Saturday, June 28, 2008


"ACORN has been fighting against predatory lending since 1999. ACORN members have engaged in outreach and education to help homeowners avoid becoming victims of predatory lending, led protests against specific lenders to win changes in their practices, and convinced regulators to crack down on the worst companies.

ACORN's 2002 report "Separate and Unequal" revealed that subprime loans were taking over much of the mortgage market, and that many of these loans were predatory and were targeted toward low-income and minority homebuyers.

The 2006 ACORN study "The Impending Rate Shock" warned of the crisis that was about to hit the country due to exploding Adjustable Rate Mortgages.

ACORN members are lobbying their legislators in cities, counties and states around the country, as well as on the national level, to implement regulations that will help stem the foreclosure crisis and curtail predatory lending.

ACORN members worked to ensure that Congress passed $150 million in new funds for housing counseling organizations, $100 million of which was earmarked for foreclosure prevention. ACORN continues to work closely with Congress on anti-predatory lending legislation....

ACORN is the nation’s largest grassroots community organization of low- and moderate-income people with over 400,000 member families organized into more than 1,200 neighborhood chapters in 110 cities across the country.

Since 1970, ACORN has been building community organizations that are committed to social and economic justice, and won victories on thousands of issues of concern to our members, through direct action, negotiation, legislative advocacy and voter participation. ACORN helps those who have historically been locked out become powerful players in our democratic system.

ACORN's sister organization, non-profit ACORN Housing (AHC), has been providing free housing counseling to low- and moderate-income homebuyers since 1987...

ACORN Housing provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through our unique lending partnerships.

ACORN schedules regular Foreclosure Avoidance Classes and Foreclosure Prevention Fairs to help troubled homeowners find solutions to remain in their homes.

ACORN Housing Corporation has received a $7.8 million grant to provide foreclosure counseling to close to 25,000 homeowners across the country. The funds, from the National Foreclosure Mitigation Counseling Program, were approved by Congress earlier this year and are administered through a competitive application process by NeighborWorks of America, within guidelines defined by Congressional legislation.

As of June 2008, ACORN and ACORN Housing have helped 5,400 families remain in their homes.

ACORN Housing trained counselors have a network of 40 lenders and servicers they work with to streamline the foreclosure workout process.

ACORN staff offers outreach and gathers preliminary paperwork for ACORN Housing so that they can begin the counseling process.

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