Black People : Elephant People At It Again!

Discussion in 'Black People Open Forum' started by Kemetstry, Oct 12, 2009.

  1. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    updated 6:37 p.m. ET, Mon., Oct . 12, 2009
    WASHINGTON - Conservative Republicans are capitalizing on the troubles of community activist group ACORN — ranging from charges of voter registration fraud to embarrassing videos of its employees — to revive their long-standing fight against a federal law that grades banks on their investments in poor and minority neighborhoods.

    The 1977 Community Reinvestment Act was intended to end redlining, a practice in which banks in effect walled off many inner-city neighborhoods from mortgage loans. But some GOP lawmakers say it has outlived its purpose and is being used inappropriately by ACORN to shake down banks for money. They want to repeal the law, scale it back or at least block a Democratic proposal to expand it.

    Critics of the law are linking it to ACORN — a subject many Democrats wish would go away — at every opportunity.

    "Should we repeal CRA? Absolutely," said Rep. Jeb Hensarling, R-Texas, a member of the House Financial Services Committee. "Do we have the votes for it today? I seriously doubt that."

    Claims of ‘legalized extortion’
    Rep. Ed Royce, R-Calif., also on the committee, has described ACORN's actions under the law as "legalized extortion," contending that the law gave ACORN the power to stall or prevent bank mergers or expansions by filing CRA complaints with regulators.

    "In order to avoid these filings, financial institutions would either lower their lending requirements to meet the needs of ACORN associates or they would simply pay out funds to one of the many ACORN-affiliated organizations," Royce wrote in an article posted on his House Web site.

    ACORN said that nearly all the money it receives from banks is used to provide advice to first-time home buyers or homeowners who are at risk of losing their homes to foreclosures, and that the money isn't used for political advocacy.

    "The Republicans are attempting to intimidate banks to halt monies that are used to help working families become home buyers or save their homes from foreclosure," spokesman Brian Kettenring said.

    Archived ACORN testimony on the Federal Reserve Board Web site shows ACORN has spoken against bank mergers, contending that banks weren't living up to the CRA. In at least one case, however, ACORN supported a merger. The group acknowledged in the 1998 testimony that it was unusual for it do so, but said one of the banks involved, NationsBank, was a leader in community reinvestment, and that its partnership with ACORN Housing Corp. had produced at least $236 million in mortgages.

    A decade ago, then-Sen. Phil Gramm of Texas unsuccessfully tried to gut the law, describing nonprofits that use the law as "protection rackets."

    New ammunition for Republicans?
    Recent troubles at ACORN are giving Republicans ammunition in their renewed campaign against the law. Some employees are accused of voter registration fraud. Its founder was forced out last year amid revelations that he had tried to keep quiet his brother's embezzlement of nearly $1 million. Two conservative filmmakers disguised as a prostitute and a pimp caught ACORN employees on camera giving them tax and immigration advice and advising them to disguise the source of their income to get housing aid.

    Three Republican congressmen have asked 14 banks to provide details on their dealings with ACORN. One of them, Bank of America, said it wouldn't engage further with ACORN Housing Corp. until ACORN's issues are resolved.

    ACORN, short for the Association of Community Organizations for Reform Now, portrays itself as a successful advocate for tens of thousands of low-income and minority homebuyers. It appointed a former state attorney general to investigate the video scandal.

    Republicans describe it as a pro-Democratic group that among other things, is violating the tax-exempt status of some of its affiliates by engaging in partisan political activities.

    ACORN Housing Corp. and other ACORN affiliates help people land mortgages and fight predatory lending. They also build and renovate low-income housing around the country. The developments include the ACORN Beverly and Desert Rose subdivisions in Phoenix, the ACORN Glenn subdivision in Houston and apartments in Paterson, N.J. ACORN affiliates rehabilitate housing in New York and elsewhere.

    ACORN Housing Corp. and related entities have long done business with major banks. How much, how the money was spent and which ACORN organizations and personnel were involved are difficult to piece together. ACORN does not file a publicly available report describing all its various entities, their financing, their spending or the various roles of its executives.

    ACORN's public announcements and a patchwork of documents filed at the federal, state and local levels provide at least a glimpse of the range of its housing activities and relationships with banks.

    Just last year, ACORN Housing Corp. announced it was starting a nonprofit brokerage with CitiMortgage, Bank of America and others to help low-income families get mortgages in Florida.

    JPMorgan Chase & Co. gave ACORN a five-year, $5 million grant in 2003 for foreclosure prevention and low-income housing initiatives. The company said it hasn't made any donations since last year and won't consider any
     
  2. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    ....more

    Credit from JPMorgan Chase
    A JPMorgan Chase mortgage officer, Guilermo Loaiza, until recently was on the board at ACORN Housing Corp. He also served as presidents of Arizona ACORN Housing Corp. and ACORN Beverly, a limited liability corporation through which ACORN developed a Phoenix subdivision with help from $4.8 million in credit from JPMorgan Chase.

    A spokeswoman for JPMorgan Chase & Co. said she cannot discuss the loan because of a legal privacy policy the bank has for all clients.

    ACORN Housing Corp. spokeswoman Alyson Chadwick said Loaiza's term on the ACORN Housing board was due to end this month and he decided not to remain for personal reasons. He no longer heads Arizona ACORN Housing or ACORN Beverly, she said.

    ACORN Beverly used about $2.5 million of the JPMorgan Chase credit line to build 25 homes and has repaid most of it, Chadwick said. JPMorgan Chase hasn't financed any other loans with Arizona ACORN Housing or ACORN Beverly but has funded other ACORN Housing projects, Chadwick said.

    Loaiza didn't act as a loan officer for any Beverly homebuyers, nor did he have anything to do on JPMorgan's end with the project's multimillion-dollar credit line, Chadwick said.

    "Bottom line — no fees to Guilermo," she said. "He always stayed away to avoid any potential for conflict of interest." ACORN Housing has a conflict-of-interest policy and it was in effect at the time of the Arizona project, she added.

    ‘Wearing too many hats’
    An ACORN consultant in the summer of 2008 identified multiple roles played by many officials at ACORN affiliates and the need for a strong conflict-of-interest policy as problems for the group.

    "Too many people are wearing too many hats, or perhaps the wrong hat entirely," the consultant wrote in an internal report obtained by The Associated Press.

    The report recommended a number of good governance reforms including an anti-conflict-of-interest policy. Those reforms were adopted at the October 2008 board meeting of ACORN.

    The history of the relationships between banks and groups like ACORN goes back to President Jimmy Carter's signing of the CRA in 1977.

    The neighborhoods targeted for help by the law were typically in areas where groups like ACORN already were working. Banks initially resisted the overtures, but over time saw a viable market for lending in minority communities, with community organizers in a supporting role counseling potential borrowers.

    "The relationships between banks and groups like ACORN weren't necessarily marriages made in heaven, but they've consistently worked well," said Gregory Squires, a George Washington University professor who has written about ACORN.
     
  3. HODEE

    HODEE Well-Known Member MEMBER

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    ACORN HAS FALLEN
    FROM THE MIGHTY OAK TREE.

    POWER CORRUPTS AND CORRUPTION YIELDED THEM POWER
    WHAT HAPPENS NOW. THEY CAUSED AND IS ON THEM.

    THE YEAR 2012 WILL BE A BATTLE.
    IN THE STREETS AND ON THE NET.
     
  4. Ankhur

    Ankhur Well-Known Member MEMBER

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    Dr Tyrone Powers ex FBI agent and expert on COINTELPRO

    Dr. Tyrone Powers interview on the nightly WLIB/AM Gary Byrd-Global Black Experience, message was so revealing they canceled the show the way the canceled Arsenio Hall, when he hosted Min. Farrakhan.

    What he said was that the FBI and other domestic intel, have so much dirt on each and every known prominent Black leader that if these brothers take one step to realy doing anything tangible for the Blaack communiity they will spill the goods to the press.

    Acorn was the only service available to poor folks in Brooklyn, helping those with felonies to get employment, where the Fortune Society could not, helping those on welfare, get grants and funds to goto college, as well as job training, and helping the poor save thier homes from foreclosure as well as purchase non subprime mortgaged homes.
    Folks must be dilligent however, and be aware that there are those who profit from the poor not making it, and sadly such agencies must keep a militaristic, ideology of security and defense in all of their transactions.
    The sad thing here is they let their guard down by not having folks properly trained to deal with conmen, cause that may not have been just a republican sting operation but a real con man, out to swindle ACORN, or actualy the Russian mob seeking to rent a venue for business operations.
     
  5. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    Then we need new black leaders

















     
  6. ru2religious

    ru2religious Well-Known Member MEMBER

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    Let us create them here at destee -

    Peace


    Ru2religious
     
  7. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    Many arent ready or willing to make that sacrifice



    :em0200:

















     
  8. Ankhur

    Ankhur Well-Known Member MEMBER

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    At this late date , we don't have a choice not to
    100-1,000 people dedicating one half hour out of 7 days to community solutions is not much to ask
     
  9. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    No it isnt. I founded a mentoring program in my city. Do you know how many of my friends asked me why I even bothered?

    Many dont want to do even that






    :10500:











     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

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    That is how I lost some friends!!!

    Besides look at history,
    the Civil rights Movement involved only 6 percent of the Back community being consistently active.

    The peace movement only involved 6 percent of White folks as well

    It's not in human nature to take up a cause, but no one can say they are Only human, not even our Aetheist brothers and sisters, because all have a spiritual nature as well that
    desires to help, uplift and inspire, and progress from degression
     
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