Same old Democrat shakedown continues.
Nothing less is acceptable.
When BofA bought Countrywide in 2008, it committed a record $1.5 trillion to minority lending and urban reinvestment. The 10-year accord replaced the bank's half-finished $750 billion goal set in 2004, when it acquired Fleet Bank. ... NACA founder Bruce Marks has called mortgage standards requiring down payments and good credit "patronizing and racist." He has also demanded banks stop foreclosures on subprime homes. In 2004, Marks threatened to blow up the BofA-Fleet deal by complaining to regulators that the banks were not making enough loans to minorities under the Community Reinvestment Act. The banks, in turn, pledged to make $6 billion in mortgages for borrowers with weak credit, along with other funding. That year, U.S. banks promised a record $1.6 trillion in loan commitments to CRA lobbyists — who, all told, have wrung $6.1 trillion in CRA agreements and commitments since the anti-redlining law was enacted in 1977.
We have here another indication that Obama’s voluntary campaign donations have dried up.
This $335 million will end up helping to re-elect him.
I think the (non) recess appointment has the same end. The non-bank money services industry will be shaken down for “contributions” in order to protect themselves from the Cordray appointment.
The industry Cordray will go after includes pay-day loans, check cashing, title loans, buy-here-pay-here car dealers, all who have flourished because of the regulatory pinch now being placed on banks.
That’s why Obama was in such a hurry to get the appointee in place. It will result in campaign contributions coerced from an entire industry that right now is shaking in its collective boots.
CEO to DOJ: “Prove it!”
Current Administration = Criminal Enterprise. Jail time for all please.
More corruption from the US Department of Injustice under eric holder.