Skip to comments.Holder Shakes Down 'Racist' Banks For Nearly $1 Bil
Posted on 01/15/2014 5:19:47 PM PST by jazusamo
War On Banks: Attorney General Eric Holder has opened up a new front against car lenders and has forged an alliance with the Consumer Financial Protection Bureau to frame them for racism, too.
We don't use the term "frame" capriciously, certainly not like Holder uses the charge of racism.
His department and the president's new consumer credit watchdog agency, CFPB, have announced a new settlement with Ally Bank for nearly $100 million.
It's the largest fair lending deal against the auto industry and the third-largest ever to resolve charges of lending discrimination.
Throw in four new mortgage-lender settlements over equally groundless allegations including last month's $35 million joint Justice Department-CFPB hit on Cleveland-based National City Bank and the total financial industry shakedown by this administration now stands at an eye-popping $810 million.
In its complaint against Ally, Justice alleged that the bank "charged African-American borrowers more than white borrowers in interest-rate markups not based on creditworthiness or other objective criteria related to borrower risk."
It says a statistical analysis of loans conducted by CFPB researchers found a "disparity" of 29 basis points compared with rates charged "similarly situated" white borrowers.
The surcharge is so "statistically significant," it contends, it can't be a function of anything but racism.
Let's unpack that statement, because it contains a big load of rubbish.
For starters, Justice had to guess the race of Ally's black customers from Census data for black neighborhoods. The auto-finance industry does not report the race of borrowers like the mortgage industry.
(Excerpt) Read more at news.investors.com ...
The 0bama/Holder Injustice Department is a criminal enterprise.
Holder, President Jarrett, and junior senator 0baMao were way behind the curve.
Eric Holder starring in Guesswork Orange!
Makes one wonder who’s the bigger shake-down artist: The Reverend Jackson or Holder. Which one is the bigger racist?
With this administration, that is all that is needed.
Sounds like he’s setting up Protection Racket.
Possibly had to do with credit rating, and perhaps jobs?? Maybe lending companys didn’t trust ebt payments,
Don’t give blacks loans because they have crappy credit ratings and you are sued for being racists. Give blacks with crappy credit scores loans that they have no hope or intention of paying back and you are racist.
It would difficult if not impossible to finger the bigger shake-down artist between the two of them, they both should be in the slammer.
More money for The 0bama/Holder Retirement Fund
I’d like to know where this money goes - is there an entity that tracks that?
"Neither a borrower nor a lender be."
--Ben Franklin's Poor Richard, although I doubt he anticipated this situation.
“War On Banks: Attorney General Eric Holder has opened up a new front against car lenders and has forged an alliance with the Consumer Financial Protection Bureau to frame them for racism, too.”
CFPB one of the latest creations of the SOCIALISTS/TOTALITARIANS. Unaccountable bureaucrats (Federal Reserve) of the socialists, for the socialists, by the socialists.
BIG GOVERNMENT IS CRONY SOCIALISM
Socialism IS Legal Plunder - Bastiat
DEFUND/DISMANTLE domestic SOCIALIST/TOTALITARIAN collectives.
“He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.”
(Listen Americans), it’s easy to live - free - republic
It’s a closed system. Any money that leaves the banks in the morning returns by nightfall.
I hear you, I believe we used to have IG’s that did that before 0bama started firing them for doing their job.
Just when you think these clowns really are trying to start a race war the ol’ profit motive rears its ugly head.
It’s ALWAYS “settlements” because the banks know that the Holder/Obama Department of Injustice has vast sums to spend to wear down the banks. I guess $100 million is less than the bank figured it would spend between legal fees and lost “good will” following an endless stream of lies and false denunciations from the Regime.
So pay the “shake down” and get back to business.
It was Shakespeare in Hamlet who said that.
Polonius in Hamlet.
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