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On September 20, 2004 a press release stated:
“Citigroup and ACORN Sign Groundbreaking Agreement to Expand Access to Financial Services in Communities Around the Country”.
In this press release Citibank announced that it and Association of Community Organizations for Reform Now (ACORN) agreed to collaborate on several initiatives, including:
— Form an affordable mortgage-lending program between Citigroup and ACORN Housing Corp. (AHC) to develop a specialized mortgage product for all AHC’s homeownership centers, and make mortgages available to immigrants who have previously been shut out of credit markets.
Focus on community development lending to increase affordable housing in areas where the Citibank Community Development and ACORN footprints coincide.
Provide borrowers with access to the best combination of loan product, price, service, and attributes.
Establish a net-benefit test for real estate secured loans.
Currently real estate secured loans issued in compliance with these programs are called “Subprime.”
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