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Mortgage settlement-$150 mill will be given to "financial counseling agencies" (aka La Raza)

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posted on Feb, 9 2015 @ 11:29 PM
Just found this interesting article

source(fox news)

The separate deals were reached with the Justice Department in summer 2014, with Citigroup agreeing to pay $7 billion for misleading investors over mortgage-backed securities and Bank of America paying $16.65 billion for similar actions.

But of the $24 billion, roughly $150 million is tabbed for financial-counseling agencies -- a category that includes liberal-leaning groups such as the National Council of La Raza.

While some Americans likely will need help figuring out how to recover money through the settlement -- help these organizations could give -- Republicans on the House Judiciary Committee are questioning why certain activist groups are on the Department of Housing and Urban Development-approved list.

“The Obama administration is shortchanging victims by using these settlements to send money to their pet projects rather than allowing it to go to directly to the people who were harmed in the first place,” House Judiciary Committee Chairman Bob Goodlatte, R-Va., told on Monday.“Furthermore, the administration is also abusing the separation of powers by using these cases to funnel money to their preferred special interests in an attempt to do an end run around Congress, which the Constitution grants the power of the purse.”

No real opinion, other than wow!
Not a real surprising move, but unfair to the homeowners.
Gotta milk it back into their accounts somehow, I guess.

edit on 2/10/2015 by tothetenthpower because: -Mod Edit-Please use appropriate tags for external content.

posted on Feb, 10 2015 @ 12:37 AM
a reply to: Mandroid7

So about half a percent is earmarked for financial-counseling agencies? How much of that is going to "liberal-leaning groups?"

Goodlatte pointed specifically to groups such as La Raza and NeighborWorks America -- a network of community development organizations that his office compared to the defunct, controversial low-income advocacy group ACORN.(ACORN disbanded in 2010 after losing government funding amid a controversy over misconduct captured in hidden-camera videos. NeighborWorks is not affiliated and has declined to even work with groups that are.)

Everyone knows that the ACORN video was BS. Doesn't it offend you in the least that even though everyone knows this, Fox is still pretending like this isn't the case?

From Wikipedia - ACORN 2009 Undercover Videos Controversy:

The California Attorney General granted immunity to O'Keefe and Giles in exchange for their raw videos shot at three California ACORN offices. Its comparison of the raw videos with the released versions found that the published videos had been heavily edited to misrepresent the workers and the situations so as to suggest criminal intent and activity.[10][11][12][13] The AG's Report noted that "O’Keefe stated he was out to make a point and to damage ACORN and therefore did not act as a journalist objectively reporting a story", and because the Giles-O'Keefe criminal plans were a ruse, the ACORN workers could not be complicit in them. It found no evidence of intent by the employees to aid the couple. The report also noted "a serious and glaring deficit in management, governance and accountability within the ACORN organization" and said its conduct "suggests an organizational ethos at odds with the norms of American society. Empowering and serving low-and moderate-income families cannot be squared with counseling and encouraging illegal activities".[10] The California report was followed by one by the U.S. Government Accountability Office, which reported there was no evidence that ACORN workers had misused government funds or participated in the criminal activities represented in the videos.[14][15] But, ACORN was effectively destroyed by then.[16]

The Congressional resolutions to eliminate funding to ACORN were nullified by a federal court ruling that the measure was an unconstitutional bill of attainder. But, on August 13, 2010, a federal appeals court reversed that ruling and upheld the act that cut off federal funding for ACORN.[17][18][19][20]

They're defunct because Brietbart, Fox and others fabricated and promoted a lie and Boehner, Issa, etc launched a massive defund ACORN campaign. Yet almost 5 years later Fox still name drops ACORN because they know it excites something in the brains of their drones.
edit on 2015-2-10 by theantediluvian because: (no reason given)

posted on Feb, 10 2015 @ 12:51 AM

posted on Feb, 10 2015 @ 01:01 AM

Everyone knows that the ACORN video was BS. Doesn't it offend you in the least that even though everyone knows this, Fox is still pretending like this isn't the case?
a reply to: theantediluvian

Yes, that is annoying. Irrelevant comparison by Fox...obviously Fox felt enough people have this opinion of Acorn and would get same negative response.

My gripe is with the funds being illegally redirected to buy votes, instead of pay for homeowners where deserved.

posted on Feb, 10 2015 @ 07:28 AM
You are aware that most of the people who got bit the worst were minorities who often shouldn't have received loans for homes in the first place, but certain administrations felt that it was "racist" rather than good financial sense not to award home loans to people who would likely never pay them back.

So they forced banks to create loans for these people to be able to explore the joys home ownership and many of those mortgages became the junk securities that caused the housing crash. That's why we're now offering money to those counseling agencies who work with minorities. If we don't, it will appear "racist" even though many of those people would never have qualified for home loans in the first place and now have badly busted credit as a result of the government's attempt to "help" them.

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