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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
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I Have no words!
1 posted on 12/21/2011 2:22:51 PM PST by alex2011
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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)
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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?)
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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)
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To: alex2011

More dough into Obamao’s stash.


5 posted on 12/21/2011 2:28:28 PM PST by crusty old prospector
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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)
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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
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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
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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
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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
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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
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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)
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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
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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
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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
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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")
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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
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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)
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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
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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
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To: GeronL
I guess he wants another mortgage crisis

0bama is entering the campaign season with the attitude "When you have nothing, you've got nothing to lose" to get himself reelected.

What an "effed" up scenario that idiot has created for the greatest country in the world.

21 posted on 12/21/2011 2:43:29 PM PST by EGPWS (Trust in God, question everyone else)
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To: kosciusko51
extortion

The pharmaceutical industry has been dealing with billion dollar government shakedowns for a long time. They pay their mega fines periodically and raise their prices. It's just another routine cost of doing business in the USSA that more and more industries cannot avoid. The socialists got the idea from the mafia. "You wanna protection? You gotta pay."

22 posted on 12/21/2011 2:44:17 PM PST by Reeses (TV gives men a window into what women want, and it isn't pretty.)
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To: alex2011

What a crock . . . This forced lending to people who have bad credit is what got us into the current financial crisis.


23 posted on 12/21/2011 2:52:01 PM PST by WashingtonSource
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To: alex2011

“”200,000””

I don’t believe that number for one second! All of the cases brought for that reason never numbered more than a couple of hundred at a time.


24 posted on 12/21/2011 2:53:09 PM PST by Thank You Rush
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To: HwyChile

damned if they did and damned if they didn’t.


25 posted on 12/21/2011 2:56:42 PM PST by wiggen (The teacher card. When the racism card just won't work.)
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To: WashingtonSource

Any other lenders that turned these people down will get the same treatment.


26 posted on 12/21/2011 2:58:40 PM PST by wiggen (The teacher card. When the racism card just won't work.)
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To: alex2011

Have y’all noticed how all the DoJ cases have to do with making minorities whole? This case, the ridiculous charges against Sheriff Joe and the shutdown of the Black Panther voter intimidation case come to mind.

Meanwhile, the crooks on Wall Street get away with financial murder over and over and over and nothing is done.

Pathetic, disgusting.


27 posted on 12/21/2011 2:59:06 PM PST by upchuck (Let's have the Revolution NOW before we get dumbed down to the point that we can't.)
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To: alex2011

And of course the panzies in the GOP are silent like lemmings.

Shameful


28 posted on 12/21/2011 3:16:01 PM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: alex2011; GeronL; kosciusko51; ColdOne; crusty old prospector; 2ndDivisionVet; Jack Hammer; ...
2007 cartoon. Sue lenders when they don't make loans, sue them when they do.:


29 posted on 12/21/2011 3:16:11 PM PST by ding_dong_daddy_from_dumas (Budget sins can be fixed. Amnesty is irreversible.)
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To: alex2011
I do, but I want to retain my posting privileges.

I never applied for a mortgage, even though I have a VA loan chit, and a decent,steady job.
Why didn't I?
I had no savings to speak of, except for a 401K, and couldn't afford to own a home that cost over 100K.
Based on income coupled with a VA loan guarantee, I technically qualified for a normal loan. But I would have been unable to afford or perform routine maintenance, not to mention taxes and insurance.

I wonder just how many of these people who were “discriminated against” were essentially just like me, except they stupidly bought a ticket to the song and dance the Realtors were singing, that they would be much better off “owning” something they couldn't afford, instead of renting?

I've watched friends and coworkers go through the process of buying property with a normal loan. It wasn't pretty, it cost a lot of time and stress, and doesn't allow for instant gratification...unless you took the sub-prime loan route.

30 posted on 12/21/2011 3:16:41 PM PST by sarasmom
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To: upchuck

I can’t say what I really feel right now.


31 posted on 12/21/2011 3:17:12 PM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: alex2011
The amazing thing is that BOFA was attempting to perform some due-diligence and control the risk

I thought (from something on the radio) that these were Countrywide loans. I think BofA was strong-armed by the gov't into taking over Countrywide as it was into buying Merrill Lynch -- and is again getting screwed by the gov't.

32 posted on 12/21/2011 3:18:11 PM PST by maryz
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To: maryz

I manage a new car dealership, and we do a lot of indirect loans with banks, which is what Countrywide did with morgages for the most part. There is not a place on the application for race/color. Banks don’t care what color you are if you pay the bills, this was another case of Holder/Obama theft.


33 posted on 12/21/2011 3:28:04 PM PST by nobamanomore
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To: alex2011

BTTT


34 posted on 12/21/2011 3:33:52 PM PST by hattend (If I wanted you dead, you'd be dead. - Cameron Connor)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks alex2011.
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.

35 posted on 12/21/2011 3:40:24 PM PST by SunkenCiv (Merry Christmas, Happy New Year! May 2013 be even Happier!)
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To: alex2011

Movin’ on up on everyone else’s dime.


36 posted on 12/21/2011 3:42:46 PM PST by Crucial
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To: SunkenCiv

so only minorities were cheated?

Holder only represents certain people?

it seems ANY QUALIFIED person should have part of this.

335 mil? that is a joke and a drop in the bucket to the banks.


37 posted on 12/21/2011 3:44:51 PM PST by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: alex2011

Reparations, Part Deux


38 posted on 12/21/2011 3:51:55 PM PST by NonValueAdded ("At a time like this, we can't afford the luxury of thinking!")
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To: alex2011

I have no words either.

The problem in the USA is obviously that either the pols are in love with those that have nothing, or they are in bed with the ultra rich corrupt Wall St thieves who have everything including $1000 hamburgers.

BTW this isn’t class warfare it is fact. Wall Street has played a huge part in redistributing our income from middle America to themselves at our expense be it stadiums or bailouts. No one is looking out for the middle class. The pols take care of those on the bottom and the top while most of us have been sucked dry paying for both.

The too big to fail banks needed busted up just like the TBTF media. I love small business because they are too small to own our government, not too rich either, and generally tied into reality. Competition is America, consolidation is anti-America.

The Clinton dereg and consolidation of banks needed busted up long ago before they had the power to control our govt and Congress. The real problem is that our government is owned by the few not the many as it should be in a democracy.


39 posted on 12/21/2011 3:52:15 PM PST by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: WashingtonSource

“”What a crock . . . This forced lending to people who have bad credit is what got us into the current financial crisis.””

For great reading on this subject and see who the usual suspects are/were going back to Carter days - read
Peter Schweizer’s “Architects of Ruin.” None of the names will come as a surprise. Borrowers with no money, bad credit had politicians going to bat for them the whole time.

Now their successors sit back and point the fingers elsewhere and have escaped all blame for the fiasco they created.


40 posted on 12/21/2011 4:19:48 PM PST by Thank You Rush
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To: HwyChile

From the article: “”He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.””

The qualification was that they WERE minority - it stopped right there. If they were qualified, they wouldn’t have gotten the subprime loans.

The article goes on to state that the customers turned down for loans or those who took out subprime loans would receive compensation from the settlement when more details were known - didn’t copy and paste the exact words... They didn’t have details when the suit took place?

People in government sure do things differently than the rest of us. What’s wrong with us? Are we really all people from different planets with different thinking processes?


41 posted on 12/21/2011 4:29:18 PM PST by Thank You Rush
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To: alex2011

You all want a REAL Eye Opener???

http://capitalresearch.org/wp-content/uploads/2008/10/toeachtheirhome.pdf

This is what the Re-working of the Community Reinvestment Act of 1977 in 1992 led to. The 1992 CRA led DIRECTLY to the ACORN brochure you see at this link.

You REALLY want some hurl material? Then READ the brochure! Here ACORN is bragging about using the CRA to force banks like B of A to write sub-prime loans to people using food stamps and welfare checks as income.

You read that right. THIS is the kind of crap that Eric Holder is bragging about RIGHT NOW, forcing B of A to once again write toxic mortgages.

How flippin brilliant is this?

Eric Holder is a RACIST for forcing banks to write loans to people who can’t afford them, he is BEGGARING the black community who is the target of this! What does Holder have against black people anyway??


42 posted on 12/21/2011 4:32:18 PM PST by Danae (Anailnathrach ortha bhais beatha do cheal deanaimha)
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To: upchuck

Yes: WE have noticed.

But there isn’t a helluva lot we can do about it.

Remember. We is in charge now? Holder & Obama, what a pair of grifters.


43 posted on 12/21/2011 4:36:36 PM PST by Venturer
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To: Thank You Rush

Well How many black farmers who never had a farm did we pay off in the last great Racial rip off called Pigford ?


44 posted on 12/21/2011 4:41:03 PM PST by Venturer
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To: alex2011

[borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.]

Stupid is as Stupid is Steered?


45 posted on 12/21/2011 5:03:14 PM PST by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: alex2011

Countrywide and Fannie Mae are partners in crime. DOJ goes after all of Fannie Mmae’s dance partners but not Fannie Mae itself. They got huge bonuses but are unable to actually do any loan mods. It’s just a big scam to leave Fannie Mae out of the picture. Sham press conference today.


46 posted on 12/21/2011 5:07:05 PM PST by floriduh voter ( Obamacare is to you as a can of RAID is to a bug. R A I D !)
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To: alex2011

Countrywide and Fannie Mae are partners in crime. DOJ goes after all of Fannie Mmae’s dance partners but not Fannie Mae itself. They got huge bonuses but are unable to actually do any loan mods. It’s just a big scam to leave Fannie Mae out of the picture. Sham press conference today.


47 posted on 12/21/2011 5:07:50 PM PST by floriduh voter ( Obamacare is to you as a can of RAID is to a bug. R A I D !)
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To: longtermmemmory

Gee, seems to me that white people are just as underwater as other shades of human beings. UNDERWATER is color blind. We finally achieved MLK’s dream.


48 posted on 12/21/2011 5:10:55 PM PST by floriduh voter ( Obamacare is to you as a can of RAID is to a bug. R A I D !)
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To: alex2011

BofA and other lending institutions were damned if they did, and damned if they didn’t. It really didn’t matter. One way or the other, they were going to be the bad guy.

Why we fall for the federal government line on this is beyond me.

Note the clue here. Blacks and Latinos! Another-words, not one single White was treated unfairly.

BofA IS wealth. It can afford to hand out over $300 million. No problem.

And the rest of the citizens have to deal with institutions that are less and less stable, because of our federal government.

Think this won’t force other institutions to give out bad loans? Think they won’t get blamed in time, if they do or they don’t?

We’re in the land of Oz folks.


49 posted on 12/21/2011 6:15:46 PM PST by DoughtyOne (Santorum..., are you giving it some thought? I knew you would.)
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To: alex2011

What gets me is how could Countrywide even discreminate because last time I checked, they has minorities working there who would have blown the whistle?


50 posted on 12/21/2011 6:19:41 PM PST by crusty old prospector
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