ACORN's Foreclosure Counterattack

As the right continues its campaign to slander the Obama administration's efforts to stem the foreclosure crisis, ACORN officials are mounting a vigorous defense.

Austin King, director of the ACORN Financial Justice Center, makes the case for the administration's plan as well as for a House bill that will allow bankruptcy courts to rewrite the principal of mortgages to make them more affordable and keep people in their homes. That bill was scheduled to be voted on February 26, where King said he expected easy passage. The real fight will come up in the Senate, where the battle will be to win the votes of centrist senators in both parties.

"The foreclosure crisis is at the heart of the economic crisis," King says, adding that the key conservative failure of the Bush administration was rushing to aid Wall Street but failing to immediately address the foreclosure crisis. If it had faced the foreclosure crisis first, he said, "I have no doubt we would not be in the broader economic crisis we are in today."