Holder Cut Left-Wing Groups In On $17 Bil BofA Deal

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Extortion: Radical Democrat activist groups stand to collect millions from Attorney General Eric Holder's record $17 billion deal to settle alleged mortgage abuse charges against Bank of America.

 

Buried in the fine print of the deal, which includes $7 billion in soft-dollar consumer relief, are a raft of political payoffs to Obama constituency groups. In effect, the government has ordered the nation's largest bank to create a massive slush fund for Democrat special interests.

 

Besides requiring billions in debt forgiveness payments to delinquent borrowers in Cleveland, Atlanta, Philadelphia, Oakland, Detroit, Chicago and other Democrat strongholds — and up to $500 million to cover personal taxes owed on those checks — the deal requires BofA to make billions in new loans, while also building affordable low-income rental housing in those areas.

 

If there are leftover funds in four years, the settlement stipulates the money will go to Interest on Lawyers' Trust Account (IOLTA), which provides legal aid for the poor and supports left-wing causes, and NeighborWorks of America, which provides affordable housing and funds a national network of left-wing community organizers operating in the mold of Acorn.

 

In fact, in 2008 and 2009, NeighborWorks awarded a whopping $25 million to Acorn Housing.

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DOJ To Give Money From Bank Of America Settlement To Liberal Activist Groups

 

Judicial Watch reports that the Department of Justice is giving liberal activist groups money from a $16.6 billion settlement with Bank of America.

 

The groups benefitting from the lawsuit, according to Investor’s Business Daily, are the National Council of La Raza, Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America. The money also went to “delinquent borrowers” in Chicago, Oakland, Detroit, Philadelphia, and other major “Democrat strongholds.”

 

“This is a wealth redistribution scheme disguised as a lawsuit,” Tom Fitton, president of Judicial Watch, told The Daily Caller. “And who benefits from the distribution? Interest groups the administration relies on, outside interest groups, allies and politicians in communities trying to benefit as well.”

 

Fitton noted that these liberal groups are basically what’s left of the Association of Community Organization for Reform Now (ACORN) network, and that President Barack Obama has ties to ACORN.

http://dailycaller.com/2014/08/28/doj-to-give-money-from-bank-of-america-settlement-to-liberal-activist-groups/