Posted on 05/20/2013 6:34:10 PM PDT by jazusamo
New evidence has emerged that Assistant Attorney General Thomas Perez may have improperly prosecuted Wells Fargo, Bank of America and dozens of other banks for lending discrimination by using deficient mortgage data in investigations.
IBD has learned the special prosecutor spearheading Perez's record number of statistics-based cases of racism against lenders told federal bank regulators in 2010 he lacked key home loan data needed to conduct the kind of iron-clad "regression analyses" that would hold up in court.
Still, Perez's civil-rights division used the shaky data to force bank defendants into a record $600 million in settlements, including loan set-asides and cash payouts for minority borrowers.
Perez faces increased scrutiny as President Obama's nominee for secretary of labor.
In a confirmation hearing last week, some senators questioned his role in scuttling a Supreme Court case that would have challenged his use of "disparate impact" liability — a questionable civil-rights theory with a low standard of proof — to prosecute home lenders for racial bias.
Republicans hint they may delay or block a full Senate confirmation vote.
In addition to targeting mortgage giants BofA, Wells and SunTrust Bank, Perez also has gone after small banks.
In March, for example, Perez signed orders forcing Community State Bank of Michigan and Texas Champion Bank to compensate African-American and Latino borrowers.
Though defendants settled charges, they've denied guilt. They say they cut deals to avoid protracted legal battles with Washington and damage to their corporate brands.
(Excerpt) Read more at news.investors.com ...
I think he’s a Communist.
He will fit right in.
He needs to be denied the nomination.
Far too dangerous.
Amen, I don’t doubt that at all, he’s everything that America is not about.
Right.
He’s a frog who needs to be marched.
Well if he is really dangerous odds are he gets on. The whole lot at the White House are no good dirty rats that is the nicest thing I can say about it without getting banned for life.
bookmark
I don’t know. Republicans might really try to stop this radical.
Everything is race in the Obama administration.
Reparations and payback his stock in trade.
It keeps them voting for him.
The Chicago way is now the Amerikan way.
Those of you who do business with a financial institution in the US, just ask yourself how much such settlements, on top of all the draconian compliance costs for consumer “protection” (usually a misnomer)regulations that banks have to absorb, costs you annually in increased fees and interest costs. The US federal government is a full blown extortion enterprise. They have it down to a science, and it is taking money right out of YOUR pocket.
This is the same POS that accused my boss and my peers of being racists.Three years of investigations by the Fed DOJ and they came up empty handed.
What’s his nick on LewRockwell?
Thanks jazusamo.
I hope they do. Everything is a fight with this regime and I for one am sick and tired of it.
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