Posted on 11/24/2008 3:39:29 AM PST by drpix
Citigroup & ACORN Sign Groundbreaking Agreement to Expand Homeownership in Communities Around the Country
New York-Citigroup and the Association of Community Organizations for Reform Now (ACORN) today announced a landmark partnership that advances the goals of both organizations in promoting homeownership in low- to moderate-income neighborhoods, especially in immigrant communities, increasing the availability of affordable credit, and promoting financial education. The partnership also reinforces Citigroup's position as a key industry leader in responsible and innovative lending practices.
As part of the partnership, announced today at an event in New York City, Citigroup and ACORN have agreed to collaborate on several initiatives, including to:
Form an affordable mortgage-lending program between Citigroup and ACORN Housing Corp. (AHC) to develop a specialized mortgage product for all AHC's homeownership centers, and make mortgages available to immigrants who have previously been shut out of credit markets."Citigroup is excited to announce this historic agreement," said Marge Magner, Chairman and CEO of Citigroup's Global Consumer Group. "By joining forces we can make great strides in building stronger communities and fostering a new generation of proud homeowners."Work together to expand access to the Earned Income Tax Credit, and, in immigrant communities, expand access to Citibank's Access Account and low-cost remittance program.
Expand financial education to assist low- and moderate-income consumers in saving, obtaining credit, and using credit wisely.
Focus on community-development lending to increase affordable housing in areas where the Citibank Community Development and ACORN footprints coincid
Provide borrowers with access to the best combination of loan product, price, service, and attributes. Establish a net-benefit test for real estate secured loans.
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Somebody tell me specifically why this is a good or desirable thing?
""especially in immigrant communities""
Why? Sounds discriminating against citizens not to mention culture destroying.
Americans truly have become lemmings.
If at first you don't succeed, try, try, try again.
I was sure this must be from the Onion.
They do not give a tinker's damn what you think!
About 2 years ago +/- 6 months, I canceled my Citi credit card uypon learning they were accepting the matricula consular cards from illegal alien invaders to qualify them for home loans.
When I called them to ask how they wanted me to handle the card, cut it up and/or send it to them, they were shocked, shocked I tell you!
They said; "Oh, but Ms. Nobody, you have been an excellent customer for 20 years, WHY would you want to cancel."
I replied that I had been a platinum card holder for 20 years, but a gold card and regular card before that and that I was thrilled they asked and proceeded to tell them exactly why!
I was told they do not accept the MC card, but Wells Fargo and Bank of America do. I told the guy about an article I had read, but could not produce it at that moment (I was on another computer) but would take his word for it and I was aware of the other banks.
A few days later I called back, read the article to them, stated I would do no business with an entity that worked toward the destruction of my country and canceled the card.
Their response? To this day they continue to send me a late payment notice for $29.00, which I throw in the trash.
The date of the article.
Fixed it for you.
Check your wallet. Cut up your CITI card.
You know, I keep seeing the word “affordable” combined with the words “CRA” and “ACORN.”
The funny thing is that it was the CRA and policies forced on financial institutions by congress and groups like ACORN that actually caused the housing bubble, forcing home pricing up, making it less and less affordable.
By granting mortgages to people who couldn’t afford them, plus granting multiple mortgages to speculators (flippers), they created an artificial shortage on the housing market, forcing prices upwards, making home ownership less affordable, not more.
Why is it that nobody seems to understand this?
Mark
Now we know WHY they just received the 30 billion dollar bailout!
Our country is doomed, the very reason we are in the mess we are is being enlarged.
I thought the same thing until I saw the actual press release. This is from 2004. But it DOES show us where the groundwork for the failure of Citi was laid.
Mark
Guys! This press release was released in 2004!
Mark
This is a joke, right?
That is a great idea. Maybe we should hand out acorns painted red to make a point.
This is what caused the financial meltdown.
It’s amazing what can be accomplished these days.
When the government shovels $20 Billion of taxpayers money in the back door the company can hand it out the front door without concerns about actually getting repaid.
Thanks to George Bush we don’t have to wait until Obama takes office to begin the new phase of massive wealth redistribution.
To All:
Sorry...its Monday...not enoough coffee...mumblemumble....zzzz
Thanks for pointing this out. I looked for date and saw the 08. Thank goodness. I thought it was happening now and it’s a sad state of affairs when we dont’ trust our government and banking system any more than to believe this is happening now.
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