🚀 go-pugleaf

On Mar 17, 6:00 pm, "guybanniste...@aol.com" <guybanniste...@aol.com>
wrote:
>   Remember the notorious S&L crisis if the 1980s and the HUMONGOUS
> bailout of multimillionaire-owned financial institutions by the
> taxpayers that followed? You know, the one President Bush's brother
> Neil mad a killing in when taxpayers bailed out his Silverado S&L?
>
>   The predictable crisis we're witnessing merely the beginnings of
> because greedy, reckless, quick-buck-artist mortgage lenders threw
> billions -- if not trillions -- of dollars at illegal aliens whose
> actual names they couldn't be certain of has arrived.
>
>   And guess who the fat cats want to bail them out -- again?
>
>   Here are Michael Rivero's (www.whatreallyhappened.com) comments,
> followed by the press release detailing a "fair housing" group's (it's
> members include "National Council of La Raza"; "Catholic Migrant
> Farmworker Network"; "Chicanos Por La Causa, Inc."; "Latino
> Leadership, Orlando Florida"; "National Low Income Housing Coalition";
> and "National Puerto Rican Coalition") call for the American taxpayer
> to bail out millions of illegal aliens and others who no responsible
> lender would have ever considered giving a nickel to:
>
> Atwww.whatreallyhappened.comMike Rivero wrote:
>
>   "This is a repeat of the S&L bailout of the 80s, which was one of
> the greatest swindles of the American people in history. Under
> Presidents Reagan and Bush I, the laws were changed that made it easy
> for S&Ls to invest in high-risk ventures. At the same time, Bush I
> increased the maximum limit for insured d=savings to $100,000 per
> account. That set the stage for a huge rip-off of the taxpayers and
> here is how it worked.
> Drug criminals. in many cases working for the CIA's Iran-Contra
> operation, mixed their drug cash in with legitimate proceeds from cash-
> heavy front companies such as convenience stores, office supply
> places, and multi-screen cinemas. That cash was deposited in S&L
> accounts always under the $100,000 limit.
>
>   "The criminals would then form a new front company, buy some really
> crappy real-estate and flip it to run the price up. This is what
> happened with Whitewater, Castle Grande, Flowerwood, etc.
>
>   "Then, either with a cooperative appraiser or possibly a compromised
> officer of the targeted S&L, the front company would borrow out their
> money using the inflated land as collateral. That money, being the
> proceeds of a loan, would be tax-free and clean, ready to be spent
> anywhere in the world.
>
>   "The front company would close, the loan would default, and the S&L
> found itself not only with the bad debt and no place to go to collect
> it, but a piece of land that was not worth anywhere near what was
> borrowed on it.
>
>   "So, the S&L collapsed. President Bush came in telling stories about
> widows and orphans, never mentioning that the vast majority of the
> involved accounts were numbered and brokered,. and the tax[ayers
> forked over the cash to make good on the S&L's bad debts.
>
>   "And here is the punchline. Those drug criminals, the CIA Iran-
> Contra folks? They were still on the books for their original
> deposits, so even though they had already borrowed out their money
> using the land swindle, they were written a chec for their original
> deposit all over again.
>
>   "It was a heck of a scam. Minus taxes and commissions this scam
> could turn 10 million in drug money into 18 million in just 6 months
> with no risk, and all on the backs of the US Taxpayers. Those RTC
> officials who looked too closely at the books for the defaulted S&Ls
> had a habit of falling from very tall buildings.
>
>   "So, here we go again, only the financial vehicle isn't S&Ls but
> mortage lenders. But the game si the same. Invest some money, mortgage
> land for way more than it is worth through a front company, split with
> that money, then when the mortage company collapses lobby for a
> "National Rescue Fund" which will pay out the same money a second
> time, and all on the backs of the US Taxpayers.
>
>   "Fool me once..."
> -----------------------------------------
> To Protect Sub-prime Borrowers and Nation's Housing Market, NCRC Urges
> Administration and Congress to Allow FHA to Refinance Loans in Default
> and Establish a National Rescue Fund
>
>   Other Policy Proposals Will Strengthen Consumer Laws & Eliminate
> Exotic
>                 Loans & Incentives for Bad Lending Practices
>
>     WASHINGTON, March 16 /PRNewswire-USNewswire/ -- One of the
> nation's
> biggest and most respected advocates for fair housing, the National
> Community Reinvestment Coalition, urged the Administration and
> Congress to
> amend federal regulations to allow the Federal Housing Administration
> to
> refinance sub-prime borrowers' loans in default, preventing a torrent
> of
> defaults and foreclosures expected to deluge the mortgage market as a
> result of the sub-prime lending crisis.
>
>     NCRC also called for legislation to establish a national rescue
> fund to
> support low-income borrowers, strengthen consumer laws and eliminate
> nontraditional, exotic loans and incentives for bad lending practices.
>
>     According to housing experts, anywhere from one to three million
> Americans may lose their homes this year; another 100,000 people in
> housing-related industries could be fired, and an estimated 100
> additional
> sub-prime mortgage companies may go under. As sub-prime lenders
> retrench,
> it will become harder for working-class people to buy a home and, as
> more
> people lose their homes, the overall economy could be in danger of a
> recession.
>
>     "As this crisis worsens, mortgage tsunamis will ravage working-
> class
> neighborhoods across this country. Sheriffs will be knocking on
> people's
> doors, only to find keys and furniture left behind. This is not the
> way the
> market should work. We should have a higher standard. We should not
> allow
> this to happen," said NCRC's President and CEO John Taylor, at the
> organization's annual conference, "Broken Economies -- Making Market
> and
> Governments Work for All Communities."
>
>     More than 500 NCRC members and community activists from across the
> country are in Washington, DC to attend the conference and lobby
> Capitol
> Hill on the policy proposals released today.
>
>     Attending the press conference with Taylor were NCRC board members
> and
> community activists: Board Chairman Irvin Henderson of the Community
> Reinvestment Association of North Carolina; Vice Chairman Lee Beaulac
> of
> Rural Opportunities, Inc.; Board Secretary Gail Burk of the Nevada
> Fair
> Housing, Inc.; Diane Thompson of the Land of Lincoln Legal Assistance
> Foundation, Inc.; and Hubert Van Tol of Rural Opportunities, Inc.
>
>     The Administration and Congress helped create the sub-prime crisis
> by
> ignoring warning signs and, as a result, they bear some responsibility
> for
> assisting the families facing payment shock and foreclosure, said
> Taylor in
> a letter addressed to President George Bush, Housing Secretary
> Alphonso
> Jackson, House Speaker Nancy Pelosi, Senate Majority Leader Harry
> Reid,
> Minority Leader John Boehner, Senate Minority Leader Mitch McConnell,
> U.S.
> Senators Chris Dodd and Richard Shelby and Congressmen Barney Frank
> and
> Spencer Bachus.
>
>     "This Administration and the previous Congress allowed the horse
> not
> only to gallop out of the barn but jump over the cliff as well," said
> Taylor. "We call on this Administration and this Congress to take the
> reins
> back by immediately allowing FHA to play a role in helping borrowers
> and
> passing legislation to protect not only borrowers but also the
> nation's
> overall economy."
>
>     The FHA proposal, Taylor emphasized, is not a "bail-out" of the
> borrowers in default or the lenders who made the bad loans, but a way
> to
> help borrowers quickly and keep them in their homes. He also said it
> should
> not be considered a long-term solution.
>
>     "Tougher federal consumer laws and a national rescue fund,
> financed by
> fees on mortgage brokers, should be passed to help families duped by
> lenders into inappropriate loans," he said.
>
>     NCRC, along with over a hundred other groups, have advocated for a
> number of policies to end predatory practices by lenders. In a
> February 6th
> letter to congressional leaders, the Mortgage Reform Coalition
> appealed for
> anti- predatory lending legislation that would do the following:
>
>     -- Restore sensible underwriting and eliminate unsustainable
> loans;
>     -- Eliminate incentives, such as the broker payments for "yield
> spread
>        premiums," to steer borrowers to abusive loans;
>     -- Require accurate and accountable loan servicing;
>     -- Ensure effective rights and remedies for families caught in
> predatory
>        loans;
>     -- Preserve essential federal and state consumer safeguards; and
>     -- Reduce foreclosures through assistance to distressed borrowers.
>
>     The Coalition letter, as well as the NCRC letter to Capitol Hill
> and
> the White House, are available by calling or emailing NCRC staff
> listed
> above. NCRC is a nonprofit founded in 1990 to ensure all Americans who
> can
> afford to borrow can get a loan. It has 640 dues-paying members in
> every
> state.
>
> SOURCE National Community Reinvestment Coalition
>
> See:http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/stor...
>
> *************************************************************************
> PLEASE EMAIL THESE LINKS TO EVERYONE YOU KNOW:
>
> "The Illegal-Alien Crime Wave" by Heather MacDonaldwww.City-Journal.org/html/14_1_the_illegal_alien.html
>
> www.PredatoryAliens.comwww.ImmigrationsHumanCost.orgwww.DayLaborers.orgwww.Alipac.uswww.ImmigrationWatchdog.comwww.AmericanPatrol.comwww.SaveOurState.orgwww.EscapingJustice.com
>
> See the COLOSSAL costs of illegal aliens to the American taxpayer:www.ImmigrationCounters.com
> ---------------------------------------------
> "Por La Raza todo. Fuera de La Raza nada"
> ("For The Race everything, for those outside The Race nothing")
>
> -- Motto of MEChA, one of the nation's largest publically-funded
> organizations with cells on high school and college campuses across
> the USA (Note: Attorney General Alberto Gonzalez says he "used to be"
> a member)
> ---------------------------------------------
> "How ...
>
> read more »

Remover all illegal aliens and watch a resultant economic boom.

ted