Quoting Investor’s Business Daily (emphasis mine):
“The [Community Reinvestment Act] regulation grew to monstrous proportions during the Clinton administration, obsessed as it was with multiculturalism. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.Click the image & read the rest:
The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical ‘housing rights’ groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama.”
So… Is THAT what a “community organizer” does?
Rob the tax payers on behalf of Socialist corruption?
Click here to read the primary post on this topic
(and all the rest).