DOJ To Give Money From Bank Of America Settlement To Liberal Activist Groups (LaRaza)

So the government goes after the Bank of America for Americans being defrauded and gives the money to racial activists and to pay for votes?
DOJ To Give Money From Bank Of America Settlement To Liberal Activist Groups

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DOJ To Give Money From Bank Of America Settlement To Liberal Activist Groups

Judicial Watch reports that the Department of Justice is giving liberal activist groups money from a $16.6 billion settlement with Bank of America.

The groups benefitting from the lawsuit, according to Investor’s Business Daily, are the National Council of La Raza, Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America. The money also went to “delinquent borrowers” in Chicago, Oakland, Detroit, Philadelphia, and other major “Democrat strongholds.”

“This is a wealth redistribution scheme disguised as a lawsuit,” Tom Fitton, president of Judicial Watch, told The Daily Caller. “And who benefits from the distribution? Interest groups the administration relies on, outside interest groups, allies and politicians in communities trying to benefit as well.”

Fitton noted that these liberal groups are basically what’s left of the Association of Community Organization for Reform Now (ACORN) network, and that President Barack Obama has ties to ACORN.

“You have La Raza that’s getting money, their former head is at the White House in a top position whose funding from the Census has gone up immensely under the Obama administration,” Fitton said.

La Raza, Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America have all intimidated banks to give loans to minorities, even if they can’t afford to pay them back.

This is part of an ongoing scheme in which the DOJ puts the money it has gotten from bank settlementsin a slush fund and then funneled the money to liberal groups. Judicial Watch points out that liberal groups — many of which are the same ones benefiting from this lawsuit — also received money from multi-billion settlements from JP Morgan Chase and Citibank, as well as a $335 million settlement from Countrywide Financial Corporation.

“What we need is an honest Justice Department run by people who make a commitment to the rule of law rather using their power to extort and benefit more government and their political allies.” Fitton said. “This is no better than Tammany Hall.”

http://news.yahoo.com/doj-money-bank...212007619.html

DOJ to Give Leftist Groups Cut of B of A Settlement

AUGUST 28, 2014

The Department of Justice (DOJ) keeps giving radical leftist groups that support President Obama huge amounts of cash collected from big banks to settle discrimination and mortgage abuse lawsuits filed by the government.

Judicial Watch first reported the scheme two years ago when Countrywide Financial Corporation doled out $335 million to settle its discrimination lawsuit with the feds. The money was supposed to be distributed to more than 200,000 minority victims who supposedly were charged higher interest rates and fees than white borrowers based on their race not their credit.

Instead, a chunk of the money went to Democrat-tied groups not connected to the lawsuit, including the scandal-plagued Association of Community Organizations for Reform Now (ACORN) and the open-borders National Council of La Raza (NCLR).

Now many of the same groups will get more money from a record $16.65 billion settlement with Bank of America. It’s a “historic resolution,” according to Attorney General Eric Holder, and the money will help make amends to borrowers and communities that were negatively affected by the bank’s conduct. Besides settling civil penalties at the state and federal level, the billions will bring relief to struggling homeowners and communities by, among other things, offering new loans and providing financing for affordable rental housing. Delinquent borrowers in Democrat strongholds like Chicago, Oakland and Detroit will also benefit from debt forgiveness.

Leftover funds will go to politically-connected community groups—like the NCLR, Operation Hope and National Community Reinvestment Coalition—that intimidate banks into qualifying more minorities for home loans, even if they really can’t afford it. This part of the deal is conveniently buried in the 37-page DOJ agreement, but a publication dedicated to covering business, finance and economics draws attention to it in a scathing editorial that refers to the arrangement as extortion.

“In effect, the government has ordered the nation’s largest bank to create a massive slush fund for Democrat special interests,” states the editorial which reveals that radical Democrat activist groups stand to collect millions from Holder’s record deal with Bank of America. “The recession has dried up funding for such groups. But Holder’s massive bank shakedown could rebuild their war chests in a hurry.” The piece also points out that Holder has brokered other similar deals that will provide more back-door funding for the Democrat groups. They include a $13 billion agreement with JPMorgan Chase and a $7 billion deal with Citibank.

Judicial Watch has investigated these controversial arrangements of funneling big portions of cash settlements from civil rights lawsuits to organizations not officially connected to the cases. In fact, back in 2010 JW sued the DOJ to obtain information about the outrageous policy. In response to our lawsuit the DOJ was forced to acknowledge that it has no official guidelines regarding “qualified organizations” that get leftover settlement funds and that it doesn’t monitor how the money is used.

http://www.judicialwatch.org/blog/20...medium=twitter
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Why raise funds when you can siphon them off from a government settlement?
Share the facts at IBD.
'Extortion: Radical Democrat activist groups stand to collect millions from Attorney General Eric Holder's record $17 billion deal to settle alleged mortgage abuse charges against Bank of America.
... 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 nation's largest bank to create a massive slush fund for Democrat special interests.'

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Holder Cut Left-Wing Groups In On $17 Bil BofA Deal
Radical Democrat activist groups stand to collect millions from Attorney General Eric Holder's record $17 billion deal to settle alleged mortgage abuse charges against Bank of America.
news.investors.com

Holder Cut Left-Wing Groups In On $17 Bil BofA Deal

200 Comments Thu, Aug 28 2014 00:00:00 E A12_ISSUES
Posted 08/27/2014 06:43 PM ET

http://www.investors.com/image/holder082714_345.gif.cms Attorney General Eric Holder, center, joined by Associate Attorney General Tony West, right, U.S. Attorney for the District of New Jersey Paul... View Enlarged Image

Extortion: Radical Democrat activist groups stand to collect millions from Attorney General Eric Holder's record $17 billion deal to settle alleged mortgage abuse charges against Bank of America.
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 nation's largest bank to create a massive slush fund for Democrat special interests.
Besides requiring billions in debt forgiveness payments to delinquent borrowers in Cleveland, Atlanta, Philadelphia, Oakland, Detroit, Chicago and other Democrat strongholds — and up to $500 million to cover personal taxes owed on those checks — the deal requires BofA to make billions in new loans, while also building affordable low-income rental housing in those areas.
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.
In fact, in 2008 and 2009, NeighborWorks awarded a whopping $25 million to Acorn Housing.
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 HUD's chief "fair housing" enforcer.
BofA gets extra credit if it makes at least $100 million in direct donations to IOLTA and housing activist groups approved by HUD.
According to the list provided by Justice, those groups include come of the most radical bank shakedown organizations in the country, including:
• La Raza, which pressures banks to expand their credit box to qualify more low-income Latino immigrants for home loans;
• National Community Reinvestment Coalition, Washington's 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 that's pressuring banks to make "dignity mortgages" for deadbeats.
Worse, one group eligible for BofA slush funds is a spin-off of Acorn Housing's branch in New York.
It's now rebranded as Mutual Housing Association of New York, or MHANY. HUD lists MHANY's contact as Ismene Speliotis, who previously served as New York director of Acorn Housing.
The recession has dried up funding for such groups. But Holder's massive bank shakedown could rebuild their war chests in a hurry.
He's written back-door funding for Democrat groups into other major bank deals he's brokered, including the $13 billion JPMorgan Chase settlement and the $7 billion Citibank deal. They stand to reap millions more from those deals.
All told, Holder has shaken down the nation's largest banks for a whopping $128 billion, more than a 10th of a trillion dollars, and counting. Morgan Stanley and Wells Fargo are reportedly in talks with Justice to settle additional mortgage cases.
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 couldn't 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 president's political friends and favorite political causes.

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Financing the 2016 voter turn out effort.

Funding our enemies!

W

This is outrageous!!

Can we claw back any of these ill gotten gains?

I thought Sessions stopped this.....No more payouts to these entities the money goes to the victims or to the American taxpayers.

Quote:

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Originally Posted by lsmith1338

I thought Sessions stopped this.....No more payouts to these entities the money goes to the victims or to the American taxpayers.

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He did. Newmexican just brought this thread back to life asking if we can get the money back that the Obama administration had previously giving to leftist special interest groups.

Yep, this is an older article but a really good reminder for us all!

W