“The report alleges that ACORN, which stands for Association of Community Organizations for Reform Now, contributed to the risky lending that led to the financial collapse by intimidating banks into lowering mortgage lending standards, becoming one of the few entities to profit from the subsequent misery.
“ACORN used the threat of jeopardizing bank mergers and acquisitions to force banks into lending agreements with its housing division, allowing the group to reap profits from more than a billion dollars in loans to low-income neighborhoods, according to the report.
“Some of the largest banks and lenders in the country, including Bank of America, JPMorgan Chase, CitiBank, provided ACORN Housing with a total of $39.9 million, along with address and bank account information of at-risk homeowners to provide free counseling services, but ACORN used the information to recruit the homeowners, bringing in $48 million a year for the group, the report says.”
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