Rush Limbaugh February 9, 2012, Mortgage lenders scapegoats for bad loans, Obama ACORN et al pushed low income loans

“However, in light of the politically oriented thrust of ACORN’s activities, it is fair to ask whether the CHD subsidies to ACORN are advisable and commensurate with the purposes of CHD.”

“This commentary does not oppose CHD funding of genuine, grassroots community organizations, run and supported by individual members of a parish or diocese. There is potential value and virtue in the collective voice. However, when the CHD funds Alinsky-style, church-based community organizations as in the best interest of the poor and supports organizations which advance other agendas, it divests the poor of their right to an authentic voice. This process tends to treat the poor as exploited units of human capital, rather than as human beings created in the dignity of God’s image.”

“To accomplish its goals, as outlined in the People’s Platform, ACORN has developed a political alliance with the Democratic Socialists of America (DSA). Together with others, ACORN and the DSA have formed a political party, the New Party.”…Report to the  Catholic Bishops of the US, 1999

“Illinois: Three NP-members won Democratic primaries last Spring and face off against Republican opponents on election day: Danny Davis (U.S. House), Barack Obama (State Senate) and Patricia Martin (Cook County Judiciary).”…New Party website October 1996

“During its 15 years in New York City, ACORN has helped squatters claim derelict city-owned property, forced bankers to invest in low-income communities, and organized a war against the city’s workfare program.

It’s also developed a reputation for no-holds-barred tactics—getting results through adversarial campaigns against bankers, politicians and bureaucrats using confrontation and concession rather than consensus.”…ACORN document, February 1999

I don’t get to listen to Rush Limbaugh that much due to the fact, as my mom always told me, that the British Royal Family does not acknowledge my claim to the throne. In the midst of working today I was able to catch part of Rush’s show.

“BEGIN TRANSCRIPT

RUSH: On the foreclosure front, big news here. Eric Holder and attorneys general from 42 states have shaken down the country’s mortgage lenders for $25 billion. Folks, this whole notion of these predatory lenders and people being tricked into taking out a mortgage, have you ever heard of that happening? People wandering innocently by a bank on the street and some guy inside the bank with a hook grabs ’em in, “Okay, pal, you’re taking out a mortgage.” That’s what the regime wants us to believe happened with this.

So as part of a campaign effort here, reelection effort, $25 billion from the country’s mortgage lenders to give to customers who were hit upon and forced, under duress, to take out a mortgage… (interruption) What was that? Can you get a piece? Perhaps. I think everybody’s share comes out to as much as $20,000. You might get paid off as much as $20,000 here if I’m reading it right. Now, what this is, folks, is social justice at work, because after all, the banks were forced by the government at the point of a gun to loan to people they knew couldn’t afford the mortgages. That’s what really happened. That’s the root of the subprime mortgage crisis. It was the government forcing the banks to lend money to people that never had a chance, would never be able to repay the loans. Social justice, affordable housing, the so-called good intentions and don’t judge us on the failure of our results.

So now the banks have the pay the price for making those bad loans. This is all part of continuing the ruse that the banks were the originators of this scandal and the originators of the problem. And so now there’s a $25 billion shakedown. I’m gonna tell you, Snerdley, you can apply for it, but I’m gonna tell you all of you mortgage people, you are not gonna see a dime. This is nothing but a slush fund. What Obama has done is gone to the bank, ’cause they’re having trouble fundraising. They’re nowhere near their billion dollars they’ve been bragging about. You ought to see what they’re gonna do at their convention. They’re gonna charge, what is it, a million dollars for a skybox. A million-dollar donation or something like that, to witness Obama’s acceptance speech. I think there’s a million-dollar charge or donation for something.”
“Now, this is Obama servicing his constituents. He is fulfilling that campaign promise he made to pay their mortgages. You may think, “Come on, Rush, he didn’t promise that.” We ought to dig out sound bites from one of his early town halls in 2009, the famous one that was in I think Tampa where a woman, who it turned out had a couple of houses or whatever, stood up and wanted a new kitchen. She thought that’s what the election of Obama meant. That’s what she thought it meant. I’m sure a lot of people that voted for Obama thought that’s what their lives held in store for them. Obama was gonna give them a house. Obama was gonna make sure that all the transgressions and all the discrimination and all the evil that had been perpetrated against these people in all of these years since the country was founded is gonna be fixed here.

Obama’s gonna make sure they get what they’ve been denied. That’s what they thought. They even showed up at town halls and asked him. As I said previously mere moments ago and I think quite accurately, I will be shocked if any of these people ever see any of that $25 billion. It’s just gonna get laundered back to the Democrat National Committee, which most union salaries end up being laundered back, at least a percentage of them, to the Democrat National Committee. That’s where all of this kind of money, most of it, ends up ultimately. But we’re told that one million underwater homeowners could be eligible for as much as $20,000.”

“Some evil bankers came along and tricked them into taking out a mortgage. That’s the basic claim, that these evil bankers (who are all big supporters of Obama and the Democrat Party: JPMorgan Chase, General Motors Acceptance Corporation, Bank of America) tricked poor people into applying for mortgages. They tricked people into lying about their incomes and assets, and they used robosigning. Have you ever heard of robosigning? (interruption) You have? (interruption) You know what robosigning is? I didn’t know what it was. I had to dig deep and find out. You know where the term comes from? What it really means? Robosigning is a term that was coined by a foreclosure lawyer in Florida way back in October 2011. It was made up out of whole cloth.”

“OBAMA: Lenders who sold loans to people, uh, who couldn’t afford them — by buyers who knew they couldn’t afford them, by speculators who were looking to make a quick buck; by banks that took risky mortgages, packaged them up, uh, and traded them off for large profits. It was wrong, and it cost more than four million families their homes to foreclosure.

RUSH: That’s right. They were tricked! These poor schlubs, they were tricked into this, but now Obama’s getting even with the tricksters. Obama is getting even with these evil bankers, the lenders who sold loans to people that couldn’t afford them. I can’t tell you how big a lie all of this is. All of this is a lie. Well, some of this stuff happened, but the reason for it is a total, total lie. The banks did take risky mortgages and package ’em up and traded ’em off, sold ’em to other unsuspecting dupes until they weren’t any unsuspecting dupes left. And then it was, “Bye-bye, Lehman Brothers,” and, “Hello, bailouts,” and that’s exactly what happened.

The banks were told to lend money, people couldn’t afford ’em, they did. Under federal duress. There was no income stream on these mortgages because people couldn’t pay them back, they never qualified, they never were gonna be able to pay them back. So worthless mortgages with no income stream were packaged up sold. Mortgage-backed securities. Yes, a brand-new financial product and they were sold to unsuspecting people. “Look at the income stream from all of these mortgages,” and their eyes got big and they saw a monthly income stream out the wazoo! Until they found out nobody’s making payments on their mortgages. They couldn’t afford them. They had no money. So the second dupees found a new way to package the mortgages for a third set of dupees.

And they kept going and kept going until they weren’t any people left to dupe. And then it was time to bail everybody out for this. The people who did the right thing are the people who are gonna pay for the people who do the wrong thing. The people that did the right thing — got a mortgage, make the payments — you are the ones paying for the people that did the wrong thing. The banks bundled these mortgages to try to protect themselves. They were forced to make these transactions! They knew they are shaky. They were trying to share the risk. I don’t know, did Clinton and Obama just expect the banks to go under? Did they except them just to absorb all of this as the definition of “affordable housing” and “social justice”? Here’s the second Obama sound bite as he takes his victory lap here.”

http://www.rushlimbaugh.com/daily/2012/02/09/regime_shakes_down_banks_for_25_billion

Obama, Rezko, Penny Pritzker, Franklin Raines , Fannie Mae, Freddie Mac, et al.

Citizen Wells October 21, 2011.

http://citizenwells.wordpress.com/2011/10/21/obama-bank-failure-policies-acorn-penny-pritzker-cellini-trial-witness-rosenberg-dredges-up-old-memories-capri-capital-where-is-house-judiciary-committee/

Obama, et al,played a large role in creating the sub prime mortgage problem and in typical Obama fashion, he blames others.

Obama lied about his connections to Acorn:

• Obama helped Acorn in organizing of “Project VOTE” in 1992.
• Obama was a community organizer.
• Obama represented Acorn as attorney, ACORN vs. Edgar.
• Obama was involved in Acorn leadership training sessions.
• Obama, Annenberg Challenge, William Ayers, Acorn.
• Acorn, New party endorsement of Obama.
• February 25th to May 17th 2008, Obama camp paid $832,598 to Acorn.
• Acorn Voter fraud.
• Obama may have stolen the nomination through Acorn voter fraud.

http://citizenwells.wordpress.com/2008/10/10/obama-acorn-community-organizer-new-party-democratic-socialists-of-america-dsa-saul-alinsky-obama-acorn-attorney-exploited-poor-acorn-voter-fraud-obama-lied-about-his-connection-to-acorn/

There is plenty more at Citizen Wells on Obama’s connections to ACORN and Chicago corruption ties and how they created this mess. A simple search will find them.