ACORN`s Illegal Alien Home Loan Racket

There`s one thing more shocking
than the illegal alien smuggling advice that an ACORN
official in San Diego gave undercover journalists James
O`Keefe and Hannah Giles. [Pictured left]
It`s the illegal alien home loan racket that ACORN has already been
operating with the full knowledge of the U.S.
government.

On Wednesday, O`Keefe and Giles
published the

fifth
in a series of
BigGovernment.com
sting videos. ACORN official Juan Carlos Vera
coached the pimp-and-prostitute-posing pair on how best
to pull off a

border-busting
smuggling operation. It would be
"better from

Tijuana
," he counseled on videotape. Vera then generously offered the
investigative couple his Mexican
"contacts" to
bring 12 illegal alien girls into the country for

prostitution
.

GOP California Gov.

Arnold Schwarzenegger
now wants an investigation.
But neither the Terminator nor any other California
public official raised a peep when the very same San
Diego ACORN office publicly announced a partnership with
Citibank to secure home loans for illegal aliens.

In 2005, Citibank and ACORN Housing
Corporation—which received tens of millions of tax
dollars under the Bush administration alone—began
recruiting Mexican illegal aliens for a lucrative
program offering loans with below-market interest rates,
down-payment assistance and no mortgage insurance
requirements. Instead of the Social Security numbers
required of law-abiding citizens, the program allows
illegal alien applicants to supply loosely monitored tax
identification numbers issued by the IRS.

The
San Diego
Union-Tribune
reported that
"undocumented
residents"
comprise a vast market representing a
potential sum of
"$44 billion in mortgages."
Citibank enlarged its
portfolio of subprime and other risky loans. ACORN
enlarged its membership rolls. The program now operates
in Miami; New York City; Jersey City, N.J.; Baltimore;
Washington, D.C.; Chicago; Bridgeport, Conn.; and at all
of ACORN Housing`s 12 California offices. San Diego
ACORN officials advised illegal alien recruits that
their bank partners would take applicants who had little
or no credit, or even
"nontraditional
records of credit,

such as utility
payments and documentation of private loan payments."
[Home-buying
program has cash, controversy
|
Undocumented
residents being recruited for loans,
By Janine
Zúñiga February 6, 2006]

The risk the banks bear is the
price they pay to keep

ACORN protesters
and Hispanic lobbyists from the
National Council of La Raza screaming about

"predatory
lending"
off their backs. These professional

grievance-mongers
have turned the

1977 Community Reinvestment Act
—which

forced lenders
to sacrifice

underwriting standards for
"diversity"
—into
lucrative
"business"
opportunities. Or rather, politically
correct blackmail.

As the Consumer Rights League noted
in a 2008 report on the group`s successful shakedowns of
financial institutions,

"an agreement
with Citibank, a significant ACORN donor and partner,
showed that some activists become less active when deals
are in place."
[ACORN`s Hypocritical House
Of Cards
(PDF)]

In the wake of the sting videos,
ACORN officials are making a great show of clamoring for
"reform."
ACORN chief executive

Bertha Lewis
blamed the debacles across the country
on the

"indefensible
action of a handful of our employees."
But the
corruption is systemic. ACORN has long thrown
rank-and-file operatives under the bus to cover for its
management`s indefensible conduct. And ACORN`s highly
touted advisory watchdogs include inherently conflicted
foxes guarding the henhouse:

ACORN advisory council member

Henry Cisneros
resigned from his post as Clinton HUD
Secretary after lying to FBI agents about

payments to a former mistress.


ACORN advisory council member Andy Stern
is

president of the SEIU
, the Big Labor organization
plagued by embezzlement scandals and inextricably linked
to ACORN`s disgraced founder

Wade Rathke.

And ACORN advisory council member
Eric Eve of Citigroup
is a champion of the
ACORN/Citibank illegal alien loan program that

openly undermines immigration
laws and

integrity in banking.

The truth is more sordid than any
fictional scenarios caught on tape: ACORN is a corrupt
enterprise.

COPYRIGHT

CREATORS SYNDICATE, INC
.


Michelle Malkin


[
email
her
]
is the author of



Invasion: How America Still Welcomes Terrorists,
Criminals, and Other Foreign Menaces to Our
Shores
.
Click



here

for Peter Brimelow`s review. Click




here

for Michelle Malkin`s website. Michelle Malkin
is also author of





Unhinged: Exposing Liberals Gone Wild

and the just-released
Culture of Corruption: Obama and his Team of Tax Cheats, Crooks & Cronies.