Our corrupt federal government under the DOJ is forcing the banks to lend to risky consumers and hen force them to give to liberal groups. Extortion is illegal but not when it’s the federal government. Pretty sick, huh?
Bank of America has been able to reduce a multi-billion dollar mortgage fraud penalty imposed by the Justice Department by giving millions of dollars to liberal groups approved by the Obama administration.
The bank has wiped about $194 million off its record $16.6 billion 2014 mortgage settlement by donating to nonprofits and legal groups. Thanks to little-known provisions in the settlement, the bank only had to make $84 million in donations to do that.
For every dollar the bank has given the nonprofits — none of which were victims of fraud themselves — it has claimed at least two dollars off the settlement.
Among the groups receiving the money were Hispanic civil rights group the National Council of La Raza ($1.5 million), the National Urban League ($1.1 million) and the Neighborhood Assistance Corporation of America ($750,000).
“This is nothing short of a shakedown and another example of how the Obama administration is rigging the system to benefit their political allies,” said Rep. Sean Duffy, R-Wis., chairman of the Financial Services Committee’s Oversight and Investigations Subcommittee.
THIS IS HOW IT’S DONE:
What a racket. First the Democrats pressure banks into making bad loans. Then when the loans collapse, they accuse the banks of fraud. Then as part of the punishment the banks are incentivized to make payoffs to Democrat allies.
But it’s all legal because the government says it is. Government is the biggest legitimized organized criminal racket on the planet. And the only reason they expend so much efort to prosecute the mafia, is not to protect ‘we the people’ but because the government won’t tolerate any competition.
However, none of that is as shameful as the fact that ‘we the people’ tolerate this crap.
Via: blur brain