The ACORN protection racket

Don't you love to go to game in some cities where, not only do you have to pay to park, you also have to pay for someone to watch your car and keep from being ripped off, usually by the same people hitting you up.

Or where you have to pay some guy named Carmine for protection of your store from some group of Soprano like gangsters.

ACORN was playing the same game for years on large banks. Because banks were so sensitive to their CRA evaluations (those evaluations was a determinate factor in merger approval by the justice department), they basically paid off ACORN and Rainbow coalition types just so they wouldn't protest.

As a former small business bank lender, I got to see this first hand. Whenever my boss would hand me an application and say "this is a CRA deal", I knew it was a piece of shit and needed a lackey to sign off on it. Usually they were small deals to help out a friend in "the community" or loans the more specialized areas of the bank wanted no part of because it meant bending so many loan policies.

None the less, the ACORN scandal is now exposing this extortion...........

On Sep 29, the article “Bank of America Pulls ACORN funding” appeared on the CNN political ticker. While the short piece thankfully does list some of ACORN’s recent scandals, such as the Breitbart video investigation and the voter registration fraud, it didn’t answer the question that was surely on every reader’s mind: What exactly was Bank of America paying ACORN for?

Let’s not fault writer/editor Amy Sabha for not addressing the topic, as she was clearly very busy working on this video in which she goes up and down the UN escalator.

Instead we can just go to the Bank of America community website, which notes that the firm works with ACORN in more than 20 cities to provide “special mortgage products.” Or we can go to the ACORN Housing website, which describes a program that produced $246 million in mortgages from Bank of America with “flexible underwriting and discounted pricing.” Or this page, which describes a program with low down payments, no private mortgage insurance, no cash reserve necessary, and flexibility on income requirements, such as being able to include public assistance.

Yes, ACORN and Bank of America joined forces to become the ultimate subprime lender. So much for the organization’s lofty social justice rhetoric.

More.........