Free Republic

The New York Post had something of an overlooked bombshell report this weekend regarding a settlement reached between the Consumer Financial Protection Bureau and Ally Bank last year. This is a strange story and if it proves true it could seriously affect the reputation and position of the CFPB. The case in question was a very expensive settlement reached between the Bureau and Ally over charges that they engaged in a pattern of racial discrimination in their automotive loan lending practices, denying applications or charging higher fees to minority applicants. But according to some new documentation revealed by the...

Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a “racial justice” campaign that’s looking more like a massive government extortion and shakedown operation Obama’s Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti-discrimination crusade against the industry in 2013. Several other banks are under active investigation. That’s despite the fact that the CFPB had no actual complaints of racial discrimination — it was all...

Now we got trouble.I am in receipt of a copy of a bulletin from Old Republic Title in which it states: The Company will not insure title to any property which has been foreclosed by Ally Financial, Ally Bank or GMAC until further notice. Oops.I suspect this is going to spread fast, given that this "wee problem" is NOT specific to GMAC and Ally.  In fact, JP Morgan/Chase has reported "similar discrepancies", and then today we had my report on a ruling from a court in which a counterfeit summons was issued not by the court, but by a...