Eric Holder's Newest Witch Hunt!

[Jake Martinez]

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Posted on Townhall-By Bob Beauprez-On July 31, 2011:

“The Department of Justice is executing a “Witch Hunt” against banks. Through the DOJ’s Civil Rights Division, Attorney General Eric Holder is forcing banks to “relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination,” according to a published report by Investor’s Business Daily after reviewing court documents.

The DOJ has already extorted $20 million for weak and poor credit loans from banks that “settled out of court rather than battle the federal government and risk being branded racist.”

The DOJ admits another 60 banks are already under “investigation.” Holder’s demanding the banks sign “non-disclosure” settlement agreements barring them from talking while allowing the DOJ to operate behind a curtain of secrecy.

The settlements already extracted from banks force them to make “prime-rate mortgages to low income blacks and Hispanics” with credit problems, even if they are living on welfare. According to IBD, the DOJ has ordered banks to advertise that minorities cannot be turned down for a loan “because they receive public aid, such as unemployment benefits, welfare payments or food stamps.” No job; no problem!

In other words, the DOJ is forcing banks to make loans to people that they know don’t qualify for them and likely won’t be able to afford to repay them, which is precisely the kind of failed public policy that precipitated the financial collapse and recession in 2008. 

The DOJ ordered Midwest BankCentre to provide “special financing” in the predominantly black areas of St. Louis for fixed prime rate conventional home loan financing for borrowers “who would ordinarily not qualify for such rates for reasons including the lack of required credit quality, income or down payment.”

Eric Holder and the head of his Civil Rights Division, Tom Perez were both protégés of Janet Reno who launched a similar attack on banks in the early years of the Clinton Administration. That led to an expansion of the Community Reinvestment Act, CRA, and an explosion of forced lending to low-income, poor credit risk borrowers and the sub-prime mortgage industry that collapsed in 2008.

Under the weight of massive guarantees of poor quality and defaulted mortgages, the federal government was forced to seize Fannie Mae and Freddie Mac. To date about $150 billion has been required to bailout the two agencies to keep them solvent.“

• Bob Beauprez is a former Member of Congress and is currently the editor-in-chief of A Line of Sight, an online policy resource. Prior to serving in Congress, Mr. Beauprez was a dairy farmer and community banker. He and his wife Claudia reside in Lafayette, Colorado. You may contact him at: http://bobbeauprez.com/contact/”

Source:

http://finance.townhall.com/columnists/bobbeauprez/2011/07/31/eric_...

Note: The following articles and/or blog posts relate to this disturbing issue-You Decide:

I. Nightmarish Group Back From Dead to Undermine Your Bank!

What’s wrong with this picture?

Posted on WND.com-On July 31, 2011:

“Newly created ACORN front groups across America have signed on to an economic campaign led by the radical Service Employees International Union that award-winning investigative journalist Matthew Vadum compares to terrorism.

Wall Street titan JPMorgan Chase is the first target of SEIU and its longtime allies at ACORN, he reports. Other pressure groups are participating in the effort, including the Saul Alinsky-founded Industrial Areas Foundation, National People’s Action, PICO National Network, and Alliance for a Just Society, according to a left-wing website established for the campaign, ChaseHomeFinanceSux.com.

ACORN, long associated with President Obama, is participating in the disruptive effort through its newly renamed state chapters. Mortgage and student loan strikes, crippling bank boycotts and intimidation, are on the agenda, Vadum told WND.

Get “Subversion Inc.” and read about the strategy that intends to t...

Although ACORN, the Brooklyn-based shell corporation that runs the ACORN network, filed Chapter 7 bankruptcy on Election Day 2010, its state chapters have restructured under assumed names. ACORN Housing changed its name to Affordable Housing Centers of America while ACORN’s voter registration and voter mobilization arm Project Vote continues operating out of ACORN’s old Washington, D.C., office.

Vadum reported the emergence of the “new” ACORN groups in his new book, “Subversion Inc.: How Obama’s ACORN Red Shirts are Still Terrorizin... A senior editor at Capital Research Center, a think tank that studies left-wing advocacy groups and their funders, Vadum has assembled the information in the book from nearly three years of research and hundreds of interviews.

ACORN’s newly renamed chapters in New York (New York Communities for Change), California (Alliance of Californians for Community Empowerment), Missouri (Missourians Organizing for Reform and Empowerment), and Washington state (Organization United for Reform) make no secret about their participation in the scheme.

NYCC claims JPMorgan Chase’s foreclosures policies are unfair and takes credit for the town of Hempstead in Nassau County, N.Y., “closing the Chase account and moving $12.5 millions in tax payer dollars out of the pockets of the greedy Wall Street Bankers.” NYCC is pressuring other municipalities in the state to do the same.

Alliance of Californians for Community Empowerment, or ACCE, boasts that 22 activists were arrested protesting foreclosures outside a Chase office in Los Angeles.

Missourians Organizing for Reform and Empowerment, MORE, led by veteran ACORN organizer Jeff Ordower, jumped on the anti-Chase bandwagon last year, leading a protest at a Chase office in suburban St. Louis.

Organization United for Reform, OUR, led a protest outside the Chase branch in Marysville, Wash., demanding that Chase give part of a $1.4 billion tax refund to the local school district.

In his book “Subversion Inc.,” Vadum traces the checkered history of ACORN.

“The members of ACORN, and the thousands of groups it inspired, are foot soldiers in a nearly 50-year war on America’s free political institutions,” Vadum told WND.

Following the “break the bank” strategy of Marxist activists and academics Richard Cloward and Frances Fox Piven, ACORN seeks to overload the American system with impossible financial demands – literally destroying the nation’s economy, the book asserts. Piven is currently a member of the board of ACORN’s Project Vote subsidiary.

Just last year, Piven urged delinquent mortgage holders to stay in their homes for as long as possible without paying in order to bring the system crashing down. She told videographer Kyle Olson:

But if millions of people … refuse to go along with foreclosure proceedings, and refuse to pay off those mortgages that are under water, that will be enormous pressure on the banks. And if they do it in the form of a social movement, if they do it with pride and audacity, if they do it with a sense of self-righteousness, the political leaders of this country will not be able to round them up.

The subversive plan to destabilize the nation’s financial system was revealed earlier this year by Stephen Lerner, a board member of SEIU who is officially on leave from the union. Lerner is influential in leftist organizing circles and has reportedly visited the Obama White House at least four times.

Lerner said a strategy was needed that addressed the following questions: “How do we bring down the stock market, how do we bring down their bonuses, how do we interfere with their ability … to be rich?” It is important “to politically isolate them, economically isolate them and disrupt them,” he said.

Lerner said he decided that JPMorgan Chase would be “a really good company to hate.” If leftists really believe capitalism is in a “transformative stage,” they “need to confront this in a serious way and develop a real ability to put a boot in the wheel.”

Lerner said “we really are trying to disrupt and create uncertainty for capital, for how corporations operate … there are actually extraordinary things that we could do right now that would start to destabilize the folks that are in power and start to rebuild a movement.”

Lerner noted that 25 percent of homeowners now own a home worth less than they paid for it. Of those “underwater” homeowners, 10 percent “are now in strategic default, meaning they’re refusing to pay but they’re staying in their homes.” The homeowners, who figured out it might take lenders a year to foreclose on their mortgages and evict them, should be urged to stay put. “If you could double that number, you would … put banks on the edge of insolvency again.”

Lerner said banks that don’t pay their “fair share” in taxes or refuse to slash interest rates and partially forgive mortgage principal are being targeted. He also called for state and local governments to stop doing business with banks that don’t give in to the campaign’s demands.

As Vadum’s book reports, leftist George Goehl explained how to destabilize American society a year ago at a left-wing conference in Washington, D.C.

“The banking crisis is the next big thing,” said Goehl, executive director of Chicago-based National People’s Action. “The banking crisis is the way to build a big economic justice movement in this country.”

Goehl said the crisis presents “a once in a lifetime opportunity as progressives to engage millions of Americans in a big conversation around serious economic restructuring, not around eking out some victories around the margins, not about making life a little less worse for people, but about big time transformative change.”

“People are ready to move to the streets, some because they’re angry, some because they want justice right now, and some because they’re tired of hearing about the tea party coming out.”

Source:

http://www.wnd.com/?pageId=327565

II. Misleading Words!-Posted on The Patriot Update-By Thomas Sowell-On August 3, 2011:

http://patriotupdate.com/articles/misleading-words

III. Obama Mum on Details From Secret AFL-CIO Meeting!-Posted on The Daily Caller-By Matthew Boyle, The Daily Caller-On August 3, 2011:

http://dailycaller.com/2011/08/03/obama-scant-on-details-from-secre...

IV. Left preparing street chaos, class warfare!-Posted on WND.com-By Bob Unruh-On August 1, 2011:

http://www.wnd.com/?pageId=328817

V. Forecast for U.S. cities: Confrontation, chaos? Unions, radicals plot to counter 'right-wing threats' to 'Middle Class'-Posted on WND.com-By Aaron Klein-On June 9, 2011:

http://www.wnd.com/index.php?fa=PAGE.view&pageId=309345

VI. Radical Who Resigned in Disgrace Now Welcome on Capitol Hill!-Posted on WND.com-By Aaron Klein-On July 6, 2011:

http://www.wnd.com/?pageId=319397

Note:  My following blog posts contain numerous articles and/or blog posts and videos that relate to this disturbing issue-You Decide:

ACORN-The Community Reinvestment Act (CRA)-Automaker Labor Unions:

http://weroinnm.wordpress.com/2010/01/22/acorn-the-community-reinve...

Is ACORN Really Disbanding or Is It Just Changing Its Name Because of Scandals?

http://weroinnm.wordpress.com/2010/03/23/is-acorn-really-disbanding...

President Obama and ACORN Connection!

http://weroinnm.wordpress.com/2009/12/29/president-obama-and-acorn-...

Do Alinsky’s Rules Define This Administration’s Governing Style?

http://weroinnm.wordpress.com/2009/05/18/do-alinsky’s-rules-define-...

Is President Obama inciting riots across the US?

http://weroinnm.wordpress.com/2011/02/23/is-president-obama-incitin...

Progressives and Communists Are Out of the Closet Together!

http://weroinnm.wordpress.com/2010/10/05/progressives-and-communist...

President and DOJ have contributed to the racial mess in our country!

http://weroinnm.wordpress.com/2010/09/26/president-and-doj-have-con...

Is it important to understand the Marxist assault on the foundations of our system?

http://weroinnm.wordpress.com/2011/01/27/is-it-important-to-underst...

Note:  If you have a problem viewing any of the listed blog posts please copy web site and paste it on your browser. Be aware that some of the articles and/or blog posts or videos listed within the contents of the above blog post(s) may have been removed by this administration because they may have considered them to be too controversial.  Sure seems like any subject matter that may shed some negative light on this administration is being censored-What happened to free speech?-You Decide.

“Food For Thought”

God Bless the U.S.A.!

https://www.youtube.com/watch?v=Q65KZIqay4E&feature=related

Semper Fi!

Jake