Skip to comments.Holder cuts left in on $17 billion Bank of America settlement
Posted on 08/28/2014 9:42:53 AM PDT by afraidfortherepublic
Radical Democrat activist groups stand to collect millions from Attorney General Eric Holders record $17 billion deal to settle alleged mortgage abuse charges against Bank of America, Investors Business Daily reports:
Buried in the fine print of the deal, which includes $7 billion in soft-dollar consumer relief, are a raft of political payoffs to Obama constituency groups. In effect, the government has ordered the nations largest bank to create a massive slush fund for Democrat special interests.
The deal requires billions of dollars in debt forgiveness payments to delinquent borrowers. It also requires Bank of America to make billions in new loans and to build affordable low-income rental housing.
The remaining money will go to a slush fund for leftists:
If there are leftover funds in four years, the settlement stipulates the money will go to Interest on Lawyers Trust Account (IOLTA), which provides legal aid for the poor and supports left-wing causes, and NeighborWorks of America, which provides affordable housing and funds a national network of left-wing community organizers operating in the mold of Acorn.
NeighborWorks of America has been a major supporter of ACORN, the lefts most favored radicals. According to Investors Business Daily, in 2008 and 2009 NeighborWorks awarded a whopping $25 million to Acorn Housing.
Moreover, an Acorn Housing spinoff is directly eligible for BofA slush funds. Its an outfit called Mutual Housing Association of New York. HUD lists its contact person as Ismene Speliotis, who previously served as New York director of Acorn Housing.
But Acorn isnt the only left-wing beneficiary:
In 2011 alone, NeighborWorks shelled out $35 million in affordable housing grants to 115 such groups, according to its website. Recipients included the radical Affordable Housing Alliance, which pressures banks to make high-risk loans in low-income neighborhoods and which happens to be the former employer of HUDs chief fair housing enforcer.
Bank of America gets extra credit if it makes at least $100 million in direct donations to IOLTA and housing activist groups approved by HUD. Who are these HUD-approved housing activist groups? Investors Business Daily identifies some of them:
La Raza, which pressures banks to expand their credit box to qualify more low-income Latino immigrants for home loans;
National Community Reinvestment Coalition, Washingtons most aggressive lobbyist for the disastrous Community Reinvestment Act;
Neighborhood Assistance Corporation of America, whose director calls himself a bank terrorist;
Operation Hope, a South Central Los Angeles group thats pressuring banks to make dignity mortgages for deadbeats.
Coercing banks to provide dignity mortgages to people who are unlikely to pay them? That was a big part of how we found ourselves in the financial crisis.
Not only is Eric Holder not letting that crisis go to waste, he seems bent on generating a new one.
As Investors Business Daily concludes:
In effect, lenders are bankrolling the same parasites that bled them for the risky loans that caused the mortgage crisis. With new cash, they can ramp back up their shakedown campaign, repeating the cycle of dangerous political lending that wrecked the economy.
These settlements have little, if anything, to do with justice or restitution for innocent victims. In its 30-page statement of facts, Justice couldnt provide a single shred of evidence of fraud against BofA. Nor could it ID a single victim by name.
The attorney general is actually perverting justice by extorting billions of dollars from the largest banks in the country and giving it away to the presidents political friends and favorite political causes.
We knew that, if elected, Barack Obama was going to spread the wealth around. We should have realized he would spread it to the left-wing community organizing world from which he sprang.
Third world minded grifters.
“It also requires Bank of America to make billions in new loans and to build affordable low-income rental housing. “
For all them “new arrivals”. You gotta hand it to the left. They know how to extort money with their trial lawyer friends to further their agenda.
Nothing but a crime syndicate.
These community organizers forced banks to give loans to people that could not pay them back. Then when they did not pay them back the gov’t sues the banks.
The gov’t forced Bank of America to purchase Merrill Lynch and Countrywide. The CEO of Countrywide who had the right gov’t connections, did not face any punishment as far as I know of.
Africans bringing African-style corrupt government to America.
“To Each Their Home”
Sucess stories from ACORN Housing Corporation
“First, they agreed on more flexible underwriting criteria that take into account the realities of lower income communities. For example, income measurements include less traditional income sources such as FOOD STAMPS, UNEMPLOYMENT, PART-TIME JOBS, NON-COURT ORDERED CHILD SUPPORT and FOSTER CARE PAYMENTS.”
As Holder says - he's a black man.
“At last, Elnora heard about the ACORN Housing Corporation and its lending partnerships. “Next thing I knew I was getting a loan from Citizens Mortgage and a GRANT FROM THE CITY FOR CLOSING COSTS,” Elnora recalled.
(pg. 15 of 17:
Just in time for the elections.
Corruption, thy middle name is Hussein.
There, fixed it.
Africans bringing African-style corrupt government to America.
next step is , Stay in Power Forever
The government has been funding the left for decades, these guys don’t even need to pretend to hide it
I agree it is a slush fund for ACORN but it pales in comparison to the trillion dollars slush fund for big banks and insurances named TARP.
I've said the same many times. If you truly wanted this country to be strong, you wouldn't engage in this type of destruction. The only conclusion one is left with is that the individuals in this adminsitration are hell-bent on destroying this country and, at some point, abandoning it with millions of dollars of graft in their pockets to head for another shore.
Turning the American middle class into indentured servants, one household at a time.
This serves BofA right.
It was one of the strongest banks during the lending industry collapse in 2008. It only took government bailouts because it was forced to, and it paid them back relatively quickly.
Now it’s under the gun for these egregious violations of Leftist norms.
I think the collapse in 2008, is going to look tame by the next one in 2020-22.
How can they tell us the truth? The Father of Lies is their daddy.
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