On September 17th, the United States House of Representatives joined the Senate in voting in favor of defunding the controversial community organization, ACORN. The move came as a series of videos created by an independent citizen journalist exposed a pattern of criminal activity among ACORN's staff. Combined with vote fraud investigations in 15 states, it became clear to congress that the group was becoming too suspect to justify giving billions of tax payer dollars to or did it...
Rep. Michele Bachmann (R-MN) is sounding an alarm, ACORN's federal funding will return on November 1, 2009 unless congress moves to put in place a permanent ban. The bills that passed the House and Senate only cut ACORN's funding for the month of October. It would seem the move by congress to cut funding was only a ruse to try and appease the people's growing outrage that an organization so obviously corrupt was receiving tax payer money and apparently that ruse was working.
The thought that so many Democrats and Republicans would willfully perpetrate this kind of fraud on the American people is appalling, but it's not the first time.
We've told you before about the role the Community Reinvestment Act and subsequent changes to that legislation laid the groundwork for what has become known among experts as the Diversity Recession. But what you may not know was how the government leveraged those diversity regulations to encourage financial intuitions to funnel hundreds of millions of dollars to ACORN.
In the mortgage payola scam, the federal government forced lenders to make a certain percentage of mortgage loans to unqualified borrowers. These loans became known as NINJA (No Income, No Job, or Assets) loans. If banks failed to meet these minimums they would have their interstate banking license revoked and they would no longer be allowed to open new branches. But, the government gave banks an out.
In essence, they said to banks that if you do not want to make these high risk loans, then you can donate money to ACORN and buy your way out of the regulation. As a result, banks in Massachusetts, New York, Minnesota, and elsewhere have donated millions to the organization that has been linked to massive nationwide vote fraud.
A spokesmen for ACORN told CBS News that the funds they received from these banks were used to provide first-time home buyers consultations and not for political operations. However, to date, the organization has not opened their books to inspection and congress has failed to investigate.