Twelve years ago many Democrats* and Republicans still thought lowering borrowing standards in order to help poor, uncreditworthy people play Russian roulette with home values was a wonderful idea.
In 1999 ACORN even bragged about helping to kill reasonable underwriting standards by strong-arming banks into counting welfare benefits such as food stamps as income.
No money? No job? No problem!
ACORN Housing Corp. produced a brochure, “To Each Their Home: Success Stories from the ACORN Housing Corporation,” to highlight the group's antisocial activities.
"To each their home." Hmmm. What does that sound like? Oh yeah, I remember now.
From each according to his ability, to each according to his need. That's from Karl Marx.
*Many Democrats still think weakening underwriting standards is a super idea. Like President Obama, they want to make the disastrous Community Reinvestment Act even stronger.