Bank
of
America &
Federal
Reserve Let
Off Hook by
DOJ
Settlement, As
BofA
Bluewashed by
UN
By
Matthew
R. Lee
SOUTH
BRONX,
December 22 --
The $335
million
"Countrywide"
fair
lending
settlement, as
announced by
the Department
of Justice on
December 21,
went out of
its way to let
off the hook Bank of America
and its
regulator the
Federal
Reserve Board.
The
paper
of record,
without
further
comment, reported
that the
settlement was
based on a
referral by
the Federal
Reserve,
covering a
period before
Bank of
America owned
Countrywide.
But
more
than three
years ago,
over the
detailed
objections of
Bronx-based
Fair Finance
Watch and
others, the
Federal
Reserve
allowed Bank
of America to
buy
Countrywide
and continue
to run its
predatory
programs,
which were
slowed only by
the subprime
financial
meltdown.
Fair
Finance Watch
found, and
Inner
City Press
reported,
that "in
2006, at
Countrywide
and its
higher-cost
Full Spectrum,
upper income
African
Americans were
confined to
higher cost
loans over the
rate
spread 1.92
times more
frequently
than whites.
In 2006,
24.70% of
Countrywide's
total
mortgages were
subprime.
"In
2007,
Countrywide
Financial,
which Bank of
America had
applied to
buy, confined
African
Americans to
higher-cost
loans 1.95
times more
frequently
than whites,
and denied the
applications
of Latinos
1.53
times more
frequently
than whites."
The
Federal
Reserve
approved Bank
of America's
acquisition of
Countrywide
without any
conditions,
despite this
testimony. The
disparities
continues at
Bank of
America after
the
acquisition,
without any
action by the
Fed.
2011
#OWS protest
at B of A,
Federal
Reserve action
not seen, (c)
MRLee
Years later
comes a
settlement
that is, in
context, a
pittance, a
smoke screen
for a company
which has
received
far more in
government
bailouts. For
shame.
Footnote:
Bank
of America is
also engaged
in "blue
washing,"
getting
its chairman Charles
Holliday named
the co-chair
of UN
Secretary
General Ban
Ki-moon's High
Level Panel on
Sustainable
Energy for
All,
despite B
of A being
protested as
the number one
funder of
mountain top
removeal coal
mining.
Now that B of
A has settled
charges of
racial
discrimination,
will the UN
take note?
Watch this
site.
, 
