Posted on 10/30/2008 6:10:33 AM PDT by reaganaut1
With wanton disregard for the economic well being of America, a decade ago the social justice entrepreneurs of the ultra-leftist Association of Community Organizations for Reform Now (ACORN) let Americans know their strategy for bringing equality of result to the housing market -- at all costs.
In a circa 1999 document, "To Each Their Home: Success Stories from the ACORN Housing Corporation," the ACORN affiliate called the American Dream a sham and bragged about undermining banks' underwriting standards.
The brochure acknowledged there may be scattered "stories of hope and success" in ACORN-targeted communities, but "they also belie the supposition that if you simply work hard, sacrifice and save, you can easily buy a home of your own."
ACORN Housing took credit for developing "several innovative strategies" to get around pesky traditional lending guidelines, which were unfair because they "were geared to middle class borrowers."
Instead of using passé measures of creditworthiness such as, say, credit history and having an adequate income, ACORN convinced lenders to adopt "more flexible underwriting criteria that take into account the realities of lower income communities." Henceforth, some banks serving inner cities would accept "less traditional income sources such as food stamps." (See Foundation Watch, November 2008.)
It's unclear why ACORN stopped there. Perhaps the rent-a-mob group, renowned for occupying banks, disrupting legislative hearings and emergency medical facilities, surrounding the homes of politicians and CEOs, and annoying trapped motorists into paying tribute as part of its "toll roads" program, could have convinced narrow-minded bankers to accept another financial innovation.
...
Financial tomfoolery like including food stamps on loan applications was encouraged by the Carter-era Community Reinvestment Act (CRA), which opened banking to ACORN-style agitation that over time weakened underwriting criteria and helped to alter the culture of financial institutions in the U.S.
(Excerpt) Read more at spectator.org ...
OMG - We must have those acorn hats passed out at McCain/Palin rallies! It speaks volumes without saying a word! EVERYONE in the crowd should wear them! LOL
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