11 July 08 - 18:52ACORN and its involvment in the housing Crisis
Im beginning to get a bigger picture and its scary. ACORN the pro democratic party organization that has a trouble history of vote fraud is now majorily involved in the housing scandal and Fanny Mae and Freddie Mac
The video is of ACORN buying up properties in New Orleans. Also on ACORN's site is news that they back a new housing bill in California. Now comes a NY Times article that NY ATG Andrew Cuomo was in talks with fanny mae and freddie mac to cut a deal with them. Add to it the news that the new housing bill flushing money into the economy to allow people to buy up housing. So I have a simple question is ACORN responding to the housing crisis or causing it ??
HERE is a story from ACORN itself that it helped to get a reform build passed in California
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Landmark ACORN Foreclosure Bill Becomes Law in California
July 08, 2008
Oakland ACORN member Dorothy Hicks greets California Gov. Arnold Schwarzenegger on July 8 after he signed the ACORN-drafted foreclosure process bill that was introduced at her home in December.
OAKLAND, Calif. – On July 8, Gov. Arnold Schwarzenegger signed a landmark bill co-drafted by ACORN that offers some of the nation's strongest legislative solutions to the subprime mortgage crisis by reforming the foreclosure process in California to benefit homeowners, tenants and communities.
Senate Bill 1137 was pushed through as an urgency bill, so it will go into effect immediately to prevent tenants from being evicted from foreclosed properties. The bill's provisions protecting homeowners and communities will go into effect within 60 days.
"This bill is a good step in the right direction to help families that so desperately want to save their homes," said ACORN member and predatory lending victim John Cranshaw.
State Senate President Pro Tempore Don Perata praised ACORN for the organization's "tens of thousands of hours of staff work serving constituents" to get the bill passed, at a press conference where the governor signed the bill.
Perata, who sponsored the bill following an ACORN community forum in December, immediately acknowledged Oakland ACORN member Dorothy Hicks, at whose home the bill was introduced later that month.
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Now add to this the story from the NY TIMES that NY Attorney General Andrew Cuomo asked Fanny Mae and Freddie mac to intervene months ago and ACORN is involved in that too.
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Cuomo Steps Into Mortgage Crisis
BECAUSE of the vagaries of federal banking regulations, states have somewhat limited ability to respond to the mortgage foreclosure crisis, but this has not stopped Attorney General Andrew M. Cuomo of New York from acting aggressively in recent months.
Earlier this year, for instance, Mr. Cuomo struck an agreement with Fannie Mae and Freddie Mac, two federally supported companies based in Washington that buy mortgages from lenders and then package the loans into so-called pools that are resold to investors. Under the agreement, they cannot buy a mortgage from a lender unless the home has been evaluated by an independent appraiser — not, as has often been the case, affiliated with the lender or broker.
A representative of Acorn, a New Orleans-based activist group that advocates on behalf of low- and moderate-income people, said borrowers would benefit from the policy change.
“An accurate appraisal is good for homeowners,” said Austin King, national director of Acorn’s Financial Justice Center. “Too many times, people have gotten financing for $150,000 when the house was only worth $100,000, and it’s ruined them.”
Mr. Cuomo’s appraisal agreement represents a de facto regulation of national banks, which must comply with the agreement or lose their primary market for loans. Partly for that reason, some federal banking regulators — primarily the Office of Thrift Supervision — are seeking to exempt federally chartered banks from the Fannie Mae and Freddie Mac agreement. Industry executives expect to know within months whether the federal regulators will prevail. No comments No trackbacks
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