Association of Community Organizations for Reform Now (ACORN) - Should the Federal Government assist mortgage defaulters?

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Association of Community Organizations for Reform Now (ACORN) The Federal Government should assist mortgage defaulters. Helped set up a Foreclosure Avoidance Program.

Evidence approved (9/18/2009 9:38:36 AM)

Helped set up a Foreclosure Avoidance Program.

As the result of a three year campaign, ACORN members reached an agreement in 2002 with Household Finance and Beneficial, subsidiaries of Household International, to set up a Foreclosure Avoidance Program. This program helped thousands of Household/ Beneficial borrowers keep their homes and reduce the costs of their loans. A Fresh Start Program helped those who had already lost their homes obtain a new affordable mortgage. The companies also agreed to reform their home lending practices going forward to be more affordable for borrowers.


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