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How Many Did ACORN Trick Into Loans?

From an article we posted back in September, from ACORN’s website:

Our Homebuyer’s Program

Intimidating to nearly everyone, the homebuying process seems impossible to millions of low and moderate income Americans. ACORN Housing’s mortgage counseling program eases the difficulty of buying a home for those with low incomes – we’ve helped over 50,000 families to achieve their dreams of homeownership since 1986. We have also assisted hundreds of existing homeowners to avoid foreclosure and preserve their homes-including victims of predatory lending and others who’ve faced serious and unexpected financial hardships.

ACORN Housing Counselors make the homebuying process more accessible to first-time buyers. Instead of having to approach bankers or contend with brokers, first-time homebuyers can meet our counselors in the local ACORN Housing office to pre-qualify for a mortgage. If you have credit problems, you’ll learn ways to resolve them. If you don’t qualify for the program right away, you can attend our free Budget and Credit Seminar for additional help with financial management.


As a community-based, non-profit housing counseling agency we’re here to help you choose the loan option that’s best for you. ACORN Housing’s loan counseling program is HUD certified and our services are free of charge.

As a community-based, non-profit housing counseling agency we’re here to help you choose the loan option that’s best for you. ACORN Housing’s loan counseling program is HUD certified and our services are free of charge. [sic]

We provide pre-purchase counseling for low to moderate income homebuyers. See HUD Income limits for your area to see if you are eligible.

We look at your savings and credit history to see if you qualify for a mortgage. We can help you with credit problems and to create a downpayment savings plan. When you qualify, we can help arrange a mortgage with lower interest rates, lower down payments and lower settlement costs than what banks usually offer.

Mortgage Programs

Through ACORN Housing, homebuyers can gain access to mortgage programs with lower interest rates, lower down payments, flexible underwriting guidelines and lower origination fees. With AHC, you can refinance for better terms through the innovative agreements we’ve formed with lenders.

With AHC you get:

* Lower down payments and closing costs.

* No Private Mortage Insurance.

* Banks generally require 3 months of mortgage payments in the bank at settlement.

* With our program, they don’t, which allows you to buy a home sooner.

* Most banks won’t count public assistance or voluntarily child support in determining if you’ll qualify for a mortgage.

*With our program, all steady income counts.

Can We Help You?

Please continue on with our four step Counseling program listed below to learn more about AHC homebuying services available to you.

Our Four Steps to Homeownership are:

Intake Appointment

One-on-One Appointment

Homebuyer Seminar


A triumphant February 28, 2008 press release from the ACORN website:

ACORN Housing Corporation launches non-profit mortgage brokerage

ACORN Housing Corporation launches non-profit mortgage brokerage with CitiMortgage, Bank of America, First American Title Insurance Company, and Fannie Mae to help low- and moderate-income families find safe, affordable mortgages in Florida

ACORN Housing and CitiMortgage, Bank of America, First American Title Insurance Company, and Fannie Mae announced today the launching of a new non-profit mortgage brokerage called Acorn Housing Affordable Loans, LLC, to help qualified borrowers enjoy the benefits of homeownership throughout Florida. Additional offices will be launched in other states in the coming months. The new mortgage brokerage will also help homeowners faced with resetting adjustable rates that may make their current home mortgage payments unaffordable.

Central to this new initiative are the participating lenders commitment to make their fixed price and affordable mortgage products available as one of the options for borrowers working with ACORN Housing in its target cities. Key features of the fixed-rate mortgage products being offered include:

Low downpayments

Flexible credit guidelines and income requirements including the use of non-traditional income

Competitive rates

Low fees

Trained counselors will provide borrowers with free pre-purchase homebuyer education counseling and at anytime throughout the life of the loan if some unforeseen event occurs that prevents them from meeting their mortgage obligations.

This new initiative furthers Acorn Housing’s mission to provide homeownership opportunities for all prospective homeowners by providing a network of mortgage brokers to provide borrowers with a mortgage loan suited to their individual circumstances and requirements. For further information visit our website at http://www.acornloans.org or call 1-877-631-2267.

The launching of this new mortgage brokerage is just the latest initiative by ACORN Housing to serve low and moderate-income families across the United States. Since its formation in 1986, they have counseled more than 250,000 people and helped more than 80,000 people own a home. Most recently, through its HELP hotline at 1-888-409-3557, it has been able to help more than 4,000 families avoid foreclosure and save their homes by working with more than 46 servicers.

"A key objective of ACORN Housing Affordable Loans, LLC is to expand housing opportunities," said Alton Bennett, President of ACORN Housing Corporation and the new mortgage brokerage. "This new initiative meets that objective through a focused commitment to provide low and moderate-income individuals with comprehensive advice and information that they can trust, and makes sure that they are fully informed about every aspect of this most important financial transaction. We want to help families begin building wealth today. We are very pleased with the level of commitment that CitiMortgage, First American and Fannie Mae are contributing to this effort."

"Bank of America is proud to participate in the launch of ACORN’s mortgage brokerage," said Glenda Gabriel, Bank of America Neighborhood Lending Executive. "Working with ACORN, this valuable partnership will make Bank of America’s suite of safe and affordable mortgage products more accessible to first-time homebuyers interested in achieving the American dream of home ownership."

"Over the last 12 months, we have worked diligently together to get ACORN established as a broker, provided training and support as they set up their broker operations and strategy. The launch today is a culmination of these efforts. We are proud to announce this alliance with Acorn Housing Corporation," said Danny Gardner, National Director of Strategic Markets for CitiMortgage. "In the current climate, we feel the mortgage products we are offering through this relationship will not only help first-time homebuyers looking for a home but also may help those faced with rising mortgage payments."

"First American Title has been a committed partner in the industry in serving low-to-moderate income and multicultural families in achieving the American dream of homeownership. We are happy to take another step forward with this partnership with ACORN Housing Corporation, " said Lionel Savage, Vice President for Lender Services and Industry Relations, First American Title Insurance Company. "First American Strategic Markets is fully equipped with assisting in this partnership with our multicultural escrow and closing services and tools that directly address the need for education about the homebuying process amongst the multicultural community."

"Fannie Mae is proud to work with ACORN Housing, " said Thomas Collins, Director, Single Family Business, and Fannie Mae. By working with ACORN and lenders like Citibank, we can support their efforts to expand homeownership opportunities for underserved communities at affordable price points achieve sustainable homeownership."

"Many Floridians in our circumstances are looking for a safe, affordable and good quality home and we feel very fortunate to have the opportunity to work with Acorn Housing Affordable Loans," said Carlos Negron and his wife, Irlene Hernandez, Miami residents who are seeking to qualify for their first home through this initiative. "This is extremely exciting. We are looking forward to moving into our new home."

"On behalf of all of the participants, we are excited to get started on moving ahead with this project, said Mike Shea, Executive Director of ACORN Housing Corporation. We appreciate the opportunity to be able to serve citizens in Miami and other communities in Florida. Acorn Housing can help put Floridians in a safe, fixed rate mortgage that they can afford. We will be there for them throughout the process."

Is ACORN going to be punished for hoodwinking so many thousands into mortgages they could not afford?

This article was posted by Steve on Friday, February 20th, 2009. Comments are currently closed.

15 Responses to “How Many Did ACORN Trick Into Loans?”

  1. proreason says:

    In a sane world, this would be the smoking gun.

    but chuckle, chuckle……..sanity is so yesterday

  2. 1sttofight says:

    Where are thesperm donors fathers in the picture at the top of the page?

  3. 4USA says:

    ACORN knew it what was coming. They promoted the idea of getting as many of their constituents into housing as quickly as possible. This was the real beginning of reparations and redistribution of wealth. Why get approval from the electorate? Just do it! Who do you suppose is going to be the primary recipient of the 75 billion dollar plan to “help out those hurt by predatory lenders?”

    You gotta admit it. They don’t like our rules (Constitution) and ain’t gonna play by ’em. Meanwhile, we’re losing because they’re taking advantage of our honesty and fair-play. They’re at war with us and we don’t seem to get it.

    Now the banks are failing. Perfect. Socialize the financial sector. Once they took the banks over, the next step is to collapse industry and drive up unemployment. How about a trillion dollars spending bill here or there? Pay off friends, buy new ones, stash cash for future rulers, and bankrupt those that built the wealth to begin with. That should do it. Massive inflation, massive unemployment, and complete erasure of wealth from most of the middle class and above. Result; wealth redistribution / reparations, or whatever you choose to call it.

    Next it’s on to socialized medicine. If you don’t have a job and have no way to buy insurance, the government MUST help out and provide if for you. Once they’ve got the banks, our jobs, and our healthcare, it’s time to stage another crisis and take away the guns.

    The $375 billion discretionary spending portion of the ‘stimulus bill’ will go a long way toward quickly building the domestic security force Obama promised. The one he said would be as large and well-funded as our current military.

    Dictatorship arrives.

  4. 1sttofight says:

    Gold went to over $1000/oz today.

  5. Rusty Shackleford says:

    O’Reilly’s talking points left me cold today. He said that the housing bust is the responsibility of BOTH parties and that it was caused by “corrupt mortgage lender, greedy investment houses, and a federal government that did not aggressively police financial corruption”.

    Okie-Dokie, Bill. All true but you left out one very important FACTOR. That being the people who signed loan documents without A)knowing what they were getting into and B) if they did, signed it anyway, thus buying a house they could not afford.

    Bill, who happens to be a big supporter of personal responsibility, I’m sure, did not just let it slip that the BUYER was as culpable in this whole fiasco as the aforementioned “bad guys and government”.

    C’mon, Bill, get with it.


    • proreason says:

      O’Reilly is a populist, not a conservative.

      And he has a deep contempt for business. You can see it in his remarks about oil, the banks, executive compensation, and the Depression Stimulus bill.

      His ego knows no bounds and he clearly yearns to be recognized as the opinion leader of the masses.

      I watch him because he puts on a good show and isn’t a looney leftist, but he is hardly a go-to guy for conservative thought. I view him as the McLame of the talk show hosts.

    • JohnMG says:

      O’Reilly is all about O’Reilly. His ego is as huge as Obama’s. If you don’t believe O’Reilly’s the smartest guy in the world, just ask him.

      What a putz!

  6. 4USA says:

    O’Reilly is an Opportunist if he’s anything at all. His finger is wet and in the air all the time. His ego is laughable given that a chimpanzee would be #1 in that time slot if he slanted right. I suspect if Bill could make more money being another Keith Uberscum, he would.

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