ACORN Response to California Supreme Court Decision on Predatory Lending

ACORN Response to California Supreme Court Decision

1/31/2005 9:51:00 PM

To: National and Business desks

Contact: Allison Conyers, 202-547-2500 or Heidi Li, 510-434-1890, both for ACORN

OAKLAND, Calif., Jan. 31 /U.S. Newswire/ -- As far as ACORN's initial response to the Supreme Court of CA's decision issued in the AFSA v. City of Oakland - S119869 case today, "It is a horrible decision and just devastating!" states California statewide ACORN chairperson, Fannie Brown.

Brown, speaking on behalf of particularly California ACORN's thousands of members further contends, "The California Supreme Court's decision today to strike down Oakland's Anti-Predatory Lending Ordinance is really going to hurt many people terribly, particularly low and moderate income folks. The decision makes it impossible for them to buy homes in California. Not only were the Oakland and Los Angeles ordinances struck down today, but the dream of homeownership for so many hard working families has -- on some level -- also been struck down by the California Supreme Court's decision today. Without strong local consumer protections, many Oakland residents and others in California living in high cost housing areas will be displaced and have to move out of state because they will never be able to afford a home either in Oakland or in many other parts of California."

"With the Oakland and Los Angles ordinances, we had some real hope but now we have no hope as far local protections," continues Brown. "However, ACORN will continue to fight predatory lending abuses on many fronts -- statewide, locally and nationally -- we will never give up."

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