How ACORN destroyed the housing market
Over at the Wall Street Journal, there's a very interesting article that connects the dots between ACORN, the mortgage-lending-standard-destroying Community Reinvestment Act legislation, Fannie Mae and the eventual inflation and collapse of the housing bubble in last decade: As Allen Fishbein, currently an adviser for consumer policy at the Federal Reserve, has noted, Acorn and other community groups were informally deputized by then House Banking Chairman Henry Gonzalez to draft statutory language setting the law's affordable-housing mandates. Interim goals were set at 30% of the single-family mortgages purchased by Fannie and Freddie, and the Department of Housing and Urban Development...
Original Article: Forum: News/Activism
Tags: Acorn, Act Legislation, Affordable Housing, Community Reinvestment Act, Department Of Housing, Department Of Housing And Urban Development, Family Mortgages, Fannie Mae, Federal Reserve, Fishbein, Henry Gonzalez, Housing And Urban Development, Housing Bubble, housing market, Interim Goals, Last Decade, Mortgage Lending, Statutory Language, Wall Street Journal, X27