Everytime you buy a house or refi you will give $420 to ACORN-left wing organization! NO CHOICE!
STARTING THIS SUMMER, A $460 FEE IS ADDED TO THE CLOSING COSTS
OF ANY MORTGAGE AND REFINANCING, AND IT WILL GO TO ACORN. BARNEY
FRANK HID THIS IN A BILL THAT PASSED THIS SUMMER/2008! THIS IS
NATIONWIDE! IT IS EXTORTION!
Barney Frank slipped this in a bill, NOW WE have to PAY ACORN, a
left wing organization everytime we buy a house, or refinance a
house.
The senator the poster mentioned was actually Rep. John
Culberson of Texas. And his media rep said he misspoke - instead of
$420 per $100,000 of new mortgage business, he meant
to say $42. There's a big difference between $420 and $42.
but read below
Or read here - "But the fact of the matter is that in the
Fannie and Freddie Mae bill that Barney Frank put together this
summer, when we nationalized the mortgage banking industry, that
legislation, Glenn(BECK), contained language that gave these
community activist organizations like ACORN --out of every $100,000
mortgage from this day forward, each one of us will pay a fee of
$420 forever that will go directly to these community activist
organizations. It's going to be a line item on your closing
statement."
HERE'S THE LANGUAGE! PLEASE READ IT.
Section 1338 of H.R. 3221, the Housing and Economic Recovery
Act,
requires both Fannie Mae and Freddie Mac to contribute 4.2 basis
points for each dollar of the unpaid principal balances of their
new business purchases to the affordable housing funds each
year
.
A basis point is .
01 percent (.0001 x 4.2 = .00042 x 100,000 = 42). So, $42 out of
every$100,000 of new GSE mortgages goes to the Housing Trust
Funds.
The bill would
require the GSEs to contribute the basis point of the value of
their mortgage portfolios to TWO new affordable housing funds to
transfer money to the States then to the low-income-housing
activities of nonprofits like ACORN and La Raza nationwide
.
This provision siphons money away from the GSEs and further puts
them in financial straits
.
The largest organizations (and thus the most able to commit
resources to apply for federal grants) who work on affordable
housing issues include,for example, ACORN, National Council of La
Raza, and Housing Works.
There is no language prohibiting funds from the Housing Trust
Fund from going to entities, like ACORN, whose employees or
volunteers have been indicted or pleaded guilty for vote fraud.
Such language appears in the bill for the Community Development
Block Grant funds.
A blogger said that:
Adamske spoke to me about the purpose of the Housing Trust
Fund. He said 65 percent of the money goes to states and 35 percent
goes to "qualified applicants directly for purposes of building
houses." I asked Adamske who is a qualified applicant and he said
the Treasury Department has yet to determine the criteria.
In response to assignment:
Campaign 2008