Posted on 10/19/2008 10:07:23 PM PDT by Columbo
ACORN's Housing Corporation, as detailed in another thread put out a PDF which explained that very low income folks could use food stamps and other gov't assitance to qualify for home loans. ACORN would then sell the loans to Fannie Mae.
The National Housing Institute in 1996 credited ACORN with creating this new method for low income folk to get loans. So in effect we can safely say that ACORN created the sub-prime housing crisis we face today.
Here's the quote from the NHI: "ACORN Housing Corporation developed an innovative financing mechanism previously nonexistent in the marketplace by convincing Fannie Mae to tailor its underwriting criteria to meet homesteaders' needs. Local banks could then write the mortgages and be able to sell them to Fannie Mae."
The previous thread with the ACORN archived PDF entitled "To each Their Home: Success Stories from the ACORN Housing Corporation" can be found here: http://www.freerepublic.com/focus/f-news/2109782/posts
I’m having a real hard time believing that this “financial crisis” happening at this time was only a coincidence. Anyone who believes that it is, might want to think about going into “rehab.”
Thanks for posting this.
BINGO....the has soros written all over it...
...
bttt
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