If you were the President of the United States, what would you do with an extra $16.6 billion? Pay down the national debt? Secure our southern border? Bomb more ISIS terrorists? Set up a Democrat party slush fund? The first three choices would be favorable options if the White House and the Department of Justice were not being run by two extortionists: Barack Obama and Eric Holder.
According to Investor’s Business Daily, Bank of America is just the latest victim in the most blatant example of government extortion we have ever seen. For the crime of “fraudulent and irresponsible conduct”, Eric Holder has, so far, “shaken down the nation’s largest banks for a whopping $128 billion. JPMorgan Chase and Citibank are the next in line to contribute their fair share to the Obama/Holder slush fund for $13 billion and $7 billion respectively.
So who are the beneficiaries of this current wealth-redistribution scheme? The National Council of LaRaza, which pressures banks to offer home loans to low-income Latino immigrants; Neighborhood Assistance Corporation, which employs a director who dubs himself a “bank terrorist”; National Community Reinvestment Coalition, a liberal organization that lobbied for the failed Community Reinvestment Act; and Operation Hope, a group in South Central Los Angeles that pressures banks to provide what they call, “dignity mortgages” to people who are less than qualified to take on a home loan. You see, in the land of do-gooder liberalism, one’s dignity can only be realized when one is granted a loan that cannot possibly be repaid.
What do these liberal groups have in common? They are all seeds left over from the organization once known as ACORN, and they all donate big bucks to Democrat coffers. As part of this slimy settlement, Bank of America is required to spend “billions in debt forgiveness payments to delinquent borrowers in Cleveland, Atlanta, Philadelphia, Oakland, Detroit, Chicago and other Democratic strongholds.” The culture of corruption in the Obama administration knows no bounds. Only those who support Democrats and are delinquent on their payments will receive mortgage debt forgiveness, not those who make their payments on time.
An article published by Front Page Mag reported that the former director of ACORN Housing public affairs, Bruce Dorpalen, is currently advising senior Obama administration officials on housing policy in his new role as executive director of the National Housing Resource Center. Another ACORN bureaucrat, Shaun Donavan, is currently serving the administration as HUD secretary. Both of these die-hard liberals are pushing for another round of lax lending standards so that unqualified buyers can, once again, become delinquent buyers, and democrats can feel all warm and fuzzy inside.
Do these billion-dollar settlements have anything to do with seeking real justice? Of course not. In fact, in it’s 30 page “statement of facts”, the Justice Department could not provide any evidence that Bank of America committed fraud, nor could they name one single victim of that alleged fraud. Bank of America is being forced, by our federal government, to “bankroll the same parasites that bled them for the risky loans that caused the mortgage crisis.”
Photo Credit: Philip Taylor