Under President Jimmy Carter, the Community Reinvestment Act (CRA) was passed. It required federal financial institutions to encourage banks to give Home Loans to persons with little credit and low income. Economist Russell Roberts said that the CRA played a major role in creating the sub-prime mortgage crisis in the U.S.
Under Bill Clinton, the CRA was expanded and Clinton set targets for low-income home ownership at the Department of Housing and Urban Development and at Fannie Mae and Freddie Mac. Banks were forced by the federal government to provide bad Loans to unqualified people.
Rep. Barney Frank (D-MA) is Chairman of the Financial Services Committee in the House of Representatives. In 2003, he said of Fannie Mae and Freddie Mac: “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” In the late 1980s and early 90s, Frank was engaged in a sexual relationship with Herb Moses, who was Fannie Mae’s assistant director of product initiatives! Bill O’Reilly exposed Frank’s involvement in the Mortgage crisis: YouTube – O ‘Reilly – Barney Frank Had Affair with Fannie Mae Exec. Frank looked the other way, while our economy was being destroyed by federal policies created in Clinton and Carter Administrations. (Freddie Mac and Fannie Mae help fund the homosexual agenda.
In 2008, Freddie gave $20,000 to a Parents and Friends of Lesbians and Gays (PFLAG) event; Fannie Mae gave nearly $19,000 to the same event. Freddie has donated $125,000 and Fannie donated $80,000 to homosexual groups since 2005.)
Senator Christopher Dodd (D-CT) is head of the powerful banking committee in the Senate. He and Barney Frank consistently resisted attempts by the Bush Administration to closely regulate Fannie Mae and Freddie Mac. Dodd also got preferential treatment from Countrywide on two mortgages. Countrywide was one of the biggest subprime providers.
Barney Frank and Christopher Dodd received thousands of dollars in contributions from Fannie Mae and Freddie Mac over the years. Dodd has received $133,900 since 1989; Frank received $40,100. (While in the Senate, Barack Obama received $105,849).
As long ago as 2003, President Bush was trying to get the House and Senate to carefully monitor the actions of Fannie Mae and Freddie Mac. His efforts were rejected by Democrats.
Obama associates headed Fannie Mae and Freddie Mac during the years that the crisis was getting out of control. Obama friend Franklin Raines ran Fannie Mae and collected $50 million from it. Obama friend Jamie Gorelick worked for Fannie Mae and earned $26 million; Jim Johnson, formerly Obama’s vice president search committee chairman, hauled in millions from his work with Fannie Mae as CEO.
ACORN, the socialist group that routinely engages in voter fraud, was involved in pushing for risky loans to people with bad credit histories or little money for down payments. ACORN intimidated banks in Chicago and elsewhere to give risky loans! Obama actually trained ACORN workers when he was a community organizer in Chicago! ACORN used provisions of the Community Reinvestment Act to delay or halt efforts of banks to merge or expand until they had lowered their credit standards!
Well, they didn’t. Someone seems to forget that just like in the Great Depression, this current mess was created by a decade of Republican legislation. And now they are crying like cry babies that it’s Obama fault. Oh my! aren’t they delusional.
The movie, “Jerry Maguire” with Tom Cruise was the inspiration for the Rev Rob ad “Show me the Hoopty” – an ad we ran for only a short while. I bet Tom Cruise would try to convert Rev Rob to scientology! Not a chance, Rev Rob is a christian, not a psycho! By the way, a hoopty is just slang for an ugly, dirty, disgusting, maybe wrecked or disfigured CAR, that you wouldn’t want to be seen in, but, by golly it starts and runs and gets you back and forth whenever the need arises. You may have to push it or jump off the battery to start it – but it sure beats walking! Hooray for the Hoopty – even Rev Rob owns one! If you are tired of driving your hoopty – you can trade it in at Apple Auto Sales. We are the premier dealer of some of the best buy here pay here cars of Charlotte, NC. Special thanks to A-Reliable Towing Service, Duke Seegars and Allen Johnson for their roles in this ad.
Sorry if this video feels rushed at the end. Until you make Youtube partner, your videos have a 10 minute limit. I tried to fit a LOT into one video to prevent having to split it into two.
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Panel 3 of the hearing on CRA regulation in Los Angeles, August 17, 2010.
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