Like the more infamous ACORN, the Neighborhood Assistance Corp. of America is another leftist group waging war on free enterprise while filling its own coffers by using shakedown tactics. NACA variously accuses banks of engaging in predatory subprime lending or ignoring the needs of low-income communities. And the group likes to get nasty. A profile of the group in today’s Wall Street Journal notes that the group … salts its Web site with photos of executives it accuses of standing in the way of helping homeowners – emblazoning “Predator” across …
If the Senate Democrat/Citigroup plan to allow bankruptcy judges to rewrite mortgage contracts becomes law, there is no doubt that many homeowners who are struggling to pay their mortgages will be helped in the short term. But there is never any such thing as a free lunch. What benefits these homeowners in the short term, only hurts other homeowners trying to sell their homes, and all home buyers trying to afford one. A mortgage cram down law would: Add the government as a silent third party to all private contracts …
Our friends at FreedomWorks are keeping the pressure on Sen. Chris Dodd (D-Conn.) for his sweetheart deal with Countrywide Financial and the housing bailout he negotiated to benefit the company. During a recent trip to Capitol Hill, the FreedomWorks team brought its Pander-bear to Union Station to shine the spotlight on the cronyism. Check out AngryRenter.com for more information. [youtube]http://www.youtube.com/watch?v=hsoM1chZElk[/youtube]
Late yesterday Portfolio.com reported that a bunch of powerful Washington politicians were given below market loans by Countrywide Financial. Among those receiving “special” loans that saved them thousands of dollars were former HUD Secretary Alphonso Jackson and Senate Banking chairman Chris Dodd (D-CT). Rounding up the morning’s news for his readers, online left leader Matt Stoller summarized the Portfolio story and then blithely comments: “Go free market!” Go free market?!? This story has nothing to do with the free market and everything to do with the inevitable rent seeking behavior …
