Bank Terrorists Blame Banks For Collapsing

November 21, 2008

IBD has an editorial up titled The Bank Terrorist briefly profiling self described “Bank Terrorist” and self described “Urban Terrorist”, Bruce Marks.

Housing: For years, a self-described “bank terrorist” blackmailed banks into making bad home loans in our inner cities. Now those loans are defaulting by the millions, and he’s blaming banks.

Bruce Marks, founder of the leftist Neighborhood Assistance Corp. of America, makes a good living shaking down banks for loans to deadbeat borrowers that he thinks are entitled to homes.

Just like Barack Obama’s ACORN! How did he do it? Why extortion of course.

In 2004, for example, he threatened to blow up a merger deal between Bank of America and Fleet Bank by complaining to regulators that the banks weren’t making enough loans to minorities under the Community Reinvestment Act. The banks, in turn, paid him off with $6 billion in mortgage commitments.

The nonprofit NACA uses such ransom money to fund its own mortgages to high-risk borrowers without requiring down payments or good credit. Marks considers such underwriting requirements “patronizing and racist.”

Sound like the kind of guy Congress should invite to testify on the subject of how to rescue the financial system.

Congress’ banking committee chiefs, Sen. Chris Dodd and Rep. Barney Frank, are also demanding banks stop foreclosures. And guess who they’ve invited to testify about that? That’s right: Marks, who has proposed stopping all resets on subprime adjustable mortgages and allowing late payments for up to 90 days.

IBD calls it Marksism:

For future underwriting practices, Marks urges lenders to adopt the NACA model.

“NACA has done lending the right way,” he says. “No down payment. No closing costs. No fees. No perfect credit. At a below-market fixed rate.”

And no repayment or profit. Call it Marksism.

Socialist Progressive Democrats and their community organizers have been terrorizing the banking industry by design for decades, and now they act as though they had nothing to do with the collapse of the target of their terrorism. The American people will never let them get away with….oh yeah, they did. Never mind.

Here are images of Marks leading a protest against the nationalization bailout of Wall Street.

bruce marks 1 by you.

bruce marks 2 by you.

bruce marks 3 by you.

I happen to agree with the yellow sign and the question posed on the red sign, but I would also add “Why should tax payers bail out unqualified borrowers who were conned by community organizers into thinking they could afford debt that they could never hope to repay in the first place?”

I guess he would need a bigger piece of construction paper for that message though.

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Jon David Kahn “American Heart”