BTRIPP (btripp) wrote,
BTRIPP
btripp

yep ...

The seeds of today's financial meltdown lie in the Community Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers.

...

Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.

Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.



Read the whole article HERE. You'll probably not be surprised to find out who's closely tied to ACORN.

The government is NOT a cookie jar ... "free" hand-outs are not FREE, the "government's" money is hard-earned dollars taken from productive citizens under threat of imprisonment ... i.e., taxes are theft.

It's time to tear down the whole "entitlement society"!


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