Community Activists Continue to Exacerbate Housing Crisis
The community activist types — like Barack Obama — who helped bring about our financial crisis by using Jimmy Carter’s insane Community Reinvestment Act to terrorize banks into making bad loans based on race are still causing havoc. IBD reports on self-described “bank terrorist” Bruce Marks:
Bruce Marks, founder of the leftist Neighborhood Assistance Corp. of America, makes a good living shaking down banks for loans to deadbeat borrowers that he thinks are entitled to homes.
Last month, he and about 100 urban protesters stormed Fannie Mae’s headquarters, demanding it stop foreclosures on subprime houses — the same homes his group pressured Fannie to fund.
As usual, the bullying tactics worked: Fannie Mae is now reviewing every foreclosure, while increasing the number of mortgages it restructures by lowering interest rates and extending loan terms to make payments more affordable. The government-backed firm guarantees some 30% of the nation’s outstanding mortgages.
Marks founded Boston-based NACA last decade to fulfill his warped sense of the American dream. He thinks owning a home is a right, not a goal. And he thinks every American should have a house — even those who can’t pay for one.
Marks, who proudly calls himself a bank terrorist, has extorted billions of dollars from Citigroup and other large banks to subsidize uncreditworthy borrowers in the inner city, where he accused the banks of “redlining.”
Marks believes that expecting The Oppressed to have good credit or make a down payment before receiving a mortgage loan is “patronizing and racist.” According to moonbat ideology, it is everyone’s right to have the home they want at someone else’s expense.
Even before The One ascends to the White House, the government is already infested with leftists who share Marks’s viewpoint:
Congress’ banking committee chiefs, Sen. Chris Dodd and Rep. Barney Frank, are also demanding banks stop foreclosures. And guess who they’ve invited to testify about that? That’s right: Marks, who has proposed stopping all resets on subprime adjustable mortgages and allowing late payments for up to 90 days. Marks insists that regulators “force” lenders to restructure their loans to prevent foreclosures from going forward.
Marks gives an example of the sort of testimony he’ll offer the socialists running Congress:
NACA has done lending the right way. No down payment. No closing costs. No fees. No perfect credit. At a below-market fixed rate.
This must have sounded wonderful, until society got the bill in the form of a collapsed mortgage industry that — combined with the corruption, irresponsibility, and incompetence of our congressional kakistocracy — is bringing down the entire economy.