ACORN Rats Jumping Ship

Via The Wall Street Journal:

Guillermo Loaiza, a loan officer for a unit of J.P. Morgan Chase & Co. in Phoenix, has resigned from the board of Acorn Housing, a spokesman for J.P. Morgan said.

The J.P. Morgan spokesman declined to say why Mr. Loaiza had stepped down from the Acorn Housing board but said the decision was his. Mr. Loaiza didn’t respond to requests for comment.

A spokeswoman for Acorn Housing had no immediate comment on the resignation. Mr. Loaiza was one of five directors of Acorn Housing, according to the group’s Web site.

J.P. Morgan has said it doesn’t have a regular working relationship with Acorn or Acorn Housing. Bank of America Corp. said late last week that it suspended its work with Acorn Housing pending reviews of that organization’s operations.

Interesting wording from J.P. Morgan. If you didn’t know better, you’d think they didn’t know who ACORN was – not;

JP Morgan Chase contributed over $5 million in grants to the housing affiliate, over a five-year period. But this program is no longer active, Jennifer Zuccarelli, a spokeswoman said.

“JP Morgan Chase provided a five-year community development grant to fund affordable housing and foreclosure prevention initiatives across the country,” Zuccarelli said. “The commitment ended a year ago in 2008 and no further grants will be considered.”

ACORN – never heard of them………………..


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