Backdoor Funding?

" All right do you remember I told you that this government was gonna find a way to get away. From. Community organization group that has been tainted by numerous scandals or sell they tell me. Having found a back -- way to fund them well. Believer -- after October 31. Acorn. Did start getting funds again. He kept that span. They were serious. From all biggest -- is way to the end of October I think they learn their lesson. And it thanks to Barney Frank they could get -- even bigger boost for the expansion of the community reinvestment act. Act HR 1479. For those of you who. Count those things by numbers as you may remember or not to the CRA the community reinvestment act. Is the thing that makes -- banks lend it money to people they don't want to loan money to because. They have very low income and -- are most likely to go under. It's often cited as one of the chief causes of the sub prime mortgage meltdown but. Washington has learned their lesson and they want to expand it. Blocked there's also really good news from Minnesota congresswoman Michelle Bachmann. I'll congresswoman -- I don't great glad thanks for having -- you broke some news this morning on my radio program about acorn and I. I find this absolutely incredible. -- until tell the American people what they've already been doing and what the expansion of this CRA thing means."

" Well it's stunning Glenn just as you said the community breast and -- it community reinvestment act is a creation of the federal government. Forcing private banks to make home mortgages to people who are very poor credit risk no bank wants to do that and -- the federal government in effect threatens banks and says we're gonna we're gonna close down your -- bank or we won't let you expand. Unless you make these bad loans to people are make loans that are unlikely to get -- okay well why would they wanna do that."

" Okay and is the same. Not only is the federal government saying that if you won't make loans to these people that that shouldn't have loans. Then if you don't make loans to them we're not gonna let your bank. Expand we won't you know -- you going to other areas in states etc. it's a trip. But also you have the other element. Which is the what -- Barack Obama say the -- the actual coalitions of power including the community organizing. They also -- acorn out so you've got the PR nightmare for the bank and the federal government breathing down but. The federal government in their great wisdom. Has given these banks and out over the years that."

" Frank that's right they have -- they have told banks in order to get up positive community reinvestment act rating. And yet to get a good reading from the regulator sure banks were able to get either cash gifts to acorn. Or -- Clinton gets -- in kind donation or partner with acorn to make these loans to people in the community. So -- instead. Making I'll grant loans to people -- poor credit where credit risk could give money to -- eight corn. In order to get this positive -- community reinvestment act rating. And we've uncovered data banks all across the country. That may be as the gifts of money to acorn equipment guests are partnered with acorn. In order to -- a good rating so they get out from under the radar screen of the federal government in other words so they don't get there interstate. Branch banks shut down or so that they can expand."

" Michelle Bachmann you're one of the truth tellers and by the way when you see Lindsey Graham who you know -- He says I don't speak for the Republican Party thank god. You just give him a big. Guy will -- I love him."

" Well I think the other part is that I am one of the chief targets -- cheap. Speaker Pelosi for defeat next year."

" Now know have you ever thought to yourself and you go to -- and -- yourself. -- be better off if I wasn't in Washington."

" Well sometimes you think that but then I'd have to look at my five kids are 23 Foster kids that we raised and realize. I have to hand the baton of freedom off to them. I have to look at myself in the -- and ask myself. Did I do everything I could possibly do to make sure our country stays free under our declaration of independence and the constitution."

" Michelle thank you for being one of the actual Republicans that are fighting for values I appreciate it. And by the way if there's any rip the Democrats that are fighting for those things we'd love to have them on as well maybe some of the -- founders but oops I can tell you their name."