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ACORN’s Food Stamp Mortgages

By on 10.29.08 @ 7:59PM

The activist boosters of the Community Reinvestment Act aren’t wholly to blame for the meltdown on Wall Street, but they played a starring role.

(Page 2 of 2)

ACORN founder Wade Rathke, who created ACORN in 1970, was previously an organizer for the now-defunct National Welfare Rights Organization (NWRO) that was founded in 1967 by the two sociologists. Not surprisingly, ACORN’s “People’s Platform,” inveighs against the perceived injustices inherent in the American system:

“Enough is enough. We will wait no longer for the crumbs at America’s door. We will not be meek, but mighty. We will not starve on past promises, but feast on future dreams.”

The CRA and ACORN aren’t wholly to blame for the meltdown on Wall Street, but they played a starring role.

Page:   12

topics:
Barack Obama, Economics, Federal Budget

About the Author

Matthew Vadum is an award-winning investigative journalist at a conservative watchdog group in Washington, D.C. Vadum is also author of Subversion Inc: How Obama’s ACORN Red Shirts are Still Terrorizing and Ripping Off American Taxpayers.

Letter to the Editor View all comments (88) |

Rocco| 10.30.08 @ 6:43AM

One of the major reasons for our current state of affairs is the abject cowardice of the corporate CEO's responsible for the virtual abolition of underwriting standards and their childish fear of being called names (racist, etc.) These communists should have been smacked down to nip this in the bud. They weren't, and we are well on our way towards becoming a North American banana republic for this and a myriad of other reasons.

Drudge Ette Obama (a blog)| 10.30.08 @ 7:44AM

ACORN. WHAT NUTS!

Anyway, the best defense is a vigorous defense; hence, Atlanta Journal Constitution's Cynthia Tucker's quick (and standard) response that the race card is played when anyone criticizes the CRA.

We are all too familiar with the irrationality of Cynthia Tucker here in Georgia. Recently, we read that Atlanta's only main rag suffers critical declines in circulation - understandable if you've ever read it. (It's a 5 minute read compared to the Wall Street Journal's 1 hour read.)

This article has spurred me to read up more on these anticapitalist sociologists. For years I have heard the Halliburton/DeLay/Rover/Reagan-haters deride capitalism. In college in the 1970s, it was a theme that seemed everywhere - why? It seemed to make no sense to me because we were the companies, the people who worked there and earned money. I disregarded those ideas then. But now, those college kids are in the power range. We are seeing the fruits planted years ago now in full bloom.

I actually know a 40-something, former community organizer, who hates capitalism, Rove (a criminal who should be in jail),Bush, Halliburton. He wants national healthcare and believes that it is Republican suppression of the vote to require a photo id. He is not unique in his beliefs, but I don't think he is the norm, either.

Finally, following the money is the interesting path to find golden tidbits of influence. For example, William Metterperl of PNC, which has received bailout funds and has been the subject of the Denver Post's debate re bailout funds being used for bonuses, has given thousands of dollars this year to Obama and other DNCers. There's the quid pro quo.

Do we really believe that if Obama gets into power that the Pelosi/Reid Congress will investigate CRA/Fannie Mae/Freddie Mac abuses?

Fannie and Freddie (and members of lawfirms who get on the "preferred lists" country-wide that give them sole right to represent Fannie Mae and Freddie Mac lenders in bankruptcy and foreclosure work, like PNC) have contributed thousands to democratic party members on the banking committees which oversee housing/CRA/Freddie/Fannie. It's all interelated and incestuous. There will be no real investigation and money will go to the same players as before.

It's almost too much for one person to bear.

Ghastlyone| 10.30.08 @ 10:10AM

Food Stamps as a source of income?! Wow...just....wow.

What I would give, to find out the percentage of all these home foreclosures that are from blacks and illegal mexicans. Or maybe the percentage of these sub-prime mortgages that were handed out, are registered democrats??
More than likely we won't catch these statistics anytime soon on the 6 o'clock news from Wolf Blitzer.

Could you imagine if Bush back in 03', came out in a news conference talking about we need stop handing out crappy sub-prime loans to blacks, mexicans, etc.? There would have been a non-stop drum beat from the liberals about racism and bigotry. So I guess republicans were damned if they did and are damned because they didn't.

Ghastlyone| 10.30.08 @ 11:08AM

Obama Rules:

So securing the Texas border is a state issue not federal?? Hmmm...I never knew that.

You remember that awesome leftists governor from California.....what was his name....hmm....oh yeah Gray Davis? Remember him signing into law issuing photo ID licences to illegal mexicans right before he was thrown out of office. Remember that? Of course not, you were too busy wondering if Bush was still on vacation in Crawford.
You're an absolute moron if you don't think Illegals weren't able to get in on these sub-prime mortgages also (that was the whole point of the banks handing them out you ass-hat!, and why were in this situation!!) We're finding out now that some of these "home owners" weren't even checked at all, ex. pay stubs, ss numbers, etc.

As long as the "home owner" had a pulse and could write his name, he got a loan.

Marc Jeric| 10.30.08 @ 11:16AM

We used to have communists; when that name became associated with mass murder and total poverty, our communists renamed themselves as socialists; and when that name became associated with unemployment and falling standards of living, our socialists renamed themselves as liberals. When their messiah loses on November 4, prepare for widespread riots, looting, and burning of inner cities, while liberal mayors restrain the police from "overreacting".
Marc Jeric, Las Vegas

Ghastlyone| 10.30.08 @ 11:24AM

Marc,

haha I'm in LV also. If there are riots, I hope for their sake they come into my area heavily armed.

Theresa| 10.30.08 @ 4:34PM

Hey Ghastly one...don't feed into the immaturity of the Obama Rules fella'. That guy is as dumb as a stump. Of course anyone can get a fake SS, ID and anything else they want. Why do you think there are millions of illegals here now.
Anyway, it's not worth the air he breaths. The points you make is exactly how this whole thing panned out and guess what? When we wake up on 11/5 and the newsies are saying "What happened but we're sure we got away with getting out messiah" We on the right will be saying - remember the silent majority it still exists in this country - so does the values voters.
If that isn't the news headlines than one thing for sure from this Sara Palin supporter I will never support any wars that Obama brings our country into. I was dumb enough to support Clinton with the thought of "Well he's the commander and chief so he knows better" not this time around - this time everyone will hear my yells of how much of a terrorist Obama really is if he ever uses our military in any situation - that's a promise.
I am sick of the last 8 years of whining and cry babying about Bush this and Bush that. God not matter what happens in life as far as the left is concerned it's always Bush's fault. Well so be it - I can be whiny too.
But all that won't be the case because JOhn McCain will be our next Commander and Chief

rickyb| 10.31.08 @ 2:42PM

I have to weigh in on this one. I have to assume I have been part of the silent Majority and a values based voter so it would come as no surprise to anyone interested, that I am a conservative white male over 50, with a successful third career in progress because I have worked since I was about 8 years old with my Dad selling newspapers in So Cal. I have had zero problems getting four house loans over the years and have to say, after reading about what the CRA and ACORN have done to our country - I am ashamed of their behavior. People can twist this into a race issue, the poor not being taken care of fairly or whatever, but the bottom line to me is that the liberal far left is trying to bring their so called vision of equality to the masses via deceit, and theft. Ultimately having Obama as President to continue the "spreading the wealth" idea. If that is not a part of socialism, I don't know what is - and I don't want it.

For Obama rules - I am sure you know there is only one savior - and it is not your Barack Obama.

Pingback| 3.7.09 @ 3:06AM

Andrew Seltz: The Go-To Guy! » Blog Archive » A DOS Attack on the US Economy? links to this page. Here’s an excerpt:

Andrew Seltz: The Go-To Guy! » Blog Archive » A DOS Attack on the US Economy? #page { background: url("http://www.andrewseltz.com/wp-content/themes/newdefault/images/kubrickbgwide.jpg") repeat-y top; border: none;

Pingback| 3.19.09 @ 4:03PM

Capital Research Center: links to this page. Here’s an excerpt:

…(Heidelbaugh’s written congressional testimony is available here.) The taxpayer-subsidized ACORN network, which owes millions of dollars in back taxes, also played a major role in the subprime mortgage mess that has undermined Americans’ support for free market problem-solving and set off a worldwide chain of financial troubles. And then there’s  ACORN’s eight-year-long coverup of…

Pingback| 3.20.09 @ 5:29PM

Capital Research Center: links to this page. Here’s an excerpt:

…(Heidelbaugh’s written congressional testimony is available here.) The taxpayer-subsidized ACORN network, which owes millions of dollars in back taxes, also played a major role in the subprime mortgage mess that has undermined Americans’ support for free market problem-solving and set off a worldwide chain of financial troubles. And then there’s  ACORN’s eight-year-long coverup of…

Trackback| 3.21.09 @ 2:06PM

Yedda: The ACORN Nuts About To Get Cracked?, on MarineReconDad's questions on Yedda - People. Sharing. Knowledge., links to this page. Here’s an excerpt:

MarineReconDad asked: Just five months ago uber-liberal House Judiciary Committee chairman John Conyers called radical direct-action group ACORN "a longstanding and well regarded organization that fights for the poor and working class." But not ...

Pingback| 6.16.09 @ 6:16PM

Capital Research Center: links to this page. Here’s an excerpt:

…(CRA) and by pushing Fannie Mae and Freddie Mac and others to lend to the uncreditworthy, and now offers to save the country through more Big Government regulations. President Obama, by the way, personally contributed to the increasingly hostile environment for banks when he represented the plaintiffs in the 1995 class action lawsuit Buycks-Roberson v. Citibank. The suit demanded that the bank grant mortgages…

Pingback| 6.17.09 @ 1:02AM

Obama Demands Sweeping New Powers « NewsReal Blog links to this page. Here’s an excerpt:

…(CRA) and by pushing Fannie Mae and Freddie Mac and others to lend to the uncreditworthy, and now offers to save the country through more Big Government regulations. President Obama, by the way, personally contributed to the increasingly hostile environment for banks when he represented the plaintiffs in the 1995 class action lawsuit Buycks-Roberson v. Citibank. The suit demanded that the bank grant mortgages…

Pingback| 6.29.09 @ 10:42PM

Capital Research Center: links to this page. Here’s an excerpt:

…campaign. The four financial companies targeted are Goldman Sachs, HomEq Servicing, American Home Mortgage, and OneWest. Read the whole document here. But let’s not forget that ACORN helped to cause the mortgage bubble by strongarming banks into making loans they shouldn’t have. And cheering them one was ACORN’s lawyer, Barack Obama, who contributed to the increasingly hostile environment…

Pingback| 6.30.09 @ 12:39AM

Ms Placed Democrat » ACORN Rent-A-Mob Thugs to Harass Lenders Tuesday links to this page. Here’s an excerpt:

…Philadelphia, St. Louis, New York City, Wilmington (Del.), Columbus (Ohio), Houston, Little Rock, Boston, Los Angeles, Miami, San Francisco, and Seattle. But let’s not forget that ACORN helped to cause the mortgage bubble by strongarming banks into making loans they shouldn’t have. And cheering them on was ACORN’s lawyer, Barack Obama, who contributed to the increasingly hostile environment for banks…

Pingback| 6.30.09 @ 11:15AM

Circus coming to your town? links to this page. Here’s an excerpt:

…Circus coming to your town? June 30th, 2009 · No Comments ACORN is taking it to the streets of 14 cities on Thursday.  From the story: But let’s not forget that ACORN helped to cause the mortgage bubble by strongarming banks into making loans they shouldn’t have. And cheering them on was ACORN’s lawyer, Barack Obama, who contributed to the increasingly hostile environment…

Pingback| 7.1.09 @ 11:23PM

Capital Research Center: links to this page. Here’s an excerpt:

…in the secondary market known as the mortgage-backed security (MBS). Banks were less choosy about borrowers because they knew they could offload their risky loans on MBS investors. So, ACORN helped to cause the mortgage bubble by strongarming banks into making loans they shouldn’t have. And cheering them on was ACORN’s lawyer, Barack Obama, who contributed to the increasingly hostile environment…

Pingback| 7.2.09 @ 6:08AM

ACORN’s Foreclosure Fraud « NewsReal Blog links to this page. Here’s an excerpt:

…in the secondary market known as the mortgage-backed security (MBS). Banks were less choosy about borrowers because they knew they could offload their risky loans on MBS investors. So, ACORN helped to cause the mortgage bubble by strongarming banks into making loans they shouldn’t have. And cheering them on was ACORN’s lawyer, Barack Obama, who contributed to the increasingly hostile environment…

Pingback| 8.6.09 @ 1:45PM

Capital Research Center: links to this page. Here’s an excerpt:

…added] But just because you’re jobless or on social assistance, doesn’t mean you can’t be a homeowner. Just ask the friendly people at ACORN. They pioneered the use of food stamps by lenders as income in mortgage applications. And if you default, who cares. Taxpayers will bail you out and ACORN will bring in squatters and protesters to help you live rent-free. BlinkList |  del.ic…

Pingback| 8.7.09 @ 2:42PM

Got Food Stamps? You Can Still Be a Homeowner! Call ACORN Today. | The Secret To Well links to this page. Here’s an excerpt:

…added] But just because you’re jobless or on social assistance, doesn’t mean you can’t be a homeowner. Just ask the friendly people at ACORN. They pioneered the use of food stamps by lenders as income in mortgage applications. ACORN Housing is in the mortgage business as is ACORN Housing Affordable Loans, LLC. Both are affiliates in the ACORN network. And if you default on your home…

Pingback| 9.14.09 @ 2:36PM

Why ACORN’s Deceptions Matter - melissatx’s Diary - RedState links to this page. Here’s an excerpt:

…meltdown by forcing banking institutions to provide low percentage loans to low income families….though recent revelations throw the “family” status into question. From a 1999 document, “To Each Their Home: Success Stories from the ACORN Housing Corporation,” the ACORN affiliate called the American Dream a sham and bragged about undermining banks’ underwriting…

Pingback| 9.14.09 @ 2:36PM

Why ACORN’s Deceptions Matter - melissatx’s Diary - RedState links to this page. Here’s an excerpt:

…meltdown by forcing banking institutions to provide low percentage loans to low income families….though recent revelations throw the “family” status into question. From a 1999 document, “To Each Their Home: Success Stories from the ACORN Housing Corporation,” the ACORN affiliate called the American Dream a sham and bragged about undermining banks’ underwriting…

Pingback| 9.15.09 @ 6:17PM

The Greenroom » Forum Archive » ACORN: The Roots of a Scandal links to this page. Here’s an excerpt:

…seems to be the first step in correcting a problem that began after the passing of the Community Reinvestment Act during the Carter administration. Matthew Vadum expands on this problem at the American Spectator: “Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to ACORN-style agitation that…

Pingback| 9.21.09 @ 2:02PM

ACORN’S Useful Idiots | America Watches Obama links to this page. Here’s an excerpt:

…a welfare benefit. The goal is not primarily to help Americans in need but to pack the welfare rolls in order to expand the size and scope of government. It even strong-armed banks into counting food stamps as income on mortgage applications. The Cloward-Piven Strategy remains relevant today especially because — in a move that just about nobody noticed – the spectacularly successful Clinton era…

Pingback| 9.29.09 @ 10:46AM

Big Government » Blog Archive » ACORN Saga: Founder Wade Rathke Wants YOU — To Go on links to this page. Here’s an excerpt:

…that people are legally entitled to. Incidentally, ACORN knows all about food stamps. Even though people on welfare shouldn’t be trying to buy homes, ACORN cajoled banks into accepting food stamps as income on mortgage applications and then bragged about it. Returning to the interview, soon Rathke’s comments bring to mind the Will Rogers quip, “Be thankful we’re not getting all the…

Pingback| 9.29.09 @ 10:03PM

Prayer, News and Action » Uncategorized » ACORN Saga: Founder Wade Rathke Wants YOU — links to this page. Here’s an excerpt:

…benefits that people are legally entitled to. Incidentally, ACORN knows all about food stamps. Even though people on welfare shouldn’t be trying to buy homes, ACORN cajoled banks into accepting food stamps as income on mortgage applications and then bragged about it. Returning to the interview, soon Rathke’s comments bring to mind the Will Rogers quip, “Be thankful we’re not getting all the government we’re…

Pingback| 11.5.09 @ 7:44PM

Anita MonCrief » Blog Archive » ACORN: The Roots of a Scandal links to this page. Here’s an excerpt:

…seems to be the first step in correcting a problem that began after the passing of the Community Reinvestment Act during the Carter administration. Matthew Vadum expounds on this problem at the American Spectator: “Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to ACORN-style agitation that…

Pingback| 12.8.09 @ 8:32AM

The Left Whitewashes ACORN’s Corruption | NewsReal Blog links to this page. Here’s an excerpt:

…help came at an enormous social cost. That’s because it helped to convince banks to loosen underwriting standards for mortgages. ACORN Housing even bragged about strongarming banks into accepting food stamps as income on loan applications. Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to…

Pingback| 12.8.09 @ 11:34AM

Big Government » Blog Archive » ACORN Whitewash: ACORN Report Is Dishonest Legal Hair links to this page. Here’s an excerpt:

…help came at an enormous social cost. That’s because it helped to convince banks to loosen underwriting standards for mortgages. ACORN Housing even bragged about strongarming banks into accepting food stamps as income on loan applications. Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to…

Pingback| 2.17.10 @ 2:34PM

Doc Mercer - Page 2 - Politics & Current Affairs Forum links to this page. Here’s an excerpt:

…some homework, I do not care what you post, but if you post one subject or two at a time, it's easier to keep up. I am at work so I am on break when I read alot of this drivel. The American Spectator : ACORN's Food Stamp Mortgages This should suffice for now. __________________ I AM THE HAMMER Page 2 of 2 < 1 2 Bookmarks Digg del.icio.us StumbleUpon Google Facebook Tags doc, mercer « Very…

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