For years, the Association of Community Organizations for Reform Now (ACORN) has called for regulatory measures to stanch the increasing problem of subprime lending and the resulting foreclosure crisis. Read more about their efforts across the nation.
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By the Center for American Progress’ Andrew Jakobovics
Last week President Bush signed The Housing and Economic Recovery Act of 2008, which provides almost $4 billion in grants to help states and localities stem the housing crisis by reducing downward pressure on local housing markets. States will be able to use the money to restore foreclosed properties to productive use.
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By the Center for American Progress’ Alexandra Cawthorne
Aging Americans, like other age groups, are feeling the effects of the declining real estate and stock markets, as well as soaring fuel and food prices. Seniors’ economic security will only increase in importance as the U.S. population ages. The nation’s health and social services resources will face unprecedented demand as 75 million people in the baby boomer generation reach retirement age—some with eroded savings and retirement accounts.
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On July 23 in Houston, over a hundred people joined former Senator John Edwards and local elected officials for an ACORN-sponsored round-table discussion and press conference focusing on the mortgage and foreclosure crisis and what can be done to help Texas families. Texas has been plagued by extremely high foreclosure rates – with over 50,000 new foreclosure filings this year. ACORN has offered a number of proposals to help staunch the mortgage crisis, including better regulation of mortgage brokers, slowing down the foreclosure process, and increased mediation and counseling prior to the purchase of a home. The event combined policy ideas such as these with personal testimonials, emphasizing the broad impact of foreclosures and the need to take action now.
Los Angeles Mayor Antonio Villaraigosa , joined by former Senator John Edwards, and ACORN members ( check whether there are other specific allies who need to be mentioned here ) announced a new $100 million revolving loan fund for affordable housing construction. The announcement followed a roundtable discussion on the affordable housing crunch in Los Angeles –a problem that touches both renters and homeowners. Mayor Villaraigosa, Senator Edwards, and other elected officials heard testimony from ACORN members including Alvin Clavon, a South L.A. resident at risk of foreclosure; Donna Rodriguez, a middle income renter whose housing costs amount to half her income; and Sonya Renee, a Section 8 tenant who was evicted when her landlord stopped accepting housing vouchers.
Speaking before activists and community leaders at North
Philadelphia’s Thankful Baptist Church, Senator John Edwards launched
the Half in Ten campaign by calling on Congress, the presidential
candidates, and all Americans to make the fight against poverty a
priority.
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