Skip to comments.BofA settles unfair lending claims for $335 million
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 ...
duh, higher risk borrowers get charged higher interest rates....
I guess he wants another mortgage crisis
I have one: extortion.
All part of the plan I am sure.
More dough into Obamao’s stash.
Good thing Ameriquest isn’t around anymore ... that was their business model, no matter what the borrower’s race or gender.
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.
On the bright side, at least there aren’t another 200,000 foreclosed homes on the market.
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.
No, giving the bums the loans in the first place was the heart of the meltdown.
bump to that
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.
This is all about Countrywide basically treating illegal immigrants, with otherwise stellar credit, as high-risk.
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!
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.
"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.
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?
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.
1/22? If there is money to be handed out as Obamao’s Christmas bonus, she will be 100% from South-of-the-Border.