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Laurie
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4 months ago
in Congressman: We’re Living in ‘Atlas Shrugged’ on The Washington Independent
Carol, the banks were pressured by groups like ACORN, with threats of protests and pickets if they didn't follow the letter of the CRA of 1977 (enacted by Carter and resuscitated by Clinton). Jesse Jackson and Al Sharpton pulled the same thing. Even the NYT had a SEP 1999 article talking about Clinton pressuring Fannie & Freddie to lowering underwriting standards.
2 replies
daswankone
I don't know if you watched any of Bush's SOTU addresses, but if you did you might have heard the term ownerships society. Trying to make this a Democratic issue does not make any sense. BTW - The reason we are here has nothing to do with CRA and everything to do with condos and properties in LA, Miama and Phoenix that are well over the CRA, FHA and F&F limits.
Jon
OOOO! Pickets! I bet that threat had them quaking in their boots, just like the tobacco companies.
The real reason the banks bowed to pressure from community groups is that they could use non-compliance with the CRA to hold up mega-mergers they wanted.
The real reason the banks bowed to pressure from community groups is that they could use non-compliance with the CRA to hold up mega-mergers they wanted.
