ACORN CEO ‘Shocked’ That Ross Named PPIP Fund Manager

Lewis, CEO of Association of Community Organizations for Reform Now (ACORN), says she was ‘shocked’ to see the Treasury Department [link=http://www.mortgageorb.com/e107_plugins/content/content_lt.php?content.3849][u]name[/u][/link] Invesco Ltd. as one of the nine fund managers for the $30 billion Public-Private Investment Program (PPIP). The reason for Lewis' surprise is that Invesco's PPIP team includes distressed-investment affiliate W.L. Ross & Co., which is headed by Wilbur Ross, owner of American Home Mortgage Servicing Inc. (AHMS). ACORN counts AHMS among its "Home Wrecker 3," a group of servicers that ACORN has targeted for not yet joining the Obama administration's Making Home Affordable program. Litton Loan Servicing and HomEq round out the trio. "Given that the administration has invested a lot of political capital and TARP funds into the creation of Making Home Affordable, we were shocked to see that one of the last holdouts, "Home Wrecker' Wilbur Ross, has been selected by Treasury to manage this effort designed to clean up banks' balance sheets," Lewis said in a statment. "This is disappointing in the extreme, and calls into question the Treasury's commitment to preventing foreclosures when it entrusts public funds to a corporate titan who has refused to do the bare minimum in foreclosure prevention by joining the administration's program. Lewis further calls for either AHMS to join Making Home Affordable or for the Treasury to "yank his sweetheart deal." SOURCE

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