Sunday, June 29, 2008

ACORN Members Work to Stop Foreclosures

ACORN and ACORN Housing have Helped 5,400 Families Save their Homes this
Year

WASHINGTON, June 29 /PRNewswire/ -- 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 members have worked with legislators to pass foreclosure
moratoriums in Minnesota, California, and Delaware.

Other ACORN-backed initiatives to help homeowners have passed in
Illinois, Philadelphia, Cleveland, New York City, California, Washington,
Toledo, Ohio; Denver, Boston, Wilmington, Del.; Jackson, Miss.; Pine Bluff,
Ark., and Kansas City, Mo.

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.

National non-profit ACORN Housing (AHC) has been providing free housing
counseling to low- and moderate-income homebuyers since 1987. AHC has
opened HUD-certified, Fannie Mae-approved housing counseling offices across
the US, helping over 50,000 families to achieve homeownership.

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 (the Association of Community Organizations for Reform Now)
schedules regular Foreclosure Avoidance Classes and Foreclosure Prevention
Fairs to help troubled homeowners find solutions to remain in their homes.

ACORN's sister organization, 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 save 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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[Via Real Estate Newswire]

Опубліковано prolink о 2:17 PM

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