Wednesday, June 11, 2008

Government Sponsored Homeowner Mortgage Default Relief 101: Grades Are In

The Association of Community Organizations for Reform Now (ACORN) issued report cards for state Attorney Generals on their initiatives to "protect" homeowners from the effect of mortgage default and foreclosure. The grades were based on AGs' responses to a ten question survey that asked AGs whether they'd support among other things, a toll-free hotline to assist borrowers, legislation to protect borrowers from predatory lenders or to impose a 60 day stay against foreclosure. One of the questions asked AG's whether they'd work with community organizations like ACORN.

Of the 18 AG's who received A, 16 are Democrats. Eight AG's flunked, one got a D, and 5 got C's-- all Republicans. Most of the F's were earned by AG's in low foreclosure rate states like South Dakota and Nebraska.

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