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Monday, September 28, 2009

Bank of America Cuts Ties with ACORN

This broke earlier this morning.

Bank of America Corp. is suspending its work with the housing affiliate of embattled community organizing group ACORN. The decision comes as three Republicans in Congress ask Bank of America and 13 other financial institutions to give Congress a complete accounting of their dealings with the Association of Community Organizations for Reform Now or its affiliates.

In a statement, Bank of America said it would not enter into any further agreements with ACORN Housing Corp. until the bank is satisfied all issues have been resolved. ACORN Housing Corp. and Bank of America have worked together for years on mortgage foreclosure issues.

This is important for a number of reasons. First, we've heard about a number of governmental agencies that were cutting ties to ACORN. Then, the Congress voted to cut off all funds to ACORN. Yet, ACORN has downplayed all of these actions because in their assertion, they get most of their money from private sources. Well, Bank of America is private. It's also a major donor of the group. So, this is no small hit to the group.

If this were a boxing match, ACORN would be slowly taken apart by a fighter like Floyd Mayweather Jr. They continue to take blows from every side. None are themselves a knockout but it's clear they are getting their clocks cleaned. From time to time, they counter like when they announced they would sue, James O'Keefe and Hannah Giles, but ultimately they are slowly being taken apart. What we are watching is the slow dismantling of this group and there's really nothing they can do about it.

It's an almost certainty there's more tapes. The media coverage isn't letting up and there's so much corruption to report on the media will be busy for years. Meanwhile, having BofA cut them off is the equivalent of a tough body blow. You can bet there will be more body blows to come. Like all boxing matches, body blows add up until the fighter finally disintegrates under the weight of a constant barrage. That's what's happening to ACORN. They're not ready to fall yet, but it's only a matter of time until they drop and are knocked out entirely.


Anonymous said...

You know, Mayweather didn't win by KO last week.

The real question remains: Who will go after banks that force minorities with prime credit into subprime loans like Wells Fargo and HSBC?

mike volpe said...

I didn't see the fight but I understand it was a systematic dismantling which is what ACORN is going through. As to your other question, here in Illinois that would be the AG, Lisa Madigan, who is pursuing Wells Fargo for exactly that. So, I would say that AG's would go after these banks.

Anonymous said...

Well that's great, but it took ACORN to get those AG's to go after Household/HSBC before.

mike volpe said...

Are you kidding? They're a criminal enterprise and you're trying to excuse it because they helped to bring some "predatory lending" to light, which of course has no real definitition. Is this really the argument you are making.