WorldNetDaily, April 05, 2009
Using tools provided by the federal Community Reinvestment Act, community organizers led by a self-described “banking terrorist” applied bullying tactics to secure high-risk mortgages and to shake down lending institutions for billions of dollars—actions that likely contributed to the “mortgage meltdown” that triggered the worst economic crisis since the Great Depression.
That’s the substance of a new report by the Capital Research Center on the Neighborhood Assistance Corporation of America headed by Bruce Marks.
{snip}
In 2007, the year before the crash, NACA obtained $10 billion in bank commitments for its own loan commitments with what the group admits were aggressive, hounding intimidation tactics.
“NACA has been accused of being overly aggressive and personal,” explains the group’s website. “NACA wears this as a badge of honor, leaving no stone unturned and often hounding CEOs from their shareholder meetings to their homes. The rationale is simple: lenders have a personal and often devastating impact on the lives of the people who they refuse to provide affordable credit to or take advantage of through predatory loans and scams.”
NACA earned that reputation by first targeting Fleet Financial Group of New England, which was accused of lending money to private mortgage companies that, in turn, lent money at “loan shark rates.” NACA filed lawsuits against Fleet and worked with local media on disparaging news coverage. NACA’s “shock troops,” known for wearing yellow shirts, disrupted speeches by bank officials, including one by CEO Terrence Murray at the Harvard Business School.
Four days later, Murray met with Marks and agreed to settle all suits for $350 million.
According to Capital Research Center, that money was used to launch the next attacks on First Union Bank of North Carolina, headed by Edward Crutchfield, dubbed “Fast Eddie” by NACA.
NACA attempted to crash a shareholders meeting and then began invading Crutchfield’s personal life.
{snip}
Crutchfield and First Union soon settled for a $150 million payoff.
NACA has received similar payoffs from NationsBank, Bank of America and Citigroup.
In 2007, Countrywide Bank was targeted. It quickly acquiesced to demands for a settlement that included a stipulation to restructure its borrowed troubled loans. A year later, Countrywide was insolvent—touching off a string of bank defaults and government bailouts that have cost taxpayers trillions.
{snip}
That compliance got tougher in 1995 when President Clinton upped the ante, forcing banks to demonstrate statistically they were making their quota of loans in low-income neighborhoods and encouraging community activist groups like NACA to file complaints against banks.
[Editor’s Note: “NACA: Neighborhood Assistance Corporation of America ACORN’s Rival in Shakedown Tactics,” by David Hogberg, can be read or downloaded as a PDF file here.
Original article
(Posted on April 6, 2009)
Comments
It’s truly remarkable that somehow George Bush, the Republicans, and the “greedy bankers” have managed to let themselves get tarred with this brush, while those actually responsible, the Democrats and their criminal partners, ACORN, et al, completely escape responsibility or even any scrutiny.
This reminds me of something that Jessie Jackson said about blacks and banks. Blacks cant get ahead in the buisness world, he says because “banks cut off their capital”.Why would they do that?because they dont like blacks? Do they get pleasure from oppressing them?Or do some of them want to be paid back?
Intimidation and violence works and whites better open up their options in the future or they’re done for.
“Using tools provided by the federal Community Reinvestment Act”
Doesn’t that say it all? It’s Whites who created these legal terror tools.
“Using tools provided by the federal Community Reinvestment Act, community organizers led by a self-described “banking terrorist” applied bullying tactics to secure high-risk mortgages and to shake down lending institutions for billions of dollars—actions that likely contributed to the “mortgage meltdown” that triggered the worst economic crisis since the Great Depression.”
And, of course, this proves unequivocally that those of us who warned that multiculturalism would eventually destroy our country and spread to all white nations were absolutely right on. Only we never thought the ideology that kept us on the brink would explode so quickly and penetrate so deeply into the financial world. We were looking for a “trigger,” because there were so many, but the subprime disaster shot through the entire world even faster than the most pessimistic of us believed.
We would have collapsed anyway…..to some extent……with riots and civil war, but it would have taken far longer without a natural or man-made disaster.
Multicultural societies throughout history have proven to be disasters in the making with societies on the brink 24/7. If it weren’t this type of trigger it would be another, because almost any bad occurrence will bring a diverse society to ruin.
Homogeneous societies are hard enough to hold together, but multicultural ones are the work of total and complete fools who are too simple-minded to try to run anybody’s life.
So the NACA bragged about what they were doing at the time, but now that it has blown up in our collective faces, they are complicit in the hot denials that the banks were forced to write loans to nonwhites who had the poor credit to prove their habitual financial irresponsibility. “A vicious myth”, is one description of the strongarm tactics used against the banks.
Of course, that the people who dedicated themselves to wrecking the economy of the whole Western World should also turn out to be hypocrites should come as no suprise to anyone.
would someone please cut and paste this article and send it to brian ross of ABC news so we might actually get a little mainstream media coverage on this?
Why wasn’t this treated as a crime?
Just more proof that it is democrats like barney frank, maxine waters, chris dodd, hillbilly clinton, franlin raines, janet reno, andrew cuomo, and barry obammaba, (for whom the CRA could be named) are the direct cause of the housing bubble, collapse, and subsequent financial crisis. It’s a shame so many Americans lost so much in order to pay for the democrats’ social engineering experiment. now if we can only get them to admit their failure!
This Marks is nothing but another hustler and pimp. Here’s his “progressive stereotype” bio:
“Bruce Marks has an M.B.A. in finance from New York University and a B.A. in economics from the University of Connecticut. He was an L.B.J Scholar for Congressman Stewart McKinney (R-Ct).
He worked as a Congressional Liaison for the Department of Energy in Washington DC. Then he worked as regulator for the Federal Reserve Bank of New York in Domestic Applications.
As a union activist for the Hotel Workers Union in Boston, Bruce Marks worked with the President of the Hotel Workers union, Domenic Bozzotto, to negotiate the first ever housing trust fund. This resulted in the first amendment to the Taft-Hartley Act in over twenty-five years and the first time a local union changed America’s major labor law.
Marks moved from union activist to Executive Director of the Union Neighborhood Assistance Corporation (UNAC), where he used his finance and organizing experience to be the first to expose predatory lending and its devastating impact. Marks led the fight against the predatory lending practices of major New England banks. For two and a half years Marks and UNAC researched their predatory lending practices before releasing the research, which focused on Fleet Bank, to the public. The extensive research in Massachusetts, Georgia, Florida, North Carolina, Michigan and other states documented Fleet’s predatory lending practices in which they targeted home owners who were property rich but cash poor. As Marks expanded the advocacy and housing services nationally, the Neighborhood Assistance Corporation of America (NACA) was established.
After a four and a half year war with Fleet, Marks was instrumental in negotiating an unprecedented settlement. Fleet committed to an $8 billion reinvestment program for low and moderate income people, settled lawsuits in Georgia for hundreds of millions of dollars, and provided $140 million in an unprecedented mortgage program to be administered by NACA.”
*would someone please cut and paste this article and send it to brian ross of ABC news so we might actually get a little mainstream media coverage on this?*
Is something stopping YOU from doing it?
Get ready, because here comes more of the same, only it has the potential to be a worse disaster than the first sub-prime crash.
http://www.reuters.com/article/gc03/idUSTRE5363EV20090407
“NEW YORK (Reuters) - More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.
“Dann Adams, president of U.S. Information Systems for Equifax Inc, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.
“He also said 39.8 percent of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7 percent from last year.”
(snip)
So, how many sub-primes are there still spreading their toxicity around the world? I don’t think anybody knows, but it’s been reported by those who are experts in the field, outside government circles or universities, to be several million. Add those to millions of homeowners with prime mortgages who are in trouble because they lost their jobs and the situation becomes incredibly scary.
Too, the commercial real estate market is making sounds as if they’re beginning to collapse right now, so with the additional sub-prime residentials now set to make an even bigger crash this year, we have the added burden of commercial real estate doing the same. Notice any “For Rent” signs and boarded up windows on business buildings yet?
Has anybody here noticed that taxes are going up in their area, and that many more traffic tickets are being written in a desperate attempt to acquire more revenue for the states. New York, California and 24 other states….and counting…..are getting to the point of rabidity in trying to make up their shortfals, yet their big budget shortfalls won’t occur until the next fiscal period and beyond.
Watch your driving or you’ll get a ticket for “something,” and that something could very well be a made-up infraction just to fill the king’s coffers.
Get ready. Fasten your seatbelts and prepare for vicious abuse by your friendly neighborhood tax collector and his agents in the police departments. And that will be just the beginning.
Believe me, I don’t enjoy reporting this, but to be forewarned is to ………..
Taxes? Too early to tell-just finished paying the last property tax bill,and if the local royalty is going to stick it to the peasants,they’ll wait a few months for the rage to subside.
Now traffic tickets???? That’s another story. My current commute takes me through 3 small towns,and then I hit the Big City,where I’m working. (Two of these small towns were quite literally wide spots in the road for years,until this never-to-be-sufficiently-damned housing boom struck.So now they have things like full time fire departments,paved streets,traffic lights,city planners,and all that good stuff,and all of this stuff has to be paid for somehow. So these two little used-to-be-wide-spots-in-the-road now have full time cop shops who have every road going in and out of these towns staked out.
And one thing I’ve noticed too-the highway patrol,up until a couple of months ago-had a more or less regular weekly speed trap out of the interstate,about 10 miles south of my house. The last month,that speed trap has been active 3 times a week.
Question for everyone out there-has anyone else noticed a decline in tractor trailer traffic on the interstates? I sure have-used to be,Tuesday morning was always the day pay attention on the way to work,due to the heavy volume of tractor trailer traffic. The last couple of months,I’ve only seen about a half dozed semis per morning on a 30 mile commute. (30 miles of interstate,then 5 more on a back road.
From getready’s fine post:
“…Get ready. Fasten your seatbelts and prepare for vicious abuse by your friendly neighborhood tax collector and his agents in the police departments…”
Not to mention roving bands of vicious gang members and other desperate, unemployed people who will want what you have when the entire economy crashes and grinds to a halt.
It is no wonder that gun stores are being cleaned out right now—despite messages of ‘hope’ and ‘change.’
Business Historian/Economist Richard Maybury explains this better than I ever could:
“…We don’t know what will happen, but the many national examples of fiat-caused malinvestment give us some clues. Looking at 2,500 years of economic history, I cannot see how this calamity won’t lead to riots.
I also expect an increase in violent crime, including more home invasion robberies and murders. Judging by what I overhear in grocery store lines and other public places, hatred of the rich is growing fast. If you are better off than someone who considers himself not wealthy, you are becoming his target…”
http://tinyurl.com/cdxcbp
Non-statist economists (the ones who have been suppressed) have been predicting this for a few years now and have been imploring people to be prepared for food riots—and other violence.
My investment newsletters have been full of how (and why) to stock pile ammunition, food, water, water filters, batteries, fuel, medical supplies and anything anyone and his loved ones (including pets) might need for three-months or longer—also how to secure one’s house and property from roving gangs or other criminals.
Yeah, there’s your ‘hope’ and ‘change.’ Are you prepared for the coming chaos? Don’t expect the government to come to your rescue.
Bon from Taxifornia
