See Stanley Kurtz in the New York Post:
SPREADING THE VIRUS: HOW ACORN & ITS DEM ALLIES BUILT THE MORTGAGE DISASTER
So it was the efforts of ACORN and its Democratic allies that first spread the subprime virus from the CRA to Fannie and Freddie and thence to the entire financial system.
Soon, Democratic politicians and regulators actually began to take pride in lowered credit standards as a sign of “fairness” - and the contagion spread.
And when financial institutions across the board saw that they could make money by trading what would once have been considered junk loans, the profit motive kicked in. But the bad seed that started it all was ACORN.
And now for Obama’s involvement in ACORN:
HOW does Barack Obama fit into all of this? Obama has been a key ally of Chicago ACORN going back to his days as a community organizer.
Later, as a young lawyer, he offered leadership training to the activists who were forcing Chicago banks into high-risk subprime loans. And when he made it on to the boards of Chicago’s Woods Fund and the Chicago Annenberg Challenge, he channeled money ACORN’s way.
Obama was perfectly aware of ACORN’s intimidation tactics - indeed, he oversaw a Woods Fund report that boasted of managing to fund the radical group despite its shocking behavior.
And as a lawmaker, in Illinois and in Washington, he has continued to back ACORN’s leglislative agenda.
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