Skip to comments.Bank of America is ACORN ‘Partner’ and Major Funder
Posted on 09/21/2009 10:04:59 AM PDT by 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.
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 ACORNs 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.
isnt this conflict of interest
Business as usual?
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.
.THIS READS LIKE A WHO’S WHO’S IN THE WORLD OF TAXPAYER FUNDED LEFTIE GROUPS.
Making Home Affordable
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.
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.
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 nations largest community development financial institutions.
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.
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.
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.
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.
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.
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.
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.
Contact UsBank of America Home Loans Customer Service
Link doesn’t work for me.
It would seem so but I guess they get away with it because of the Charitable Foundation.
Can you say Eric Holder?
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.
Just tried it and it doesn’t work for me either, try this.
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.”
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.
Thanks for the link.
acorn is charity??? ha
That worked. Thanks
No, I was referring to the Bank of America Charitable Foundation, Inc.
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.
Bank of America is my bank......for the time being.
Sorry, that was Peter Flaherty who wrote the article that wrote B of A. I wish he would have listed it.
They are paying protection money, buying peace. Yes, they should stop but understand why they had to do it.
Thank you very much.
me too...if acorn is declared no charitable can the bank still get away with huge donations?
“Bank of Amigos”...
Bank of America? How "special" ? Child sex slaves "special" - twisted tax information "special" how "special"?
CRIMNALS FLOCK TOGETHER.
Seems like the referenced websites better be cached/saved soon, before they disappear.
I’m so glad I cancelled all my accounts with them a few months back.
If you are talking about Wells Fargo, you are not exactly correct. Wells has not directly given ACORN the kind of money Bank of America has or promoted it. But in 2007 Wells adopted a set of "responsible lending principles" (link here) for its mortgage operations as a direct result of threats and constant protests by ACORN, and it did join ACORN's "advisory council" which is a shakedown operation to get $100,000+ in grants from lenders in return for it not protesting at the lenders' offices.
Exactly. ACORN shook down all the banks for years—and with the muscle of our government behind them. Poor Jesse Jackson and Al Sharpton are pikers compared to the ACORN gang.
Thanks for the ping!
It was a shakedown.
Gee no suprise there eh
That's not very ACORN friendly
I don’t know how to do that kind of thing but i did copy and paste top two link contents to a file.
Most corrupt administration in history.
Yaaa....and we ALL are wondering why these banksters haven’t yet received the Jeff Skilling/Ken Ley treatment the Bush administration handed out so quickly.
That does it. I’m closing my fr3@king account.
FReep mail me if you want on/off the list.
No. It's extortion in the same manner as practiced by Jesse Jackson and perfected by ACORN. In a nutshell: Give us money and we won't sue you for racial discrimination in your loaning practices.
“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.”
Bush isn’t getting a free ride on this either.
Grants? So BOA funneled the bailout money to ACORN?
Huge shadow government! Wake up people.
right...extortion is a better word
Citibank is a big supporter of ACORN also