Obama Embraces ACORN's Foreclosure Strategies to Fix Economy, Housing

ACORN (Association of Community Organizations for Reform Now) ^ | February 18, 2009 | ACORN

[callthemlikeyouseethem]

PHOENIX, Ariz. – ACORN members are celebrating President Obama's announcement today of the "Homeowner Affordability and Stability Plan," the first federal effort to fight foreclosures since the crisis that brought down the economy began two years ago.

For years, ACORN has been advocating repeal of the ban on judicial modifications, a central plank in the Obama plan that Congress should immediately take up in a must-pass bill and get to the President in March. Obama also proposes administrative actions to spend $75 billion of the Financial Stabilization Fund on facilitating modifications and to require companies receiving taxpayer assistance to use a rational foreclosure prevention protocol to prevent unnecessary foreclosures. These three planks are absolutely essential to repair our economy and are exactly what ACORN called for in its memo to the Obama Transition in January, "Housing for America: A Roadmap out of the Crisis."

"Finally, a President who is a friend of homeowners when it counts," said Bertha Lewis, ACORN CEO. "With 8 to 9 million Americans on the verge of losing their homes in the next four years, the nation's housing crisis demands leadership commensurate with its enormous scale, and we got that today from the Obama Administration. These effective sticks and carrots will do the job that the previous all-voluntary efforts have failed to do, and help prevent millions of unnecessary foreclosures once fully operational and enacted in law. Until that time, however, there should not be a single foreclosure on any family that could benefit from this comprehensive housing plan, so we need a thorough, binding moratorium."

[bicyclerepair]

Peggy Joseph was in MY town where the obamathon was last year. She may even live in my town. I’m embarassed to say.

[Just A Nobody]

Apparantly ACORN and the Obamaistas want to roll back the current system and allow judges to consider the status of the residence in bankruptcy proceedings.
I suspect they haven't thought this out all that carefully.

Oh, I think it was well thought out well in advance.

You are correct Timeout. Last week as we "visited" Capitol Hill there were two VERY VISIBLE groups.
ACORN and NACBA.org. You all know about ACORN, but the National Association Of Consumer Bankruptcy Attorneys were in DC lobbying CONgre$$ to allow judicial adjustments to mortgages in trouble. They stopped by with quite a line in hopes of gaining our support. Coincidentally, the group was formed in 1992, the same time the K'Toon was gearing up to inject the Community Reinvestment Act with crack bringing about this housing mess.

From their website:
“At a time when an estimated 6,600 American families are losing their homes to foreclosure every day, we welcome the Obama Administration’s support for changes to existing bankruptcy laws that will allow for judicial modification of home mortgages. The Obama Administration is the latest major player in this national debate to recognize the fact that judicial modification must be part of the solution to today’s worsening home mortgage foreclosure crisis.

[KTM rider]

I got a real belly laugh when I read on “Wikipedia” that ACORN tried to warn the Bush administration about the looming forclosure meltdown....LOL ! ! !

[RU88]

Judicial modification will cause irreversible harm to the mortgage industry and investment will all but dry up. Who would invest money in a product when you know that with a stroke of a judges pen you can have your contract negatively modified or voided?

The vast majority of people that will be “helped” by this are people who are living beyond their means in homes they could not afford to buy despite what the false messiah says. A teacher who buys a $400,000 home with 5% down on an interest only mortgage is not living within their means. I have yet to here if this proposal applies to all homes or just primary residences. What about flippers? It would seem that the chosen one is hell bent on making sure that hard working taxpayers who play by the rules get nothing but the pleasure of paying from other peoples irresponsibility.

This all seems like a month long nightmare to me. As a conservative I feel like I'm participating in a game of three card monty with the community organizer dealing the cards. We're all being played as suckers.