Florida ACORN's Campaign to Stop Foreclosures Heats Up
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1 in 26 Florida homes will end up in foreclosure in the next several years according to the Pew Charitable Trust. Florida's Foreclosure Crisis is causing families to lose their homes, property values to plummet, and threatening our state's economic and social welfare. Florida ACORN has responded by increasing the number of loan counselors and stepping up outreach to help distresed homeowners; negotiating landmark best practices agreements with the nation's largest subprime lenders, and advocating for anti-predatory lending laws. In April, ACORN and homeowners in foreclosure from across the state convened upon Tallahassee to urge Governor Crist's H.O.P.E. Task Force to take action on foreclosures, erecting "Subprime City" on the capitol steps.
Read more about ACORN's Foreclosure Campaign in the press:
Protesters Taking Aim at Foreclosures- Orlando Sentinel
Activists Want New Lending Laws- Tampa Tribune
Facing Foreclosure, One Home at a Time- NPR, "All Things Considered"
Homeowners Seek Protection as Foreclosures Rise- CBS4 Miami
Group Meets in Tallahassee to Discuss FL Foreclosures- Associated Press
ACORN puts pressure on Florida loan servicer Ocwen
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WEST PALM BEACH, FL—Chanting, “Sharks bite, ACORN fights – predatory lenders, you’re not right,” dozens of ACORN members on Sept. 26 filled the offices of Ocwen Financial, demanding that one of the nation’s largest servicers of subprime mortgages modify those loans to keep families from losing their homes. Ocwen CEO William Erbey had ignored a July letter from Florida ACORN requesting a meeting, so members paid him a visit at work. Among the ACORN members were Olga and Paul Gant of Broward County, who told the Palm Beach Post they are facing foreclosure after their monthly mortgage payments jumped from $2,200 to $3,000 per month. ACORN is demanding that Ocwen enact a moratorium on foreclosures, modify loans according to borrowers’ ability to repay and lock in interest rates at pre-adjustment levels.
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ACORN Releases Lending Study- Racial Disparities Prominent in FL Lending Practices
Read the Report
In the News!
Jacksonville faces wave of foreclosures- Jacksonville Times Union
High-risk loans divides races- Gainesville Sun
Racial divide on risky loans- St. Petersburg Times
Local minorities had more high cost loans- South FL Business Journal
On September 5th, ACORN released a national study highlighting mortgage lending practices of 363 lenders. The report looks at which communities will be hit hardest by foreclosures from rising interest rates as three-fourths of all subprime home loans that are adjustable rate mortgages (ARMs) become harder for borrowers to repay.
The report concludes that minority communities in 11 of Florida's largest metro areas are considered at great risk for increased foreclosure in the near future.
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Florida ACORN Launches Foreclosure Prevention Program
On June 20th, ACORN released a national report focusing on the foreclosure epidemic sweeping the nation. The report singled out Florida as having the 7th highest foreclosure rate in the nation! Two Florida cities where ACORN is active made the top 10 list of metro areas with the highest foreclosure rates- Ft. Lauderdale and Miami. Several other ACORN cities were listed in the top 30- Jacksonville, Orlando, West Palm Beach and the Tampa Bay area.
ACORN members in Miami and Orlando held press conferences to highlight how foreclosures and predatory lending has affected low and moderate income neighborhoods. Arthur Washington, an Orlando ACORN member, recently lost his home due to predatory lending practices. He called on state and local officials to make it harder for lenders to trap people into loans they can't afford or loans with hidden fees and penalties.
Delores Turner, Miami ACORN member, spoke in front of a crowd at the county courthouse where homes are announced at auction twice a week due to foreclosures. She said that low income seniors are hit particular hard by re-finance tricks that lure people into losing their homes.
Listen to Ms. Turner on WLRN radio
ACORN organizers across the state are working with ACORN Housing to educate homeowners about the dangers of predatory mortgages and helping them to prevent foreclosure through a national program. For more information about our local foreclosure campaigns, please contact an ACORN office in your city.
