Credit where credit is due...

“’You’ve got only a couple thousand bucks in the bank. Your job pays you dog-food wages. Your credit history has been bent, stapled, and mutilated. You declared bankruptcy in 1989. Don’t despair: You can still buy a house.’ So began an April 1995 article in the Chicago Sun-Times that went on to direct prospective home-buyers fitting this profile to a group of far-left ‘community organizers’ called ACORN, for assistance. In retrospect, of course, encouraging customers like this to buy homes seems little short of madness. At the time, however, that 1995 Chicago newspaper article represented something of a triumph for Barack Obama. That same year, as a director at Chicago’s Woods Fund, Obama was successfully pushing for a major expansion of assistance to ACORN, and sending still more money ACORN’s way from his post as board chair of the Chicago Annenberg Challenge. Through both funding and personal-leadership training, Obama supported ACORN. And ACORN, far more than we’ve recognized up to now, had a major role in precipitating the subprime crisis... In June of 1995, President Clinton, Vice President Gore, and Secretary Cisneros announced the administration’s comprehensive new strategy for raising home-ownership in America to an all-time high. Representatives from ACORN were guests of honor at the ceremony. In his remarks, Clinton emphasized that: ‘Our homeownership strategy will not cost the taxpayers one extra cent. It will not require legislation.’ Clinton meant that informal partnerships between Fannie and Freddie and groups like ACORN would make mortgages available to customers ‘who have historically been excluded from homeownership.’ In the end of course, Clinton’s plan cost taxpayers an almost unimaginable amount of money. And it was just around the time of his 1995 announcement that the Chicago papers started encouraging bad-credit customers with ‘dog-food’ wages, little money in the bank, and even histories of bankruptcy to apply for home loans with the help of ACORN...ACORN is at the base of the whole mess... And Barack Obama cut his teeth as an organizer and politician backing up ACORN’s economic madness every step of the way.” —Stanley Kurtz

Somehow I don't remember that being the drill when I bought my home. They kept bringing up things such as adequate income, down-payment, ability to pay, and much more.