Bank of America is ACORN ‘Partner’ and Major Funder

NLPC ^ | September 21, 2009 | Peter Flaherty

[jazusamo]

Bank of America has received $45 billion in taxpayer TARP funds, and has slashed its dividend to a penny. Yet it is one of ACORN and its affiliates' biggest funders.

Our review of annual tax returns for the Bank of America Charitable Foundation, Inc. for the last three years (2006, 2007, 2008) found more than $3.6 million in grants to ACORN and its affiliates. Those grants include a grant of $2 million to ACORN Housing, Inc. last year, and direct grants to ACORN Housing, Inc. offices in Baltimore, Maryland and San Bernardino, California, the locations of undercover video stings.

On its website, ACORN Housing, Inc. describes its relationship with Bank of America as a “partnership.” The Bank of America website lists no less than 26 ACORN offices where:

Bank of America works with Association of Community Organizations for Reform Now (ACORN) Housing to provide special mortgage products to potential homeowners in NAME OF CITY.

Unlike many public companies, Bank of America Corporation does not disclose individual grants it makes to nonprofit groups. We do not know what direct funding Bank of America Corporation provides to ACORN and/or its affiliates. It is obvious, however, that ACORN and/or its affiliates market and/or administer loan programs for the bank.

Although legally a separate entity, Bank of America Charitable Foundation, Inc. is controlled by Bank of America Corporation. Its 30-member board of directors is comprised of Bank of America Corporation executives or employees of the foundation itself. Its sole source of revenue in 2008 was a donation of $167 million from Bank of America Corporation.

Today, I wrote Bank of America CEO & President Ken Lewis:

National Legal and Policy Center, a Bank of America Corporation shareholder, asks that Bank of America Corporation and the Bank of America Charitable Foundation, Inc. end funding of, and sever all relationships with, the Association of Community Organizations for Reform Now (ACORN), ACORN Housing, Inc., and ACORN’s many affiliates, which may number as many as 360 organizations.

On the “Corporate Governance” page of the Bank of America website, Lewis states:

At Bank of America, we are committed to upholding the highest standards of corporate governance and ethical conduct in all we do.

Last week, the United States Senate voted 83-7, and the House of Representatives voted 345-75 to stop taxpayer funds from going to ACORN. Congressional action will be circumvented, however, if Bank of America Corporation and Bank of America Charitable Foundation, Inc. continue to fund ACORN and its affiliates.

My letter to Lewis concludes:

Taxpayers, shareholders, customers, employees and business partners demand that you end your partnership with ACORN and its affiliates without delay.

[dalebert]

isnt this conflict of interest

[Bloody Sam Roberts]

Business as usual?

[HereInTheHeartland]

Try this to let them know your thoughts:

https://www4.bankofamerica.com/search/Search.do?questionbox=acorn&locale=en_US

[BigFinn]

I want to know where is the FBI and the cops on this? Why isn’t ANYONE in any way connected with a blatant fraudulent organization like ACORN being jailed. I have yet to hear of ONE arrest. Where are they... I WANT TO KNOW.

[OSHA]

Bank of America is ACORN ‘Partner’ and Major Funder. Blackmail Victim.

[Marty62]

.THIS READS LIKE A WHO’S WHO’S IN THE WORLD OF TAXPAYER FUNDED LEFTIE GROUPS.

HOPE NOW
Making Home Affordable
Helping homeowners
Community partners Community partnersOur community partners are another helpful resource for potential homebuyers. Explore your options below and see how you could get help through counseling, education, and other types of support.

ACORN Housing Corporation (AHC)
AHC provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through unique lending partnerships.
http://www.acornhousing.org

Center for Community Self-Help (Self-Help)
This organization and its financing affiliates Self-Help Credit Union and Self-Help Ventures Fund provide financing, technical support, and advocacy for those left out of the economic mainstream.
http://www.self-help.org

Center for Responsible Lending
This nonprofit, nonpartisan research and policy affiliate of Self-Help is dedicated to eliminating abusive financial practices. Self-Help is one of the nation’s largest community development financial institutions.
http://www.responsiblelending.org

Consumer Credit Counseling of Atlanta
This full-service, nonprofit, financial counseling agency provides counseling 24 hours a day in all 50 states over the telephone and Internet in both English and Spanish.
http://www.cccsatl.org

National Coalition of Asian Pacific American Community Development
Members use innovative affordable housing, community development, organizing, and planning strategies to improve the wellbeing of Asian American/Pacific Islander communities and members.
http://www.nationalcapacd.org

National Council of La Raza (NCLR)
La Raza is a private, nonprofit, and non-partisan organization focused on reducing poverty and discrimination, and improving opportunities for Hispanic Americans.
http://www.nclr.org

National Foundation for Credit Counseling
A membership association of more than 100 nonprofit, community-based agencies that provide credit counseling at more than 900 local offices across the country.
http://www.nfcc.org

National Urban League (NUL)
The Urban League works to promote economic self-reliance, parity, power, and civil rights for African Americans through education and empowerment. They are also a member of the Alliance for Stabilizing our Communities.
http://www.nul.org

Neighborhood Assistance Corp of America (NACA)
NACA is a nonprofit community advocacy and HUD-certified counseling agency, which provides affordable mortgage solutions and works to fight predatory lending.
http://www.naca.com

Operation HOPE, Inc.
A nonprofit, public benefit organization that works to create public/private partnerships, strategic alliances, economic tools and services, and other programs to economically empower low-income and minority people.
http://www.operationhope.org
Contact UsBank of America Home Loans Customer Service

[jennyjenny]

Link doesn’t work for me.

[jazusamo]

It would seem so but I guess they get away with it because of the Charitable Foundation.

[HereInTheHeartland]

Also just an FYI, the nations largest mortgage lender; who is Bank of America’s competitior; does NOT fund ACORN.

[Maceman]

I want to know where is the FBI and the cops on this?

Can you say Eric Holder?

[Faith]

The ACORN story gets more disgusting with each new revelation. The NEA (teachers’ union) also contributes to ACORN. WHY???? They must want to insure the election of leftists who will keep their odious agenda alive in our public schools.

[jazusamo]

Just tried it and it doesn’t work for me either, try this.

http://www.nlpc.org/

[RinaseaofDs]

I wouldn’t blame BofA here. When did the CRA come out? 1979. That bill put a gun to bankers heads and said, “You’ll loan money to people who can’t pay you back, or you are going to court, and you’re going to lose.”

BofA comes back and says, “At least let us roll this crap into bonds and sell it.”

Government: “Whatever.”

BofA: “Thanks!”

The rest is history. To keep things quiet, Democrats ask BofA to keep ACORN afloat and come up with this. Doesn’t surprise me in the least.

You hear anything in the State-Run Media about how evil Wal-Mart is? Funny how that stopped when they got behind Obamacare.

[jazusamo]

Thanks for the link.

[investigateworld]

Wallys is a big contributor to La Raza, a leftist anti-gringo .org~

[dalebert]

acorn is charity??? ha

[jennyjenny]

That worked. Thanks

[jazusamo]

No, I was referring to the Bank of America Charitable Foundation, Inc.

[BigFinn]

What a neat little circle of scammers.

Acorn, instituted by radical leftist groups, install their point man into the highest office >Acorn pressures a compliant bank to operate under their guidelines>BoA funds Acorn>Acorn funds multiple fraudulent operations>BoA goes bankrupt>BoA receives government tarp funds>Acorn receives funding from BoA> etc.