Pajamas Media » Why Did Bank of America Pay ACORN? » Print: "we can just go to the Bank of America community website [3], which notes that the firm works with ACORN in more than 20 cities to provide “special mortgage products.” Or we can go to the ACORN Housing website, which describes a program [4] that produced $246 million in mortgages from Bank of America with “flexible underwriting and discounted pricing.” Or this page [5], which describes a program with low down payments, no private mortgage insurance, no cash reserve necessary, and flexibility on income requirements, such as being able to include public assistance.
Yes, ACORN and Bank of America joined forces to become the ultimate subprime lender."
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