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Business Briefing / Banking

BofA rethinks ties to ACORN unit

September 29, 2009|Times Wire Reports

Bank of America Corp. is suspending its work with the housing affiliate of 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 Assn. 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.

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