Showing posts with label Community Reinvestment Act. Show all posts
Showing posts with label Community Reinvestment Act. Show all posts

Monday, April 11, 2011

ACORN Housing bragged about destroying the housing market

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.