Cracking the ACORN

Posted: June 20, 2008 in ACORN, Headlines

Regular readers of this site know that I have been following the ACORN’s constant violations of voter fraud going back to Kerry/Bush. Well, the CRL (Consumer Right’s League) has just issued a report outlining some of the other dirty deeds committed by this organization in the name of helping out the disadvantaged.

Here is an excerpt from the report’s executive summary:

–ACORN leveraged the Community Reinvestment Act in order to

attack lenders’ reputations and secure financial resources for itself;

it has also endorsed loans offered by companies that fund ACORN

operations.

–ACORN’s decades of lobbying and publicity seeking have contrib-

uted to the current housing crisis by lowering lending standards

–Despite raking in a troubling 40 percent of its revenue from taxpay-

ers over the last three years, ACORN Housing Corporation’s actions

range from controversial to borderline illegal:

–AHC has worked to obtain mortgages for undocumented

workers

–AHC relies on undocumented income, “under the table” mon-

ey that may not be reported to the Internal Revenue Service

–ACORN’s “financial justice” operations attack lenders for “ex-

otic” loans, but AHC has recommended ten-year interest-only

loans (which deny equity to the buyer) and reverse mortgages

(which can be detrimental to senior citizens)

–AHC may have violated federal law by failing to maintain a

proper distinction between its tax-exempt housing work and

the aggressive political activities of ACORN (click here to read entire report)

h/t: MM

About a year or so ago, I interviewed mortgage industry expert Christopher Cruise about the spiraling real estate and lending market and how Blacks in particular were affected. Among the many things we talked about was the fact that in many cases, in was Blacks in the industry that was screwing other Blacks either intentionally or not intentionally due to poor training on their part. There was a lot of money to be made in those days and the only color lenders saw was GREEN. You can listen to that interview here.

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