ACORN Protests

" Theoretical support pressed probe testing. Mortgage lenders. More than a dozen news today -- pressure and yelled out -- trying to get them to participate in the program. That helps people avoid foreclosure my next guest says they point help blunt the foreclosure prices and the parents in the first place. That he beat him from capital research center and who came from -- here to respond Matthew. What you mean eight corn helped lead us in this direction."

" Hi Alexis I think that. Acorn has long been a supporter of the financial affirmative action known as a community -- investment that. They have long harangued and harassed. And blackmailed banks into lending to people. That they should have known weren't wouldn't be able to pay back the money and so today acorn is in essence protesting itself because. It's legacy is the mortgage foreclosure crisis right now. They used to it they would surround it just isn't doing today banks CBI's home bank CEOs homes and caused a ruckus dump garbage. And make noise and have sit and -- banks. And they have helped to create a climate in which. Banks. Lowered their underwriting standards and started handing out home mortgages to people. That they shouldn't have only -- was applauding this the whole time."

" That is that is simply not true we are supporters of the community reinvestment act the what does the community reinvestment act say it. It says that loans should be made it to places that have been traditionally denied credit. But the loan should be safe and sound we believe in fixed rate lending yes to people with low income so that they too can share in the American dream of homeownership. But we fought for a decade against the kind of predatory lending it to 28 exploding arms with balloon payments that caused this crisis. We sued America west we sued Wells Fargo we sued. Household and beneficial and all over their predatory lending practices that led directly to this crisis acorn was sounding the alarm for years and no one would listen in 2006. We released a report called the impending rate shock warning of the coming foreclosure crisis because of all the re sending arms. So it's absurd to say that we caused this crisis we were the leading organization fighting against it. And now we're trying to clean it up that's like today we visited these four major mortgage services we're calling them the home -- for who -- I had that Obama plan."

" you respond well yet this is yet this is just not true acorn was paid it is true -- of the toxic mortgage and Ed toxic mortgage. King and queen herb and Marion Sandler to harass their competition. That Wells Fargo. And they have long been involved in the muscle for the money program protest for higher and various shakedowns. And they know that they helped cause this crisis. Mike good yeah thanks to do things -- all I should not a crazy and the venezuelans that their cars and solemn -- he had to stop they lie and lie lie."

" Who -- Google had."

" We protested banks to stop making loans that people couldn't afford we fought to pass laws in state after state after state that would ban. Lending to somebody without requiring verification of their ability to repay that loan. We call lending without the ability to repay predatory lending we helped coin that term and that's exactly what led to this crisis. We didn't fight for -- lending we fought against predatory lending and there's a decade of work here to prove that you can go to acorn dot org."

" And CR decade's worth of work to try yeah."

" Acorn housing bragged about the fact in 1999. That it convinced banks. To use food stamps as proof remember because of as proof of -- in order to hand out mortgages. You you're saying that that's fighting against predatory lending no acorn press them to do think what kind of know that you shouldn't big."

" Great loans that help low income people get into homeownership that's the American dream acorn has fought for it we'll continue to fight for that's what we're usually the -- win."

" Greg yeah well there are one last week unless it's PO has already agreed to join on so we're actually making real progress that's all right generally wonder what -- you guys from both your point if you are."