Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.They don't specifically mention ACORN in the article, but they're one of the groups that would have benefited from the profit carve-out.
[ ... ]
Democrats also made a number of concessions, abandoning demands that bankruptcy judges be empowered to modify home mortgages on primary residences for people in foreclosure. They also agreed not to dedicate a portion of any profits from the bailout program to an affordable housing fund that Republicans claimed would primarily assist social service organizations that support the Democratic Party, the official said.
Since the provision called for a portion (20% !) of any profits realized from the bailout to be allocated, there's no guarantee that ACORN would have seen any money from it. Just the same, this was a spectacularly sleazy effort on the part of congressional Democrats to reward a group with a history of fraudulently registering Democrats to vote over the past 10 years.
Issues of voter fraud aside, ACORN is also involved in helping low income people in securing financing for home purchases, and it's that fund for which the profits were earmarked. And it's those very same high-risk subprime mortgages that caused this mess in the first place.
Update: Just out of curiosity, I went to ACORN's web site to see what kind of bitching and moaning might be going on there, and got this odd error: