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Politics : Politics for Pros- moderated
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To: Brumar89 who wrote (270526)9/26/2008 10:41:03 PM
From: kech2 Recommendations   of 793868
 
One of the sticking points, as Senator Lindsey Graham explained later, wasn’t a lack of begging but a poison pill that would push 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza:

This is particulary disheartening since not only is Acorn a group focused on get out the vote efforts in Democratic centers but it is at the heart of the causes of the sub prime mess.

The sub-prime loans originated with the Community Reinvestment Act and Acorn received most of its funding as a contractor to get the required 20% of loans that turned out to be the sub-prime loans.

Ask what a community organizer is and how they get their money and you get to the bottom of this mess with Acorn.

Note that this article on the history of CRA was written in 2000.



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