“We don’t just wanna sit at the lunch counter anymore; we wanna BUY it — with no money down…”
The seeds of todays financial meltdown lie in the Community Reinvestment Act — a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in subprime loans to often uncreditworthy poor and minority customers.
PLUS: Ann Coulter September 24 flashback: “They Gave Your Mortgage To a Less Qualified Minority”