By STEVEN A. HOLMES
In a move that could help increase home ownership rates
among minorities and low-income consumers, the Fannie Mae Corporation is easing
the credit requirements on loans that it will purchase from banks and other
lenders. The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will encourage those
banks to extend home mortgages to individuals whose credit is generally not good
enough to qualify for conventional loans. Fannie Mae officials say they hope to
make it a nationwide program by next spring.
A second warning went up in the year 2000 with this article in the
New York City Journal.
The Clinton administration has turned the Community Reinvestment Act, a
once-obscure and lightly enforced banking regulation law, into one of the most
powerful mandates shaping American cities—and, as Senate Banking Committee
chairman Phil Gramm memorably put it, a vast extortion scheme against the
nation's banks.Under its provisions, U.S. banks have committed nearly $1
trillion for inner-city and low-income mortgages and real estate development
projects, most of it funneled through a nationwide network of left-wing
community groups, intent, in some cases, on teaching their low-income clients
that the financial system is their enemy and, implicitly, that government,
rather than their own striving, is the key to their well-being.
The Bush Administration realized the
problem 5 years ago and tried to get Congress
to fix it. Congressional action was blocked by Democrats who were happy with the
way things were. Again, the New York Times tells the story.
September 11, 2003
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory
overhaul in the housing finance industry since the savings and loan crisis a
decade ago. Under the plan, disclosed at a Congressional hearing today, a new
agency would be created within the Treasury Department to assume supervision of
Fannie Mae and Freddie Mac, the government-sponsored companies that are the two
largest players in the mortgage lending industry.
President Bush finally got his
hearing in 2004 but Democrats wanted none of it. They attacked the regulators
and told them their investigative evidence was worthless, as the problems
continued to mount. Again, Democrats blocked any legislative action to address
the problem with Fanny Mae and Freddie Mac.
BURNING DOWN THE
Easy-to-Understand Video Explanation of What and Who Caused the Financial
This video was taken down from
YouTube by the "Obama Goons" for copyright violations in the sound track.
A new sound track has been applied.
If you don't like the music, try the one below.
BURNING DOWN THE
Was the video too fast for you? Let's
slow it down. Here is a Power Point Presentation that tells the story of how we
got into this mess. The presentation names politicians and how much money
they each got to protect their Fanny and Freddie. It gives dates of
the events that lead to where we are today in a large font, simple to read
and understand slide show.
And finally, to tie it all together,
this New York Post article chronicles the roll ACORN has played in all this
and its ties to Barack Obama.
By STANLEY KURTZ
September 29, 2008 --
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. 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.
I hope you have found this page
helpful in understanding how the country has come to this point, and why
government reform is so desperately need, especially in the Congress.
what you've learned when you go to the polls to vote next
JR Dieckmann -