Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

BofA settles unfair lending claims for $335 million
CNN ^

Posted on 12/21/2011 2:22:50 PM PST by alex2011

Attorney General Eric Holder said a federal probe found discrimination against at least 200,000 qualified African American and Latino borrowers from 2004 to 2008, during the height of the housing market boom. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: bankofamerica; boa; democratmafia; extortion; fairhousing; holderspeople; liberalmafia; redmafia; redmaifa
Navigation: use the links below to view more comments.
first 1-2021-4041-6061 next last
I Have no words!
1 posted on 12/21/2011 2:22:51 PM PST by alex2011
[ Post Reply | Private Reply | View Replies]

To: alex2011

duh, higher risk borrowers get charged higher interest rates....

I guess he wants another mortgage crisis


2 posted on 12/21/2011 2:24:03 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011
I Have no words!

I have one: extortion.

3 posted on 12/21/2011 2:24:49 PM PST by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011

All part of the plan I am sure.


4 posted on 12/21/2011 2:25:43 PM PST by ColdOne (I miss my poochie... Tasha 2000~3/14/11)
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011

More dough into Obamao’s stash.


5 posted on 12/21/2011 2:28:28 PM PST by crusty old prospector
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011

Good thing Ameriquest isn’t around anymore ... that was their business model, no matter what the borrower’s race or gender.


6 posted on 12/21/2011 2:28:32 PM PST by 2ndDivisionVet (You can't invade the US. There'd be a rifle behind every blade of grass.~Admiral Yamamoto)
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011

Obama’s policies as enforced by Holder.

Nothing less than government-mandated disaster, and thus the collapse of the housing market and consequent economic disaster.

What isn’t stated explicitly is that Obama is attempting, like a latter-day Lenin, to break the nation’s economy and bring on the revolution of the proletariat.

We can all spend the remainder of our lives on Earth lining up for our government ration of toilet paper, cardboard shoes and belts, and an occasional packet of salami - while the commissars ride around in stretch limousines and shop for luxury items in comsomol.


7 posted on 12/21/2011 2:29:31 PM PST by Jack Hammer
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011

On the bright side, at least there aren’t another 200,000 foreclosed homes on the market.


8 posted on 12/21/2011 2:29:42 PM PST by Wallop the Cat
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

The amazing thing is that BOFA was attempting to perform some due-diligence and control the risk(unlike other bustards ie: countrywide)! Now they are being hit with a stick over the head by WiteHut Criminal Gang.


9 posted on 12/21/2011 2:29:48 PM PST by alex2011
[ Post Reply | Private Reply | To 1 | View Replies]

To: GeronL
He said the discriminatory practices went to the heart of the problem with subprime mortgages and the financial market meltdown they helped set in motion. These borrowers paid on average tens of thousands of dollars more in interest and were subject to pre-payment penalties.

No, giving the bums the loans in the first place was the heart of the meltdown.

10 posted on 12/21/2011 2:30:23 PM PST by crusty old prospector
[ Post Reply | Private Reply | To 2 | View Replies]

To: alex2011
This is one of the ways the subprime mortgage mess got started. Democrats and their groups like ACORN threatened banks to make loans to unqualified minorities or they would get sued for loan discrimination. Our government through the democrats is still doing the same thing to banks, and the mess continues.
11 posted on 12/21/2011 2:31:20 PM PST by HwyChile
[ Post Reply | Private Reply | To 1 | View Replies]

To: crusty old prospector

bump to that


12 posted on 12/21/2011 2:32:28 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
[ Post Reply | Private Reply | To 10 | View Replies]

To: alex2011

Where does that money go? Every time I hear about the gubmint taking a toll on a business or an individual I wonder and I ask “where does the money go?” Does it go to a general fund that is basically a cookie jar slush fund for Holder or Obama or some other equally sleazy crook in the administration? I’m asking because I cannot get an answer to this from anyone I ask.


13 posted on 12/21/2011 2:32:41 PM PST by rhubarbk
[ Post Reply | Private Reply | To 1 | View Replies]

This is all about Countrywide basically treating illegal immigrants, with otherwise stellar credit, as high-risk.


14 posted on 12/21/2011 2:32:41 PM PST by RC51
[ Post Reply | Private Reply | To 4 | View Replies]

To: alex2011

So let’s see. Hank Paulson twisted BofA’s arms to buy Countrywide (because of Barney Frank’s mandated toxic loans) and then also forced them to take $25 billion in TARP funds so that they would not appear broke(even though they were insolvent) knowing full well that there would be costly litigation from that purchase and that the AMERICAN TAXPAYER would be paying for all along.

What a freakin country!


15 posted on 12/21/2011 2:33:16 PM PST by Cyman
[ Post Reply | Private Reply | To 1 | View Replies]

To: alex2011
“The amazing thing is that BOFA was attempting to perform some due-diligence and control the risk”

They did a horrible job in that area. Countrywide was a mess, and BofA didn't see that.
I'm amazed they failed so big in their due diligence. Any of us who work in the industry knew that Countrywide was cutting corners.

BofA actually was pretty boring in a good way.

16 posted on 12/21/2011 2:33:19 PM PST by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
[ Post Reply | Private Reply | To 9 | View Replies]

To: 2ndDivisionVet
"Countrywide's actions contributed to the housing crisis, hurt entire communities, and denied families access to the American dream," Perez said.

"Without a doubt, Countrywide and other predatory lenders share a great deal of the blame for the financial meltdown and the ensuing foreclosure crisis," said Janis Bowdler, director of the wealth-building policy project at NCLR (LaRaza).

Looks like they both got the talking points memo from the Obamao campaign.

17 posted on 12/21/2011 2:34:35 PM PST by crusty old prospector
[ Post Reply | Private Reply | To 6 | View Replies]

To: crusty old prospector

Can someone show me where “The American Dream” is mentioned in the constitution? And someone named “Janis Bowdler” works at LaRaza? What is she 1/22 Latina?


18 posted on 12/21/2011 2:37:21 PM PST by 2ndDivisionVet (You can't invade the US. There'd be a rifle behind every blade of grass.~Admiral Yamamoto)
[ Post Reply | Private Reply | To 17 | View Replies]

To: rhubarbk
Where does that money go?

It says that it is going to the individuals recognized during the investigation,.i.e. they will just look down the list for a last name with an -ez or -son at the end, if you get my drift.

19 posted on 12/21/2011 2:37:33 PM PST by crusty old prospector
[ Post Reply | Private Reply | To 13 | View Replies]

To: 2ndDivisionVet

1/22? If there is money to be handed out as Obamao’s Christmas bonus, she will be 100% from South-of-the-Border.


20 posted on 12/21/2011 2:40:04 PM PST by crusty old prospector
[ Post Reply | Private Reply | To 18 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson