And you wonder why there was a meltdown in housing and subprime mortgages? All of this was pushed by the Democrats (read: Rep Barney Frank-D,MA and a number of other Democrats) who forced banks to accept this ridiculous concept.

From The Other McCain:

ACORN Housing took credit for developing “several innovative strategies” to get around pesky traditional lending guidelines, which were unfair because they “were geared to middle class borrowers.”
Instead of using passé measures of creditworthiness such as, say, credit history and having an adequate income, ACORN convinced lenders to adopt “more flexible underwriting criteria that take into account the realities of lower income communities.” Henceforth, some banks serving inner cities would accept “less traditional income sources such as food stamps.”

Read the rest.

The really sickening aspect of this? None of this has been changed with the whole bailout debacle. ACORN and other left wing ‘nonprofits’/527’s are still in place to shove this down the throats of banks and mortgage lenders with Fannie and Freddie (read: taxpayers) buying up the subprime loans.

ACORN, bailout, subprime loans, Fannie Mae, Freddie Mac, housing meltdown, food stamps