Excerpts from:
Barack Obama and the Strategy of Manufactured Crisis
(Link Below)

Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.

Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with “100 percent financing . . . no credit scores . . . undocumented income . . . even if you don’t report it on your tax returns.” Credit counseling is required, of course.

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed “the most flexible underwriting criteria permitted.” That lender’s $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

The lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Obama has spent a large portion of his professional life working for ACORN or its subsidiaries, representing ACORN as a lawyer on some of its most critical issues, and training ACORN leaders. Stanley Kurtz’s excellent National Review article, “Inside Obama’s Acorn.” also describes Obama’s ACORN connection in detail. But I can’t improve on Obama’s own words:

I’ve been fighting alongside ACORN on issues you care about my entire career (emphasis added). Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work. – Barack Obama, Speech to ACORN, November 2007 (Courtesy Newsmax.)

Fast-forward to 2005 when an obsequious, servile and scraping Daniel Mudd, CEO of Fannie Mae spoke at the Congressional Black Caucus swearing in ceremony for newly-elected Illinois Senator, Barack Obama. Mudd called, the Congressional Black Caucus “our family” and “the conscience of Fannie Mae.”

In 2005, Republicans sought to rein in Fannie and Freddie. Senator John McCain was at the forefront of that effort. But it failed due to an intense lobbying effort put forward by Fannie and Freddie.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

Johnson had to step down as adviser on Obama’s V.P. search after this gem came out:
Read more of this great article by James Simpson here:

(This looks like a great outline for a documentary, any right wing media types out there want to fund this?)

Hey, the Democrats were entitled to 2000, but cheated by the rascally Republicans, were Swift-boated in 2004 by the rascally Republicans and with their rabid dog MSM ilk they were not going to lose this time so they threw Hill and Bill under the train and anointed the Messiah.

But when McCain actually made a run for it, picked Palin and made it a contest in late August, all the stops came out, all the ugly politics as only the Democrats can play them, the full force of their barrage, the loonies at the Times, MSNBC, ETC. ETC. Too much for an honest old war hero and a gutsy gal from the northern heartland to withstand.

And the perfect storm of their many years of greed and corruption with Freddie and Fannie hitting with full force, at such an opportune time, with the lame duck trying to wrap up some legacy and, ‘hey let’s blame the Republicans, the voters are too scared and stupid to figure it out. What better way to put a stake in McCain and begin the reign of Obama.

How about John McCain himself being a little more verbal about the root causes of this crisis? GOP? NRSC or NRCC? Oh, that’s right we are all suppose to be bipartisan and get along. That’s nice, Republican’s can sit at home and repeat that mantra in November,-”Oh, but at least we had the bipartisan spirit!”

Meanwhile, every press conference, TV interview, floor speech and so on, Democrats fallaciously place blame on Republican’s. Our response? We stand there with thumbs in our mouths and minds in Idaho.

It’s pretty simple to see this started with Fannie/Freddie and ridiculous legislation that mandated lending to a section of the population who couldn’t afford it. How did they achieve that? Well, in their infinite wisdom Congress also mandated lower credit standards, basically telling the financial institutions they were “discriminating” against people by setting the lending standards too high. We (and I will use first person since I had the pleasure of being in some of these conversations) said, “that is ridiculous”. The credit model shows these people are too risky and at high probability for default because of an inability to repay, especially if any of the fundamentals, oh, say, such as rates, change. The government then said, “don’t worry about it, we will back the paper with Fannie/Freddie. That backing, that implied guarantee, gave the paper a higher rating. Now the paper has gone south, it’s time for the government to pay and who gets blamed? Oooh, it’s “evil Wall Street”. Honestly, what a bunch of dopes.

This entire house of cards was supported and pushed all along by Dodd, Frank, Obama, et al so they could continue feeding their constituents off the Fannie/Freddie public through. Now the entire economy has been put at risk and who is writing the rescue? Dodd, Frank and Obama? Have people completely lost their minds, an inability to discern facts or just plain don’t care? The answer is Obama who proposes massive spending increases, higher tax rates and more mandates? I have to believe anyone voting for him is smoking the collective cheeba.

Has anyone actually stopped for a moment and wondered why there are not a long line of Wall Street guys doing the “perp” walk on tv? It’s because what they did was legal, sanctioned, oversaw and underwritten by the government. Who allowed that? Democrats led by Frank, Dodd and the money man, Obama.

How about the McCain Campaign? The media have no interest in bringing this up, but McCain sure does. Isn’t this why we have campaigns?