So Democrats are saying that this bailout is for the good of the country, the economy and the American people. They fail to note a few stipulations in the proposed bill that are quite disturbing. First, we have been told that the American people could make money off of this deal. Second, we have been told that if a bailout doesn't occur and that their corporate buddies and donors aren't given billions that you will suffer.
Of course in all of this they left out the mention of a little portion of the proposed bill that directs initial profits into left wing and the pro illegal alien coffers of ACORN and La Raza before it is "distributed" back to the American people. Dare I say an "earmark" to those who are in favor of breaking the law?
I received a copy of "Agreement in Principle" relative to the $700 billion "bailout" being proposed and supported by Senate Democrats. The one page agreement from the U.S. Senate Banking Committee details guidelines to be put in place relative to taxpayer protection, oversight and transparency, home ownership preservation and Funding Authority.
In the "agreement in principle," there is the effect of a major "earmark" which commits money from future "profits" to be given to nonprofits organizations like ACORN, National Council of La Raza and potentially the National Urban League. This agreement clearly evidences that the Government expects to benefit in the future from the bailout when the values of property rises and mortgages or properties are then sold by the Federal government.
ACORN is a left wing group under the guise of "housing for the poor" and "voter registration". They are a one stop shop to signup voters who have their beliefs AND give them a house. They are one of the major catalysts of the current mortgage crisis, lobbying for mortgages with no credit checks.
ARRA also points to this statement by James H. Walsh, a former federal prosecutor
ACORN Housing Corporation (AHC) was instrumental in its passage of the Community Reinvestment Act (CRA) which has plagued the mortgage markets since 1977. The U.S. Congress through the CRA compelled banks and lending institutions to make loans to “communities of color” disregarding sound economic and risk guidelines. CRA encouraged the relaxing of “outdated” risk-management protocols and underwriting obligations by lending institutions. In the name of ending discrimination, no longer were “communities of color” required to provide verification of income, employment, credit history, ability to pay homeowner bills, or down payment. In response, many banks and mortgage groups bundled trillions of dollars of “subprime” loans and sold them to investors here and abroad. It is these bundled Community Reinvestment Act mortgages, doomed to fail, that are today causing financial strain in U.S. and global financial markets.
The Community Reinvestment Act, what a cheerful name. We'll reinvest in the community! But the CRA is exactly what caused our current crisis. Giving bad loans to those who couldn't afford them and now that the crap has hit the fan, ACORN is sitting first in line, with Democrats help, to receive any profits that could come from the bailout.
As for La Raza, well we know where these racists stand... mortgages and loans to illegal aliens and those who cannot afford to pay them back, but only if they're Hispanic. Now it seems they've lobbied enough to also get themselves put at the head of the line, in front of the American people.
You really need to watch the video below on the CRA and the people who were involved in getting us into this situation. I don't agree with their ending that McCain is the answer - and it is almost a slap in the face that McCain - an illegal alien supporter who would have made the situation worse by giving amnesty to illegal aliens thus ensuring even more bad loans and a flood more of illegals into this country - has the theme to Rocky played behind him.
ACORN, La Raza story tipped by Reader Maggie!
CRA video tipped by Reader Frank.