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Anonymous
Bank of America gets half off its Justice Dept. settlement
2016-06-03 02:03:23 Post No. 75922791
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Bank of America gets half off its Justice Dept. settlement
Anonymous
2016-06-03 02:03:23
Post No. 75922791
[Report]
>Bank of America has been able to reduce a multi-billion dollar mortgage fraud penalty imposed by the Justice Department by giving millions of dollars to liberal groups approved by the Obama administration.
>The bank has wiped about $194 million off its record $16.6 billion 2014 mortgage settlement by donating to nonprofits and legal groups. Thanks to little-known provisions in the settlement, the bank only had to make $84 million in donations to do that.
>The bank wasn't exploiting any loophole. It's a key part of the deal the Justice Department offered to get it to settle in the first place. For every dollar the bank has given the nonprofits — none of which were victims of fraud themselves — it has claimed at least two dollars off the settlement. The deal ensured the Obama administration that a certain part of the settlement funds would go to friendly liberal groups, bypassing the normal congressional appropriations.
>Among the groups receiving the money were Hispanic civil rights group the National Council of La Raza ($1.5 million), the National Urban League ($1.1 million) and the Neighborhood Assistance Corporation of America ($750,000).
