Monday, June 16, 2008

ACORN Gives TN AG a "B" on Protecting Homeowners

In a study released this month by a community organization representing low- and moderate- income families, 51 states Attorneys General were rated based on "aggressive and creative" leadership in helping to address the bad apples of the housing crisis. The report stipulates that the best practices include "actively seeking real data from mortgage servicing companies, pursuing cutting-edge cases against the industry’s bad actors, speaking out on matters of state and federal importance, putting their offices to work for distressed borrowers, cracking down on vulturine rescue scams, and pushing the industry to perform better for their constituents."

Tennessee AG Robert Cooper (D) was given a "B" by ACORN, and he received scores of zeroes on advocating federal predatory lending protections and federal bankruptcy reforms as well as on pressuring unregulated and unlicensed mortgage industry servicers to improve their performance in preventing foreclosures. The report did not provide explanation on their marks on any of the AGs beyond those who received "A+".

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