Friday, September 26, 2008

ACORN Statement on Presidential Debate

On Friday, Sept. 26, ACORN President Maude Hurd released the following statement on the first Presidential debate:

Given the recent turmoil in our financial markets and the ongoing negotiations around a bailout package for Wall Street, it's not surprising that much of the debate focused on the current economic crisis, which was in many ways predictable. ACORN has been sounding the alarm for years as more and more deregulation stripped protections for consumers and basic safeguards of sound lending.

Senator McCain failed to acknowledge the trigger of this explosive crisis: predatory lending, which entrapped hundreds of thousands of homeowners into toxic mortgages they could not afford fueling record numbers of foreclosures. If Mr. McCain is unwilling or unable to acknowledge such facts, how is he suitable to lead our country out of the worst financial mess since the Great Depression?

Senator Obama acknowledged foreclosures as the root of the financial crisis and has pledged to help homeowners.

ACORN is calling on both candidates to support a bipartisan approach to a legislative solution that includes help for ordinary homeowners who are on the verge of foreclosure, and not just the big financial institutions. Specifically, any bailout proposal must include provisions that assist

struggling homeowners, including greater access to loan modifications and a change in the bankruptcy law to allow homeowners to restructure their mortgages in bankruptcy court as is allowed with vacation homes and yachts.

Ordinary taxpayers are being asked to bail out financial institutions that caused this crisis. If Main Street is footing the bill, it should also reap the benefits.


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