Barack Obama’s ACORN is part of the problem. Involved in voter registration fraud, embezzlement, ACORN also bears some responsibility for the housing crash. Townhall:
ACORN’s “victories” often have harmed rather than helped their intended beneficiaries. ACORN-sponsored community groups, for instance, regularly have invoked the Community Reinvestment Act of 1977 in their attempts to block bank acquisitions and mergers with flimsy charges of mortgage lending “discrimination.”
Read More of ACORN Crashing off-site...
Dr. No says:
One measure of the insanity of nondiscrimination lending laws was that bank examiners reviewing loan portfolios would look at the number of mortgages defaults to determine if lending institutions were making enough loans to minority borrowers. A sufficiently high number of defaulted mortgages was taken to indicate that the banks and savings and loans were not discriminating against minorities by refusing to make loans to them.
Of course, depositors and investors want solvent banks that earn money, pay interest and declare dividends. The government push to qualify poor applicants perverted the basic rules of economics.
Now, the taxpayers will have to bail the businesses out because the government was partially to blame for extending credit to those people who did not meet ordinary borrowing criteria.
What a country!