very checkered past” deep-rooted in radical politics, including black nationalism, anarchism, and communism. The broadcast network newscasts have mostly failed to report on Mr. Jones’s past political affiliations which are lock-step with the network’s downplay of coverage regarding President Obama’s associations with the former radical and terrorist William Ayers during the election. The administration’s “Green Jobs” czar, Van Jones, has a “very checkered past” deep-rooted in radical politics, including black nationalism, anarchism, and communism. The broadcast network newscasts have mostly failed to report on Mr. Jones’s past political affiliations which are lock-step with the network’s downplay of coverage regarding President Obama’s associations with the former radical and terrorist William Ayers during the election. At 6:47 a.m. EDT on the July 10 edition of “Fox and Friends,” Americans for Prosperity Policy Director Phil Kerpen, told interviewer Brian Kilmeade that Jones is “somebody who was involved in radical politics in San Francisco, “who was self-admittedly “radicalized in jail” and found “Communism and anarchism.” Kerpen compares Van Jones’s Communist past with his new quest for environmentalism and the creation of green jobs:
I think it’s pretty instructive what his past is…it’s the same sort of philosophy, the idea that government ought to be reordering society in accordance with some utopian vision that failed with communism and socialism, and will fail with this green jobs idea.
In an April 12, 2009 World Net Daily article titled “Will a “red” help blacks go green?”Aaron Klein reports that Jones himself stated in a 2005 interview his environmental activism was a means to fight for racial and class “justice,” and that he was a “rowdy black nationalist,” and a “communist.” Because the administration’s “czars” do not go through congressional confirmation, and are therefore not scrutinized or vetted, many Americans have no idea who they are or where they come from. Kudos to Fox News for bringing Van Jones’s controversial past and political ideology to light.
OBAMA NOW HIRING “GRASS ROOTS” WORKERS TO BOOST SUPPORT FOR HEALTH CARE BILL from Drudge
Ed note: Just as ACORN does, so, apparently, does the white house. When Acorn needs concerned citizens to parade by AIG bosses, homes, they pay them by the hour. When ACORN needs people to (fruadually in many cases) voters signed up, they pay people by the hour. Now, our president, needs normal people to support his health care bill and guess what… he’s paying by the hour! $11-16 dollar an hour, expecting to pay these “grass roots” supports $4-6K for the summer. No lie. Apparently, grass roots does not mean what it used to mean.. now it means employees… go figure!
Sec 542 of HR 2647 http://ow.ly/15HOp8…
This legislation was passed in the house. Now it’s on to the Senate for vote THIS WEEK. CALL YOUR SENATORS, NOW.
This legislation is written purposely in a manner very “open to interpretation” by Attorney General Eric Holder, or his successors. It would make it illegal to belong to, blog on, associate with and group or groups of people who not only hate people or ethnic groups, etc.. but hate the GOVERNMENT. Please take a moment and read the article linked above from the 9/12 website.
Ed Note:Look… I am not a hater…. I am a lover .. of the Constitution of the United States of America. It is my opinion that the past several administrations of our government are the haters… Hey, maybe we could have THEM all arrested ?????
Have You Seen The Organizational Chart for The Democrats Version of Health Care Bill???
Check this out! (It reminds me of the Mouse Trap game I had as a kid)
CNN Legal Analyst Calls 2nd Amendment Rights Preposterous from News Busters
During CNN’s coverage of the Sotomayor hearings on Wednesday, legal analyst Jeffrey Toobin implied that the Supreme Court’s 2008 decision to uphold the Second Amendment was revolutionary: “When I was in law school…the idea that you had a Second Amendment right to a gun was considered preposterous….But the Supreme Court [in Heller]…said that…individuals have a personal right to bear arms.” Just after the bottom of the 12 noon hour of the network’s coverage, anchor Wolf Blitzer raised the Second Amendment issue with Toobin, a graduate of Harvard Law School, and the others on their panel analyzing the hearings, which included anchor/correspondent John King; senior political analyst Gloria Borger; and correspondent Candy Crowley, as well as Republican strategist Alex Castellanos and former Clinton administration official Maria Echaveste. After playing a clip of Republican Senator Tom Coburn asking Sotomayor about the right to keep and bear arms, Blitzer asked Toobin what were the nominee’s “positions, specifically on the federal obligation to support the Second Amendment, as opposed to local communities or states?” The CNN senior legal analyst harkened back to his law school days in his answer … the idea that you had a Second Amendment right to a gun was considered preposterous. The text of the Second Amendment, you know, speaks of a well-regulated militia and the right to bear arms. Well, courts used to say, well, this only affects the rights of state militias. But the Supreme Court, two years ago, in the famous Heller decision, said that when it comes to the federal government, we- individuals have a personal right to bear arms, and the D.C. gun control law was thus unconstitutional. And the question that came before Judge Sotomayor in the Second Circuit was, what about states? Do individuals have a right against states- state law to a personal right to bear arms? And she said, according to her reading of the precedents, is that that’s not decided yet, that it only applies to the federal government. Now, it’s up to the Supreme Court to make that decision.
Acorn Hails Confirmation of New Census Director by Michelle Malking (their approval can not be good, all things considered)