Some of the Money from Bank of America's Fraud Settlement will go to Pro-Homeowner Groups
Part of the money from Bank of America's token fraud “settlement” will be donated by the Justice Department to various pro-homeowner/neighborhood organizations. Sounds like poetic justice to me. And best of all, I learned about this from the ultra-rightwing Daily Caller, and they're pissed. Good.
It's bad enough Bank of America skated away with a $16.6 billion fine. To them, that's pocket change; nowhere near enough to deter future crimes. And most of this $16.6 billion was “earned” on the backs of the former homeowners they ripped off, and/or it was donated to them by the taxpayers who bailed them out.
Groups benefiting from the proceeds of Bank of America's settlement include Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America. And some of the money will go to foreclosed homeowners — or those in danger of being foreclosed.
Tom Fitton, president of Judicial Watch, sobbed to The Daily Caller:
“This is a wealth redistribution scheme disguised as a lawsuit. 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.”
Suck it up, Asshole.
According to the Daily Caller article, these same organizations have also received some of the money from previous settlements against JP Morgan Chase, Citibank and Countrywide Financial Corporation.
Works for me.