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23 February 2009
ACORN Follow-up
A MUST READ piece from blogger Michelle Malkin. Surprise! the MSM didn't give us the full story on evicted resident Donna Hanks. Maybe if she hadn't refinanced her $87,000 home with a $270,000 loan, she would have been able to afford it. If the banks have any fault in this, it's lending money to someone is completely incompetent as Donna.
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I was talking to my father today and he mentioned that when he was a VP at Bank of America (then Valley Bank of Nevada soon to be bought by B of A) he got into an argument with an ACORN rep who said and I quote, "we are going to do all we can to hold up the merger between B of A and Valley Bank of Nevada unless you consent to lending $1 billion dollars in home loans with 100% financing to those who wouldn't normally qualify for loans." Apparently he told her that he fundamentally disagrees with her on every level. She responded by saying she wanted to talk to his boss (the president of the bank). He picked up the phone, dialed his number and handed her the phone. Later on when he was talking to the President (Ed) he again expressed the idiocy of such a lending process. Ed responded by saying he totally agreed with him though they would most likely have to fold and go along with them. My dad left the bank soon after.
ReplyDeleteThat's unbelievable. (Actually, very believable, given everything that's gone on). How does something like that continue to perpetuate itself? There are SO many instances where ACORN brings a club to a discussion and bludgeons everyone into submission, you'd think something might get done about it. Too much money going into too many pockets, I suppose.
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