by Robert Stacy McCain | October 30, 2008 12:33 am
Investigative reporter Matthew Vadum reveals ACORN’s role in causing the subprime mortgage debacle:
In a circa 1999 document, “To Each Their Home: Success Stories from the ACORN Housing Corporation,” the ACORN affiliate called the American Dream a sham and bragged about undermining banks’ underwriting standards. . . .
ACORN Housing took credit for developing “several innovative strategies” to get around pesky traditional lending guidelines, which were unfair because they “were geared to middle class borrowers.”
Instead of using passe measures of creditworthiness such as, say, credit history and having an adequate income, ACORN convinced lenders to adopt “more flexible underwriting criteria that take into account the realities of lower income communities.” Henceforth, some banks serving inner cities would accept “less traditional income sources such as food stamps.”
You read that right: ACORN pushed banks to count food stamps as income in determining mortgage eligibility. Think about that when you get your next 401(k) statement. Your investments are in the toilet and the world’s financial system is teetering on the verge of meltdown because of these left-wing poverty pimps. They’re promoting “equality” only in the sense that all Americans are getting equally screwed.
(Cross-posted at The Other McCain.)
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