ACORN Working on Behalf of the Prey


	ACORN Working on Behalf of the Prey

dmegivern

10-1-2008 11:14 PM

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tags:

acorn, community organizers

dmegivern says:

The report also showed that predatory subprime lenders were targeting African American, Latino and low-income communities, selling them bad loans even when applicants had good credit and could have qualified for better loan products.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/5ce11055-ad99-427f-a4f2-70de10acaf9a/C4843C69-3B99-4299-BF52-463285A633D8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.acorn.org/index.php?id=12364" href="http://www.acorn.org/index.php?id=12364" style="font-size: 11px;">www.acorn.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.acorn.org/index.php?id=12364"><P class="bodytext">For years, predatory mortgage lenders have been steering first time homebuyers and those looking to refinance into subprime loans, often Adjustable Rate Mortgages (ARMs) that would reset to rates the borrowers ultimately could not afford. Now, foreclosures have become a nationwide crisis. Families are losing their homes in record numbers, neighborhoods are being torn apart, and the U.S. and world economies are suffering from the fallout. And this is only the beginning – many more ARMs have not yet reset to the higher rate, and it is estimated that 2 million American families could face foreclosure within the next few years.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.acorn.org/index.php?id=12364">The 2002 ACORN report <A  href="http://www.acorn.org/index.php?id=110">"Separate and Unequal"</A> revealed that subprime loans were taking over much of the mortgage market, replacing more affordable prime loans.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.acorn.org/index.php?id=12364">The 2006 ACORN study <A  title="Opens external link in new window" href="http://www.acorn.org/fileadmin/HMDA/2006/Rate_Shock_Report.pdf">"The Impending Rate Shock"</A> warned of the crisis that was about to hit the country due to exploding ARMs. This report also showed how pervasive these bad loan products continued to be</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C4843C69-3B99-4299-BF52-463285A633D8/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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