Bachmann on Fiah
hawt
CONGRESSWOMAN BACHMANN: And I think that’s why Speaker Pelosi has made me her number one congresswoman to defeat next year.
...The Community Reinvestment Act… [which] demands that banks make loans to people who are poor credit risks. [passed in 1996]
Then what happened, the federal government hung a threat over these banks because banks didn’t want to make loans to people who were poor credit risks. So as part of the demand from the federal government, what they said is if the banks fail to lower their lending standards, then the federal government would shut down their interstate bank branches and they would not allow banks to open new branches. So in other words, the federal government would essentially shut these banks down if they refuse to make bad loans to people who wouldn’t be able to pay them back.
... one way the banks could satisfy their requirement under the Community Reinvestment Act is they could partner with ACORN. So a bank could either make a cash donation to ACORN, they could give equipment donations or they could work with ACORN to provide these loans to people who are poor credit risks.
... But one way you can satisfy your Community Reinvestment Act rating, because you have to get a certain score, one way you could satisfy your score, give money to ACORN. Work with ACORN. You work with ACORN, you’re good with us, says the federal government.
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