Posted on 01/06/2012 7:45:45 AM PST by opentalk
Bank of America (BAC) must turn over excess funds from a record $335 million discrimination fine to community organizing groups. Critics say it's a "political backdoor" to subsidize Democrat-tied Acorn "clones."
The unusual mandate is buried in a Justice Department filing last month detailing settlement terms with the nation's largest bank. Prosecutors had alleged BofA's Countrywide Financial mortgage unit discriminated against minority homebuyers in the years leading up to the financial crisis.
Funds not passed out to alleged victims after two years will be handed out to "qualified" groups unconnected to the case that provide credit and housing counseling and similar services to blacks and Hispanics in areas where the discrimination allegedly occurred.
...The government must OK the selection of nonprofit groups benefiting from money left over from the $335 million interest-bearing escrow fund —the largest U.S. residential fair-lending settlement ever.
(Excerpt) Read more at news.investors.com ...
Same old Democrat shakedown continues.
Nothing less is acceptable.
When BofA bought Countrywide in 2008, it committed a record $1.5 trillion to minority lending and urban reinvestment. The 10-year accord replaced the bank's half-finished $750 billion goal set in 2004, when it acquired Fleet Bank. ... NACA founder Bruce Marks has called mortgage standards requiring down payments and good credit "patronizing and racist." He has also demanded banks stop foreclosures on subprime homes. In 2004, Marks threatened to blow up the BofA-Fleet deal by complaining to regulators that the banks were not making enough loans to minorities under the Community Reinvestment Act. The banks, in turn, pledged to make $6 billion in mortgages for borrowers with weak credit, along with other funding. That year, U.S. banks promised a record $1.6 trillion in loan commitments to CRA lobbyists — who, all told, have wrung $6.1 trillion in CRA agreements and commitments since the anti-redlining law was enacted in 1977.
Legalized theft. More connected than the mafia.
We have here another indication that Obama’s voluntary campaign donations have dried up.
This $335 million will end up helping to re-elect him.
I think the (non) recess appointment has the same end. The non-bank money services industry will be shaken down for “contributions” in order to protect themselves from the Cordray appointment.
The industry Cordray will go after includes pay-day loans, check cashing, title loans, buy-here-pay-here car dealers, all who have flourished because of the regulatory pinch now being placed on banks.
That’s why Obama was in such a hurry to get the appointee in place. It will result in campaign contributions coerced from an entire industry that right now is shaking in its collective boots.
CEO to DOJ: “Prove it!”
Obama Government mafia
Current Administration = Criminal Enterprise. Jail time for all please.
[The next Republican administration will have to fire every single Obama appointee in every Department and Agency without exception the first day.
Nothing less is acceptable.]
I agree. The question is whether Romney (no) Santorum (maybe) Gingrich (probably) or Perry (probably) would be most likely to do that.
Yes! I still remember when GWB decided to reach across the aisle and keep on most of the bureaucracy from the Clinton administration. Fat lot of good that did him -- or us.
I would like to see a pledge by the candidates to sack the lot.
not giving a loan to someone who can’t pay it back=redlining
giving a loan to someone who can’t pay it back=predatory lending (pwedatowy wending if you’re a Banking Queen)
More corruption from the US Department of Injustice under eric holder.
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