ACORN'S HOUSING-RIGHTS HUSTLERS

Originally Posted by DanaC

Generally speaking, I hear stuff like the ACORN vote rigging, or their actions around mortgages, and I assume bias and misinformation. But Lookout, I trust. I don't necessarily share his analysis, but if he tells me he experienced those actions then he experienced those actions.

Dana...thank you for a reasonable and rationale response and defense of your friend's position.

Originally Posted by classicman

you're welcome. Yeh, I've been here for years and not that L123 needs it, but I will certainly defend him.

Classic....thank for showing your true CLASS by acknowledging that defense of your friend's position required you to join his assault on the character of another member.

[classicman]

Originally Posted by Redux

Classic....thank for showing your true CLASS by acknowledging that defense of your friend's position required you to join his assault on the character of another member.

I believe it was YOU who attacked him. He defended himself. It was you who challenged his credibility. I defended it. For the record, L123 is not my "friend."

And exactly what politician is going to challenge an organization like ACORN during an election year? They have to be nuts too.

BTW, you didn't answer the question - Who are you lobbying for now?

Originally Posted by classicman

I believe it was YOU who attacked him. He defended himself. It was you who challenged his credibility. I defended it. For the record, L123 is not my "friend."

And exactly what politician is going to challenge an organization like ACORN during an election year? They have to be nuts too.

BTW, you didn't answer the question - Who are you lobbying for now?

Right...asking him to document his allegations that ACORN is a crooked organization engaging in illegal practices is a personal attack.

And of course all lobbyists are a lower life form than child rapists and the housing finance industry is above reproach.

Predatory lending? bah, humbug...a figment of the imagination of groups like ACORN.

And a 2000 HUD-Treasury report on Predatory Lending that described past predatory lending practices is just a load of crap:

Over the last several years, our nation has made enormous progress in expanding access to capital for previously under served borrowers. Despite this progress, however, too many families are suffering today because of a growing incidence of abusive practices in a segment of the mortgage lending market. Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success.

...Throughout the HUD-Treasury forums, there was substantial evidence of too-frequent abuses in the subprime lending market. These abuses tended to fall into four main categories:

Loan Flipping – Some mortgage originators refinanced borrowers’ loans repeatedly in a short period of time. With each successive refinancing, these originators charged high fees, including sometimes prepayment penalties, that stripped borrowers’ equity in their homes.

Excessive fees and “packing” – While subprime lending involves higher costs to the lender than prime lending, in many instances the Task Force saw evidence of fees that far exceeded what would be expected or justified based on economic grounds, and fees that were “packed” into the loan amount without the borrower’s understanding.

Lending without regard to the borrower’s ability to repay – One troubling practice involved lending based on borrowers’ equity in their homes, where the borrowers clearly did not have the capacity to repay the loans. In particularly egregious cases, elderly people living on fixed incomes had monthly payments that equaled or exceeded their monthly incomes. Such loans quickly led borrowers into default and foreclosure.

Outright fraud and abuse – In many instances, abusive practices amount to nothing less than outright fraud. We heard many stories from borrowers who testified at the regional forums of fraud perpetrated by unscrupulous mortgage brokers, lenders, home improvement contractors, appraisers, and combinations thereof. Unscrupulous actors in these markets often prey on certain groups – the elderly, minorities, and individuals with lower incomes and less education – with deceptive or high-pressure sales tactics.

Shame on HUD and ACORN for bringing a little light to the issue of predatory lending.

And what I do now for a living is none of your business...since I think its now fair to assume you will use it against me, regardless of what I say.