You might think that when Bank of America settled with the Department of Justice to pay $16.6 billion for mortgage abuse that the money would go into the Treasury Department’s general pot, or something akin to that. You would be dead wrong.
Rather, Attorney General Eric Holder has exploited the fine print in the deal, which allocated $7 billion for “soft-dollar consumer relief,” and distributed millions of dollars to radical left-wing groups of Obama loyalists, according to Investors Business Daily.
These include the illegal immigration advocacy organization La Raza, the Community Reinvestment Act’s most aggressive lobbyist in the National Community Reinvestment Coalition, the Neighborhood Assistance Corporation of America – whose director calls himself a bank terrorist – and Operation Hope, a group in South Central Los Angeles that cajoles banks to absolve deadbeats.
What amounts to a slush fund at Holder’s personal whim for Obama groupies also will distribute funds to “delinquent borrowers” in Democratic strongholds in Chicago, Detroit, Philadelphia, Oakland, Cleveland, Atlanta and other inner cities, Investors reported.
Furthermore, the deal requires Bank of America to make new loans for low-income rental housing in these areas. If any monies are left over after four years, the agreement stipulates they are to be invested in the Interest on Lawyers’ Trust Account, which provides legal assistance to the poor, and to NeighborWorks of America, a network of left-wing community organizers.
“This is a wealth distribution scheme disguised as a lawsuit,” Judicial Watch president Tom Fitton told The Daily Caller.
He pointed out that many of the recipient groups are the remnants of the connivers and shakedown artists from ACORN (Association of Community Organization for Relief Now), all tied to President Obama.
“You have La Raza that’s getting money, their former head is at the White House in a top position [Domestic Policy Advisor], whose funding from the Census has gone up immensely under the Obama Administration,” he said.
Fitton described the Department of Justice as essentially running an extortion racket, to increase government power and payoff loyal lieutenants. “This is no better than Tammany Hall,” he added and in fact, it could be much worse.
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