Another column from the winter of 2000. Notice the comments of the Senate Committee chairman. Isn't he the "clueless" McCain economic advisor who got run off the campaign for speaking the truth? Seems like a pretty smart guy to me.
The Left’s Trillion $ ‘Housing’ Shakedown Sweetness & Light
This is a highly prescient article from the Winter 2000 edition of the The Manhattan Institute’s City Journal:
A member of the Boston Mayor’s Foreclosure Intervention Team (FIT) posts a sign on a foreclosed and boarded-up property in the Roxbury neighborhood of Boston, May 13, 2008.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
The Community Reinvestment Act funnels billions to left-wing activists, while threatening to destabilize lower-middle-class neighborhoods.
Howard Husock
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
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ACORN significantly financed by HUD shakedown artists are alive and well. Check out StateGoneCrazy.com. This is the kind of thing that needs to be rooted out from HUD and prosecuted. Start by removing leadership including Kim Kendrick. Can you believe she is still there and perpetuating things like what Daniel Bader has gone through. Still doing it today.
"HUD Officials Caught Bullying State Employees Members of the Bush Administration have once again been caught strong-arming government officials into abiding by their policies. In an email exchange, two top political appointees at the U.S. Department of Housing and Urban Development (HUD) discussed ways to make the life of Philadelphia's housing director Carl R. Greene miserable after he refused a request to transfer a $2 million piece of city property to a business friend of the HUD Secretary.
"Would you like me to make his life less happy? If so, how?" Orlando J. Cabrera, then-assistant secretary at HUD wrote about Philadelphia housing director Carl R. Greene.
"Take away all of his Federal dollars? : D" responded Kim Kendrick, an assistant secretary who oversaw accessible housing.
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