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September 29, 2009

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Bank acts over Acorn housing scandal

BANK of America Corp has suspended its current commitments to Acorn Housing, an affiliate of the Association of Community Organizations for Reform Now (Acorn), a scandal-hit United States liberal grassroots group, the Wall Street Journal said yesterday.

The banking company "will not enter into any further agreements with Acorn or any of its affiliates," pending assessments of the organization's operations, the paper quoted a Bank of America spokesman as saying.

Acorn Housing has worked with Bank of America and other large banks on foreclosure-prevention efforts, the Journal said.

Earlier this month, both houses of the US Congress passed legislation that would cut off federal money to Acorn, after a conservative activist had secretly filmed Acorn employees giving tax and housing advice to a couple who told them that they were planning to set up a brothel.

Michael Shea, executive director of Acorn Housing, told the paper: "We're not surprised that our lending partners like Bank of America want assurances that this won't happen again."


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