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DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
USE OF DEPOSITS.Of the amount referred to in paragraph (1)
65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
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Profits? We’ll be lucky not to take a bath on the purchase of these toxic assets. If we get 70 cents on the dollar, that would be a success.
That being said, this section proves that the Democrats in Congress have learned nothing from this financial collapse. They still want to game the market to pick winners and losers by funding programs for unqualified and marginally-qualified borrowers to buy houses they may not be able to afford — and that’s the innocent explanation for this clause.
The real purpose of section D is to send more funds to La Raza and ACORN through housing welfare, via the slush fund of the HTF. They want to float their political efforts on behalf of Democrats with public money, which was always the purpose behind the HTF. They did the same thing in April in the first bailout bill, setting aside $100 million in “counseling” that went in large part to ACORN and La Raza, and at least in the former case, providing taxpayer funding for a group facing criminal charges in more than a dozen states for fraud.
It’s bad enough that taxpayers have to pay the price for Congress’ decade-long distortions of the lending and investment markets. If we realize a profit from the bailout, that money should go to pay down the debt or get returned to taxpayers as dividends from their investment — not to organizations committing voter fraud, and not to restarting the entire cycle of government meddling in lending markets. I’d support a rational bailout package, but anything that funds the HTF needs to get stopped.
As usual, the dems trying to muck it up. ACORN is a democrat voting fraud outfit, under investigation in numerous states, whose employees have been convicted in a bunch of cases of voter fraud.
As usual, the dems trying to muck it up. ACORN is a democrat voting fraud outfit, under investigation in numerous states, whose employees have been convicted in a bunch of cases of voter fraud.[/QUOTE]
Obama has not disassociated himself from ACORN. You are absolutely correct about ACORN. They're a "community organizer" type of operation, involved in a lot of voting fraud (paying for votes, etc.). Democrats wanted ACORN to be part of the baillout package, in charge of housing. With all they know about this organization, they wanted to leave it in a position to continue their activities. Unbelievable! This explains why the Dems didn't inform Republicans of their plan before yesterday's meeting at the White House, and went around shouting from the housetops, prematurely and untruthfully, that the deal is pretty much agreed upon by both sides - perhaps hoping to force Republicans to agree to it. Well, the plan didn't pass the smell test, and Republicans didn't fall for it.
Democrats certainly are good at mucking things up.
Sen. Obama was trained by Chicago's Industrial Areas Foundation, founded in 1940 by the radical organizer Saul Alinsky. In the 1980s, Obama spent years as director of the Developing Communities Project, which operated using Alinsky's strategies, and was involved with two other Alinsky-oriented entities, Acorn and Project Vote.
Sen. Obama was trained by Chicago's Industrial Areas Foundation, founded in 1940 by the radical organizer Saul Alinsky. In the 1980s, Obama spent years as director of the Developing Communities Project, which operated using Alinsky's strategies, and was involved with two other Alinsky-oriented entities, Acorn and Project Vote.
I was once in the Obama camp . Glad elections weren't 2 months ago as would have voted for him.
He is nothing at all like the "I love Obama" media wants voters to think he is.
I loathe the new Neocon owned GOP but no way voting for Obama either. It's funny that Independents in Florida are doing so well which is why Mccain/Obama still tied.
The dems were all up in arms after the last election when they were so sure of election fraud - a complete falsehood by the way. Democrats have a long history of election fraud and ACORN is just the latest iteration. And of course Obama, the Saul Alinsky protege, is in the thick of it.
The dems were all up in arms after the last election when they were so sure of election fraud - a complete falsehood by the way. Democrats have a long history of election fraud and ACORN is just the latest iteration. And of course Obama, the Saul Alinsky protege, is in the thick of it.
And so many well-intentioned democrat voters want to hand the country over to him. Sad.
When Obama was a practicing attorney, one of his clients that he defended was ACORN. Obama also led that group in some voter related issues seminars.
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