Anita MonCrief
RedState.com
4/14/2010
ProPublica, the brainchild of Herb and Marion Sandler, received journalism’s top honor this week in conjunction with the New York Times.
“ProPublica, a nonprofit investigative-journalism service, won one of two Pulitzers awarded for investigative reporting for a story on the life-and-death decisions made by doctors at a New Orleans hospital during Hurricane Katrina. The story was a collaboration with The New York Times Magazine.”
I explained last year in a four part series titled ACORN and The Sandler’s: A Four part Review of the Housing Crisis that:
“Ed Lasky’s article in the American Thinker illustrates the role of Herb and Marion Sandler in the subprime meltdown.
‘Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW — one of the largest thrifts in the nation. The company’s business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low “teaser” rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.’
“Lasky goes on to note that groups like ACORN “might also have played a role in the expansion of such mortgages to borrowers who may have lacked the ability to repay the loans.” According internal documents, ACORN Housing often used income that was considered “under the table” in order to qualify its applicants for loans. Lenders like World Savings and Bank of America were long time partners who seemed to also benefit (at the time) from these subprime loans.”…
…Herb and Marion Sandler were named among Time magazine’s list of “25 People to Blame for the Financial Crisis.” for their risky and now toxic adjustable-rate mortgages (ARMs). However, in true ACORN fashion, ProPublica points the finger at Wall Street and the banks. In a rather odd original song entitled “Bet Against the American Dream” ProPublica takes a jab at Wall Street. The video can be watched here…
The article continues at RedState.com
Anita MonCrief is a blogger and writer in Washington, D.C. She is also the ACORN/Project Vote whistleblower…In 2008 Anita came forward to expose the damage that ACORN has done to the impoverished and marginalized communities, as well as its rampant voter fraud. Read the rest of Ms. MonCrief’s bio here.
