By Wade Rathke

ISBN-10: 1576758621

ISBN-13: 9781576758625

The government can have failed the bad, argues organizer and ACORN founder Wade Rathke, yet there's differently: wealth-building. In Citizen Wealth, Rathke exhibits how nutrition stamps, unemployment assurance, and tax aid supply transitority, stop-gap fixes yet dont deal with the systemic difficulties that retain humans from build up the resources they should create a solid lifestyles for themselves and their households. a true, potential plan to finish poverty, Rathke argues, calls for a two-pronged process. First, we have to create wealth via domestic possession, and activity acquisition and safety, lengthens the space among the bad condominium and the secure condominium. moment, we also needs to hinder the predatory makes an attempt to lessen the quite little wealth that many low and moderate-income households have. Such dual-track wealth-building ways safeguard opposed to the vicissitudes of source of revenue: transitority task loss, well-being concerns, credits regulations and extra.

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The response from the industry, regulators, and government (legislative and executive) has been tepid and ineffective and notable mostly for the length of the press releases rather than the effectiveness of blocking foreclosures. Relief programs continue to be praised and passed, but most on the broadest scale continue to be modifications that provide no real relief in terms of interest rate reductions or reductions in the size of the debt. STOPPING FORECLOSURES AND PREDATORY LENDING 43 Public Goals and Private Enterprise This is the fundamental paradox of citizen wealth.

We would go after the largest subprime lender, and then number 2, then 3, and so on. Ameriquest became one of the centerpiece actions at ACORN’s 2002 National Convention in Philadelphia. The company had an operation in the Philadelphia suburbs in what for the life of me looked like horse country. Thirty or more miles outside of Center City, we rode around looking for the home of one of their chief execu- STOPPING FORECLOSURES AND PREDATORY LENDING 33 tives, in what finally turned out to be a fantabulous McMansion.

Banks are not an arm of the immigration department,” noted Kevin Mukri, a HOME OWNERSHIP THROUGH COMMUNITY REINVESTMENT 29 spokesperson for the Office of the Comptroller of the Currency, the primary bank regulator. S. ”22 The same piece also found additional justification for the program from the Federal Deposit Insurance Corporation (FDIC). ”23 Mortgage Guaranty Insurance Corporation, the large mortgage insurer, also vetted and blessed the ITIN mortgage product. Just as there is no law in the United States that curtails property ownership by foreign nationals, so there are no boundaries to home ownership.

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Citizen Wealth: Winning the Campaign to Save Working Families by Wade Rathke

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