Fifth Third - Failing to Serve:

A Report on Fifth Thirds Community

Lending in 12 Metropolitan Areas

April 2006

ACORN Report
The Association of Community Organizations for Reform Now and
The ACORN Financial Justice Center

Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

Table of Contents

Introduction

Findings
Fifth Thirds African-American Rejection Ratio

African-American Share of Fifth Thirds Loans

Fifth Third in Low and Moderate Income Neighborhoods

10

Fifth Third in Minority Neighborhoods

12

Racial Disparities in Loan Pricing

14

About Fifth Third

16

About ACORN

17

The Association of Community Organizations for Reform Now ACORN Report 2

Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas
Introduction
Homeownership is the major source of wealth for minority and lower income families and is the
cornerstone of stable communities. However, many lower income and minority families are still shut
out of the homebuying market as serious racial and economic disparities persist.
A major factor contributing to the home ownership gap is that minority and lower income families
experience continuing, and in many cases growing, inequalities in obtaining the financing necessary to
purchase a home. The disparity between minority and white denial rates is present even when comparing
minority applicants with white applicants of the same income.
This continued and growing disparity cannot be explained away with the assertion put forth by the
lending industry that minority applicants have worse credit than white applicants. In the most detailed
and comprehensive analysis of discrimination in mortgage lending, researchers at the Federal Reserve
Bank of Boston examined individual applications, controlling for credit, income, and other factors.
They found that black and Latino applicants were significantly more likely to be denied a mortgage loan
than similarly situated white applicants.
Given that homeownership remains the single most important source of accumulated wealth for minority
and lower income American households, it is impossible to overstate the damage caused by these
inequalities. Home equity accounts for two-thirds of the net wealth of families with annual incomes
below $20,000 and half of the net wealth of families with annual incomes between $20,000 and $50,000.
In comparison, just a quarter of the net wealth of families earning over $50,000 is from home equity.
For low and moderate income families, the difference between renting and owning a home marks a
separation between getting by from day to day and building up the equity that may be later used as
collateral for an investment in higher education or starting a business, or to guarantee a secure
retirement. For communities, it is often the difference between absentee landlords and committed
neighbors. Without access to credit on fair terms, communities have no hope of emerging into strong,
stable, and safe neighborhoods.
In addition, the prevalence in lower income and minority communities of subprime lending with its
inflated prices and attendant predatory abuses means that an increasing number of homeowners are
paying more for credit and are at a greater risk of losing their homes.
Subprime loans are intended for people who are unable to obtain a conventional prime loan, and the
higher interest rates are supposedly to compensate for the potentially greater risk that these borrowers
represent. Predatory lending occurs when loan terms or conditions become abusive or when borrowers
who would qualify for credit on better terms are targeted instead for these higher cost loans.
Many in the lending industry argue that the disproportionate concentration of subprime loans among
minority borrowers is only a reflection of the greater risk that these borrowers represent based on their
lower credit ratings. However, Fannie Mae has stated that the racial disparities in subprime lending
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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas
cannot be justified by credit quality alone and has estimated that as many as half of the borrowers in
subprime loans could have instead qualified for a lower cost mortgage1.
The Community Reinvestment Act (CRA) directs banks to meet the credit needs of the communities
where they were located, including low and moderate-income neighborhoods and families. However,
CRA has failed to keep up with changes in the banking world, especially the explosive growth of
subprime lending first in the refinance market and now increasingly in the purchase market.
Many banks have learned that they can ignore community concerns and suffer no consequences, as the
enforcement of the CRA by federal regulators has grown even more lax. More than 98% of all banks
receive a satisfactory or outstanding CRA rating, including those with a documented history of
predatory lending. Instead of improving their performance, the regulators are actively making the
situation worse by looking at ways to weaken the CRA and undermine its effectiveness even more.
Given the failure by the federal government to address these issues, it has fallen to community
organizations to tackle problems of fair housing, community reinvestment, redlining, and predatory
lending. It is in this context that we examined Fifth Thirds lending in twelve metropolitan areas in which
Fifth Third has a banking presence with large mortgage activity and in which ACORN has an office.
We analyzed Fifth Third Bank and Fifth Third Mortgages first lien conventional purchase and refinance
lending, using Home Mortgage Disclosure Act (HMDA) data made publicly available by the Federal
Financial Institutions Examination Council (FFIEC). HMDA requires depository and lending institutions
to report the number and type of loans correlated by the race, gender, income and census tract of the
applicants, and the disposition of those applications, in each Metropolitan Statistical Area (MSA) where
loans are originated.
In addition, this report also looks at the differential pricing of Fifth Thirds loans related to the
borrowers race. In response to the growing concern about predatory lending and discriminatory pricing,
the Federal Reserve Board issued new guidelines for the Home Mortgage Disclosure Act (HMDA).
Starting in 2004, lenders had to report loans that had a high rate (and thus were subprime), making
possible for the first time a statistical analysis of the types of loans a lender originates.
As discussed in this report, Fifth Third is failing to serve African-American borrowers, low and
moderate-income neighborhoods, and communities of color.

Financial Services in Distressed Communities, Fannie Mae Foundation, August 2001.

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

Findings
Fifth Third Rejects Minority Applicants More Often Than Whites
In 10 of the 12 metropolitan areas in this study, Fifth Third rejected African-Americans
more than twice as often as white applicants. In none of the 12 metropolitan areas were
African-Americans less likely than whites to be turned down.
The highest rejection ratio for African-Americans was found in Nashville, where African-Americans
were 3.2 times more likely to be rejected than whites. In Nashville, more than 1 out of every 4 AfricanAmerican applicants was turned down compared to less than 1 in 12 white applicants.
MSA

African-American
Rejection Ratio

African-American
Denial Rate

White Denial Rate

Nashville, TN
Indianapolis, IN
Detroit, MI
Flint, MI
Cleveland, OH
Chicago, IL
Dayton, OH
Louisville, KY
Akron, OH
Cincinnati, OH
Columbus, OH
Lansing, MI

3.2
2.9
2.8
2.7
2.3
2.3
2.2
2.2
2.0
2.0
1.9
1.4

28.1%
25.6%
27.9%
28.6%
18.8%
20.3%
19.4%
15.0%
22.6%
15.1%
10.7%
15.8%

8.7%
9.0%
10.0%
10.6%
8.0%
8.7%
8.8%
6.8%
11.1%
7.5%
5.6%
11.1%

Fifth Third's Denial Rates

30.00%
25.00%
20.00%
Denial Rate 15.00%

African-American
White

10.00%

Lansing

Columbus

Akron

Cincinnati

Dayton

Louisville

Chicago

Cleveland

Flint

Detroit

Nashville

0.00%

Indianapolis

5.00%

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas
In 11 of the 12 metropolitan areas, the disparity between Fifth Thirds African-American and white
denial rates is greater than among other lenders in the same metropolitan areas.
Comparison Between Fifth Thirds African-American Rejection Ratio and the
African-American Rejection Ratio of All Lenders
MSA
African-American
Fifth Third
Disparity
Rejection Ratio of
African-American
All Lenders
Rejection Ratio
Nashville, TN
1.6
3.2
2.0
Indianapolis, IN
1.7
2.9
1.7
Detroit, MI
1.7
2.8
1.6
Flint, MI
1.9
2.7
1.4
Cleveland, OH
1.7
2.3
1.3
Dayton, OH
1.7
2.2
1.3
Louisville, KY
1.7
2.2
1.3
Akron, OH
1.6
2.0
1.3
Cincinnati, OH
1.6
2.0
1.3
Columbus, OH
1.6
1.9
1.2
Chicago, IL
2.1
2.3
1.1
Lansing, MI
1.7
1.4
0.8

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

Fifth Third rejects minority applicants more often than white applicants in the same income
categories, and the disparity increases for borrowers with high incomes. Fifth Third also rejects
minorities with higher incomes more often than whites with lower incomes.
Minority applicants are consistently more likely to be denied loans at Fifth Third than are white
applicants at the same income level. This disparity grows for borrowers at higher income levels.
In all but one of the metropolitan areas below, upper income African-Americans were over two times
more likely to be turned down than upper-income whites. We have excluded from the below chart five
of the metropolitan areas due to their having fewer than forty applications from upper-income AfricanAmericans.
Disparity in Fifth Thirds Denial Rates Between African-Americans and Whites
MSA
Rejection Ratio
Upper Income
Upper Income
African-American
White Denial Rate
Denial Rate
Cleveland, OH
3.9
20.0%
5.1%
Detroit, MI
3.7
20.2%
5.5%
Indianapolis, IN
3.4
20.5%
6.0%
Chicago, IL
3.2
19.6%
6.1%
Dayton, OH
2.2
10.3%
4.8%
Columbus, OH
2.0
7.6%
3.9%
Cincinnati, OH
1.1
7.1%
6.5%
In 5 of the above 7 metropolitan areas, Fifth Third turned down upper-income African-Americans
(earning more than 120% of the median income) more often than low-income whites (earning less than
50% of the median income).
MSA
Cleveland, OH
Detroit, MI
Indianapolis, IN
Chicago, IL
Dayton, OH
Columbus, OH
Cincinnati

Upper Income AfricanAmerican Denial Rate

20.0%
20.2%
20.5%
19.6%
10.3%
7.6%
7.1%

Low-Income White Denial

Rate
14.1%
16.1%
16.4%
15.1%
9.0%
8.4%
11.29%

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

The Share of Fifth Thirds Loans Received By African-Americans is Much

Lower Than the Percentage African-Americans Make Up of the Population

The largest disparities were in Flint, where African-Americans make up over 20% of the metropolitan
areas population but received just 3.6% of Fifth Thirds loans, and in Cleveland, where AfricanAmericans make up 27.5% of the metropolitan areas population but received a five times smaller share
of Fifth Thirds loans just 5.1%.
In 11 of the 12 metropolitan areas reviewed, African-Americans received a two times smaller share of
Fifth Thirds loans compared to their share of the metropolitan areas population. In only one of the 12
metropolitan areas, Detroit, did the share of Fifth Thirds loans made to African-Americans approach the
percentage of the population that African-Americans comprise.
Disparity Between African-American Share of Population and Share of Fifth
Thirds Loans
MSA
African-American
African-American
Disparity
Share of
Share of Fifth
Population
Thirds Loans
Flint, MI
20.3%
3.6%
5.6
Cleveland, OH
27.5%
5.1%
5.4
Indianapolis, IN
13.8%
3.7%
3.7
Nashville, TN
15.5%
4.5%
3.4
Louisville, KY
16.5%
4.8%
3.4
Akron, OH
10.9%
3.4%
3.2
Chicago, IL
18.6%
6.7%
2.8
Dayton, OH
14.2%
5.0%
2.8
Lansing, MI
7.9%
2.9%
2.7
Cincinnati, OH
12.9%
5.7%
2.3
Columbus, OH
13.3%
6.1%
2.2
Detroit, MI
22.8%
17.9%
1.2
Fifth Third also made a much smaller percentage of its loans to African-Americans than other lenders in
the same metropolitan areas did.
In 5 of the 12 metropolitan areas reviewed, the share of Fifth Thirds loans received by AfricanAmericans was at least twice as small as the share that African-Americans received from all lenders in
that metropolitan area.
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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas
In only one metropolitan area, Cincinnati, Fifth Third made a percentage of its loans to AfricanAmericans similar to the percentage made by all other lenders in that metro area. It should be noted that
even in this one metropolitan area Cincinnati, which is where Fifth Thirds Headquarters is located and
where they have their largest market share, Fifth Third still made a smaller percentage of its loans to
African-Americans than other lenders did.
Disparity Between African-American Share of Fifth Thirds Loans and Share of
All Lenders Loans
MSA
African-American
African-American
Disparity
Share of Loans
Share of Fifth
From All lenders
Thirds Loans
Flint, MI
10.4%
3.6%
2.9
Cleveland, OH
12.1%
5.1%
2.4
Indianapolis, IN
8.0%
3.7%
2.2
Akron, OH
6.85%
3.4%
2.0
Nashville, TN
8.9%
4.5%
2.0
Chicago, IL
11.8%
6.7%
1.8
Lansing, MI
5.2%
2.9%
1.8
Dayton, OH
8.44%
5.0%
1.7
Detroit, MI
27.5%
17.9%
1.5
Louisville, KY
6.9%
4.8%
1.4
Columbus, OH
7.9%
6.1%
1.3
Cincinnati, OH
6.40%
5.7%
1.1

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

Low and Moderate Income Neighborhoods Are Underserved By Fifth Third

In all of the metropolitan areas examined, the percentage of Fifth Third loans made in
low or moderate-income neighborhoods was significantly less than the percentage of the metropolitan
areas that low and moderate-income neighborhoods comprise2.
In more than half of the 12 metropolitan areas, the share of Fifth Third loans received by low and
moderate-income neighborhoods was less than half the percentage that these neighborhoods made up of
the metropolitan area.
Disparity Between Percentage of the MSA Census Tracts that are Low or
Moderate Income and the Percentage of Fifth Thirds Loans Made In Low or
Moderate Income Neighborhoods
MSA
Percentage of Low
Percentage of Fifth
Disparity Between
and ModerateThird Loans Made
Percentage of
Income Census
in Low and
MSA and Share of
Tracts in MSA
Moderate Income
Loans
Census Tracts
Flint, MI
29.2%
7.4%
3.9
Louisville, KY
36.5%
10.8%
3.4
Chicago, IL
37.6%
12.8%
2.9
Nashville, TN
31.3%
11.6%
2.7
Cleveland, OH
35.6%
13.1%
2.7
Akron, OH
34.3%
13.4%
2.6
Lansing, MI
29.9%
12.1%
2.5
Cincinnati, OH
33.8%
16.5%
2.l
Indianapolis, IN
36.8%
17.3%
2.1
Dayton, OH
28.6%
14.54%
1.9
Detroit, MI
32.3%
19.30%
1.7
Columbus, OH
37.1%
21.5%
1.7
In 8 of the 12 metropolitan areas reviewed, the share of Fifth Thirds loans received by low and
moderate income neighborhoods was smaller than the share received by these neighborhoods from all
other lenders in that metropolitan area.

Low-income neighborhoods are census tracts which have a median family income below 50% of the area median family
income for the metropolitan area. Moderate-income neighborhoods are census tracts which have a median family income
between 50%-79% of the metropolitan are median.

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas
Comparison Between Percentage of Fifth Thirds Loans and Percentage of All Lenders Loans
Made In Low or Moderate Income Neighborhoods
MSA
Percentage of loans
Percentage of Fifth
Disparity
made by all lenders in
Third Loans Made in
low and moderate
Low and Moderate
income census tracts
Income Census Tracts
Flint, MI
14.8%
7.4%
2.0
Chicago, IL
20.5%
12.8%
1.6
Akron, OH
20.3%
13.4%
1.5
Lansing, MI
18.2%
12.1%
1.5
Louisville, KY
15.3%
10.8%
1.4
Cleveland, OH
17.5%
13.1%
1.3
Dayton, OH
17.1%
14.5%
1.2
Detroit, MI
23.8%
19.3%
1.2
Nashville, TN
11.5%
11.6%
1.0
Cincinnati, OH
15.8%
16.5%
0.9
Indianapolis, IN
17.0%
17.3%
0.9
Columbus, OH
17.9%
21.5%
0.8

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

Fifth Third Underserves Minority Neighborhoods

In all of the metropolitan areas examined, the percentage of Fifth Third loans made in
minority neighborhoods was significantly less than the percentage of the metropolitan areas that
minority neighborhoods comprise3.
Disparity Between Percentage of the MSA Census Tracts that are Predominantly
Minority and the Percentage of Fifth Thirds Loans Made In Minority
Neighborhoods
MSA
Percentage of
Percentage of Fifth
Disparity Between
Minority Census
Third Loans Made
Percentage of
Tracts in MSA
in Minority Census
MSA and Share of
Tracts
Loans
Flint, MI
20.0%
1.9%
10.5
Chicago, IL
42.7%
5.62%
7.6
Louisville, KY
17.2%
2.6%
6.7
Cleveland, OH
27.5%
5.9%
4.6
Lansing, MI
11.1%
3.2%
3.4
Cincinnati, OH
17.6%
5.7%
3.1
Akron, OH
11.4%
3.7%
3.1
Dayton, OH
16.6%
5.7%
2.9
Nashville, TN
16.9%
6.6%
2.6
Columbus, OH
14.8%
6.7%
2.2
Indianapolis, IN
17.1%
8.2%
2.1
Detroit, MI
23.6%
23.4%
1.0

Minority neighborhoods are census tracts in which minority residents make up more than half of the census tracts population.

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas
In 11 of the 12 metropolitan areas, the share of Fifth Third loans received by minority neighborhoods
was less than half the percentage that these neighborhoods made up of the metropolitan area. In 7 of
these metropolitan areas, the share received by minority neighborhoods was less than one third of the
percentage that minority neighborhoods account for in the metropolitan areas.
In 10 of the 12 metropolitan areas reviewed, the share of Fifth Thirds loans received by minority
neighborhoods was smaller than the share received by these neighborhoods from all other lenders in that
metropolitan area.
In only two metropolitan areas, Columbus and Nashville, Fifth Third made a percentage of its loans to
minority neighborhoods similar to the percentage made by all other lenders in that metro area.
Comparison Between Percentage of Fifth Thirds Loans and Percentage of All
Lenders Loans Made In Minority Neighborhoods
MSA

Lansing, MI
Chicago, IL
Flint, MI
Louisville, KY
Cleveland, OH
Dayton, OH
Akron, OH
Detroit, MI
Indianapolis, IN
Cincinnati, OH
Nashville, TN
Columbus, OH

Percentage of All
Loans Made In
Minority
Neighborhoods
19.3%
28.0%
8.4%
6.4%
14.3%
10.1%
6.1%
35.3%
9.3%
6.0%
6.4%
6.3%

Percentage of Fifth
Third Loans Made
in Minority
Neighborhoods
3.3%
5.6%
1.9%
2.6%
5.9%
5.7%
3.7%
23.4%
8.2%
5.7%
6.6%
6.7%

Disparity

6.0
5.0
4.4
2.5
2.4
1.8
1.6
1.5
1.1
1.1
0.9
0.9

The Association of Community Organizations for Reform Now ACORN Report 13

Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

Fifth Third Charges Minority Borrowers Higher Rates

In response to the growing concern about predatory lending and discriminatory pricing, the Federal
Reserve Board issued new guidelines for the Home Mortgage Disclosure Act (HMDA). Starting in
2004, lenders had to report loans that had a high rate (and thus were subprime), making possible for the
first time a statistical analysis of the types of loans a lender originates. On average in 2004, high rate
loans were defined as first mortgages with Annual Percentage Rates (APRs) above 8%.
African-American borrowers are far more likely than whites to receive a high rate subprime loan at Fifth
Third. The greatest disparity was found in Dayton where high cost subprime loans accounted for 1 out of
every 10 mortgages made by Fifth Third to African-Americans, but just one out of every 73 mortgages
made to whites. In comparative terms, African-Americans were 7 times more likely than whites to
receive a high cost subprime loan from Fifth Third4.
As shown in the chart below, large disparities exist in most of the metropolitan areas reviewed,
especially in Detroit and Columbus where African-Americans were four times more likely than whites
to receive a subprime loan at Fifth Third.
The chart excludes three MSAs in which Fifth Third made a minimal number of high cost loans Flint,
12 high cost loans, Akron 10 loans, and Nashville 1 and African-American borrowers were not among
these high cost borrowers.
Disparity in Likelihood to Receive High-Cost Subprime Loan at Fifth Third
MSA
Subprime Loans as
Subprime Loans as
Disparity Between
a Percentage of
a Percentage of
African-American
Total Loans to
Total Loans to
and White
African-Americans
Whites
Customers
Dayton, OH
9.5%
1.4%
7.0
Detroit, MI
10.2%
2.4%
4.2
Columbus, OH
5.0%
1.2%
4.0
Indianapolis, IN
7.7%
2.3%
3.4
Chicago, IL
3.4%
1.3%
2.7
Louisville, KY
3.7%
1.8%
2.1
Cincinnati, OH
1.9%
1.3%
1.6
Cleveland, OH
0.9%
0.6%
1.6
Lansing, MI
2.0%
1.4%
1.5

Based on first lien conventional purchase and refinance loans originated by Fifth Third Bank, Fifth Third Mortgage, and
Home Equity of America, which is a subsidiary of Fifth Third.

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

While not all subprime loans are predatory, the overwhelming majority of predatory loans are subprime,
and the subprime industry is a fertile breeding ground for predatory practices. Subprime loans are
intended for people who are unable to obtain a conventional prime loan at the standard bank rate. The
loans have higher interest rates to compensate for the potentially greater risk that these borrowers
represent. There is a legitimate place for flexible loan products for people whose credit or other
circumstances will not permit them to get loans on A terms. Predatory lending occurs when loan
terms or conditions become abusive or when borrowers who would qualify for credit on better terms are
targeted instead for higher cost loans.
Predatory lending practices are even more insidious because they specifically target members of our
society who can least afford to be stripped of their equity or life savings, and have the fewest resources
to fight back when they have been cheated. Subprime lending is disproportionately concentrated among
minority, low-income, and elderly homeowners.
African-Americans received a much larger share of Fifth Thirds high rate loans than of their prime
loans. The greatest disparity was again found in Dayton where African-Americans received 1 out of
every 4 of Fifth Thirds subprime loans but just 1out of every 20 of their prime loans.
Disparity Between African-American Share of Prime and Subprime Loans at Fifth Third

MSA

Dayton, OH
Columbus, OH
Indianapolis, IN
Chicago, IL
Detroit, MI
Louisville, KY
Lansing, MI
Cincinnati, OH
Cleveland, OH

African-American
Share of Subprime
Loans
26.4%
20.6%
11.3%
16.3%
41.0%
10.8%
4.6%
9.2%
14.3%

African-American
Share of Prime
Loans
5.1%
6.0%
3.8%
6.4%
16.2%
5.5%
3.1%
6.2%
10.3%

Disparity Between
Share of Subprime
and Prime
5.2
3.4
3.0
2.5
2.5
2.0
1.5
1.5
1.4

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

About Fifth Third

Fifth Third Market Share Conventional First Lien Purchases and Refinances
MSA
Market Share
Cincinnati
9.4%
Dayton
8.1%
Lansing
6.6%
Columbus
5.5%
Indianapolis
3.9%
Louisville
3.5%
Cleveland
3.1%
Akron
2.2%
Flint
1.5%
Detroit
1.0%
Chicago
0.7%
Nashville
0.7%

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Fifth Third Failing to Serve: A Report on Fifth Thirds

Community Lending in 12 Metropolitan Areas

About ACORN

ACORN, the Association of Community Organizations for Reform Now, is the nation's largest
community organization of low- and moderate-income families, with over 175,000 member families
organized into 750 neighborhood chapters in 80 cities across the country. Since 1970 ACORN has taken
action and won victories on issues of concern to our members. ACORNs priorities include: better
housing for first time homebuyers and tenants, living wages for low-wage workers, more investment in
our communities from banks and governments, and better public schools. ACORN achieve these goals by
building community organizations that have the power to win changes -- through direct action,
negotiation, legislation, and voter participation. ACORNs website is at www.acorn.org.

739 8th St. SE

Washington, DC 20003
(202) 547-2500
acorn@acorn.org

ACORN Financial Justice Center

757 Raymond Ave., #200
St. Paul, MN 55114
(651) 644-5061
financialjustice@acorn.org

1024 Elysian Fields Ave

New Orleans, LA 70117
(504) 943-0044
acorn@acorn.org

The Association of Community Organizations for Reform Now ACORN Report 17