Poor People’s Group Drops RTC Suit: ACORN,...
From Times Staff Reports
Poor People’s Group Drops RTC Suit: ACORN, the poor people’s movement that has been pressing the Resolution Trust Corp. to make affordable housing available, said it is dropping its suit against the thrift bailout agency. It said the RTC has promised to begin selling properties in its inventory to low- and moderate-income people at 40% of appraised value. ACORN sued the RTC last year on grounds that it had failed to comply with provisions of the federal S&L; rescue legislation, especially sections designed to return savings institutions to their original purpose of financing affordable housing.
