Today's Date: February 27, 2021
During Texas Storm, New Haven Assisted Living Served Seniors   •   Connie Stacey Wins The Forum’s 2020/21 Pitch for the Purse, $50,000 Prize   •   New Study Reveals Baby Boomers Turning to International E-Commerce, but With Different Expectations Than Younger Consumers   •   Canada, British Columbia and Tlowitsis Nation Advance to Final Stage of Treaty Negotiations   •   AARP Members Frustrated with Pennsylvania's COVID-19 Vaccine Distribution Efforts, Survey Shows   •   Citizens for a Pro-Business Delaware Launches Mobile Billboard to Expose Racial Inequality in the Chancery Court   •   ChenMed Commits $100,000 to Address Issues Affecting Communities of Color   •   Residents of Market Street Memory Care East Lake Celebrate their 2nd Annual Market Street Winter Olympic Games   •   Trulieve Partners with the Thurgood Marshall College Fund to Provide College Scholarships   •   Trust the Leader in Online School: Insight School of Kansas Accepting Enrollments for 2021-2022 School Year   •   Children's Museums Mobilize to Serve Children and Families during COVID-19   •   Western Union Foundation Supports Career & Leadership Pathways for Migrant and Refugee Youth   •   Vaquero Private Wealth Increases Its Dallas Presence With the Addition of The Maynard Group   •   Lies Travel Faster Than Truth in New Peaky Blinders Card Game from Steamforged Games   •   NASA Celebrates 'Hidden Figure' Mary W. Jackson With Building Naming Ceremony   •   Cloud Girls Extends Nomination Deadline for Sixth Annual 'Women to Watch' Awards   •   Study: Staffing Industry Sees Gender Parity but Wide Pay Gap Still Persists   •   BANDIER Now Available on Amazon   •   BlackNorth Initiative's Dahabo Ahmed-Omer Earns Inaugural Business Changemakers Award From the Globe and Mail’s Report on   •   Casting Workbook Español Launched as Part of New Global Expansion Effort to Support Spanish Talent Worldwide
Bookmark and Share

ACORN Statement on the need to use Geithner's Public-Private asset purchase plan to stem the foreclosure crisis


Learn More / Donate / Take Action

Contact: Austin King, Director, ACORN Financial Justice Center, (608) 213-0104

Statement from ACORN Financial Justice Center Director Austin King on the need to use Geithner's Public-Private asset purchase plan to stem the foreclosure crisis:

"The best and fastest way to provide for a correct valuation of the so-called toxic assets that have frozen the secondary mortgage market is to put a stop to the record pace of foreclosures, which will allow home prices to stabilize and mortgage-backed assets to be fairly valued. A major step in this direction is President Obama's "Making Home Affordable", a comprehensive plan to prevent unnecessary foreclosures by facilitating loan modifications to affordable terms. In light of the Administration's commitment to foreclosure prevention, the "Legacy Securities" purchase plan announced by Treasury today could be of further assistance in preventing foreclosures if each new FDIC-backed Public-Private Investment Fund (PPIF) is prohibited from using a mortgage servicing company that has refused to sign a contract with Treasury to use economically rational foreclosure-prevention protocols.  Further, no public dollars should be spent on purchasing mortgage-backed assets unless those assets are whole mortgages or assets which come with complete authority to modify the underlying mortgages. Too many foreclosures are still happening because of a lack of clarity over which parties are authorized to modify the terms of a mortgage, even when such a modification would be less costly to investors than a foreclosure. The federal government, given its proposed exposure in this public-private purchase plan, must have final decision-making authority over whether to modify or foreclose on mortgages. ACORN looks forward to these details being clarified as we learn more about the plan."

# # # # #

ACORN is the nation's largest community organization of low- and moderate-income families, with over 450,000 member families organized into neighborhood chapters in 100 cities across the country. Since 1970 ACORN has taken action and won victories on issues of concern to our members. Our priorities include: better housing for first time homebuyers and tenants, living wages for low-wage workers, more investment in our communities from banks and governments, and better public schools. ACORN is an acronym, and each letter should be capitalized. ACORN stands for the Association of Community Organizations for Reform Now.

Click here to unsubscribe

Back to top
| Back to home page

White House Live Stream
Breaking News
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Sounds Make the News ®
Atlanta - WAOK-Urban
Berkley / San Francisco - KPFA-Progressive
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
Washington - WOL-Urban

Listen to United Natiosns News