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ACORN: Bailout Failure Is An Opportunity

From ACORN’s website:

A ACORN, The Association of Community Organizations for Reform NOW, member holds a sign, Tuesday, Sept. 23, 2008, as the political action group stages a protest in front of the Federal Reserve Bank Building in Doral, Fla. The group was protesting the ‘failure of the Bush administration and Chairman Ben Bernanke to include lifelines for homeowners facing foreclosure in its big bank bailout.

Bailout Failure an Opportunity to Improve Package

September 29, 2008

More Relief for Homeowners Would Stem Crisis More Effectively

On Sept. 29, ACORN National President Maude Hurd released the following statement about the House of Representatives’ 205-228 vote in opposition to the Wall Street bailout package:

“ACORN welcomes the opportunity to renegotiate a package that will actually do something for homeowners on Main Street and not just bail out Wall Street. Ninety-five Democrats voted against the bailout bill because it did not do nearly enough for families struggling to pay the mortgage and who are teetering on the brink of foreclosure. If a better plan comes back that will do more to assist struggling homeowners, it stands a chance of passing.

“The foreclosure crisis, which began not last week but more than a year ago, will continue unabated by the current bailout proposal. To really solve our broader economic woes, we must address the underlying problem of unnecessary foreclosures. One critical way to do this is to include bankruptcy shelter in the bailout package, which was dropped from the negotiations over the weekend.

“Another way to stem foreclosures is to include tighter language directing the Treasury Secretary to prioritize purchasing those distressed assets like whole mortgages where the Treasury would have the authority to modify the mortgages and avoid unnecessary foreclosures. Additionally, the Treasury could be directed not to purchase any securities or other assets that lack such authority to modify. This would ensure that the public’s investment in Wall Street’s bad assets actually results in a reduction in foreclosures, so that we can stabilize home prices and restore liquidity in a permanent way to our markets.  That’s the recipe for a bailout in which both Main Street and Wall Street can benefit.”

In other words, they want Mr. Paulson Mr. Obama’s Treasury Secretary to have the power to give their constituents free houses.

Chutzpah, thy name is ACORN.

This article was posted by Steve on Monday, September 29th, 2008. Comments are currently closed.

3 Responses to “ACORN: Bailout Failure Is An Opportunity”

  1. BillK says:

    As long as they weren’t “tricked into” buying those houses they’ll be getting free… sigh.

  2. JohnMG says:

    …..”we must address the underlying problem of unnecessary foreclosures…..”

    I’ll just wait right here until one of ACORN’s mental midgets defines “unnecessary foreclosure”.


  3. Colonel1961 says:

    ‘Unnecessary foreclosure’ – future-speak for a mortgage held by a poor, non-citizen, unqualified, democrat voter.

    ‘Necessary foreclosure’ – future-speak for a mortgage held by a middle-class, tax-paying, documented income, non-liberal voter.

    ‘…but some animals are more equal than others…’

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