As we try to shake off the financial crisis, here's a bright idea. Take a law that has led to the writing of an enormous amount of bad mortgages and expand it. Then take enforcement away from bank examiners and give it to housing activists.
Sound like a poisonous cocktail? Well, it is what the Obama administration and Democrats are currently stirring up on Capitol Hill.
The Obamacrats are planning to expand the Community Reinvestment Act -- the one that helped to fuel the mortgage meltdown --- and amend it to take oversight authority away from bank examiners and over to groups like ACORN and the SEIU. ACORN (and/or groups like it) would have regulatory authority to force banks to make mortgage loans under the amended CRA.
Either the Obamacrats are deliberately out to Cloward-Piven the economy, or they are completely bugfrack insane.
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