Eric Holder Extorts Banks For Almost $1 Billion After Framing Them For Trumped Up Racism

January 16, 2014 1:43 pmViews: 1265

Extortionists Eric Holder and Barack Obama

You might think Attorney General Eric Holder would have learned something from the mortgage meltdown starting in 2007 which was created in large part by the Community Reinvestment Act. What that act did, which was expanded under Bill Clinton and later George W. Bush, was to shake down banks and essentially make home lending "fair" which then in turn led to people getting into homes they in no way could afford.

Well guess what, Attorney general Eric Holder is again doing the same thing, only this time it is with automobile loans. But this is even worse than what happened with the Community Reinvestment Act because banks don't keep records of the race of those receiving car loans as they do when the borrower gets a home loan. So, get this, the so-called "racism", actually had to be estimated.

No "victims" were ever personally identified as being discriminated against. Not one single person can be found to have been given a more expensive car loan with a higher interest rate because of the color of their skin because this case is strictly based on nothing more than a mathematical formula taking into account Census data for black neighborhoods. That's it. Something shows up in the Justice Department's computer modeling of car lending that Obama and Eric Holder don't like and banks get sued, or more like extorted out of money on completely trumped up racism charges.

One bank, Ally Bank of Michigan was recently hit for a settlement of $100 million based on Eric Holder's fixation on racism. So, here we are. Our current, criminal regime of Barack Obama and Eric Holder are engaged in legalized extortion of legitimate businesses because they have some kind of racist chip on their shoulder.

That's how our currently elected criminals roll these days.

Read more below from Investors Business Daily:

Attorney General Eric Holder has opened up a new front against car lenders and has forged an alliance with the Consumer Financial Protection Bureau to frame them for racism, too.

We don’t use the term “frame” capriciously, certainly not like Holder uses the charge of racism.

His department and the president’s new consumer credit watchdog agency, CFPB, have announced a new settlement with Ally Bank for nearly $100 million.

It’s the largest fair lending deal against the auto industry and the third-largest ever to resolve charges of lending discrimination.

Throw in four new mortgage-lender settlements over equally groundless allegations — including last month’s $35 million joint Justice Department-CFPB hit on Cleveland-based National City Bank — and the total financial industry shakedown by this administration now stands at an eye-popping $810 million.

In its complaint against Ally, Justice alleged that the bank “charged African-American borrowers more than white borrowers in interest-rate markups not based on creditworthiness or other objective criteria related to borrower risk.”

It says a statistical analysis of loans conducted by CFPB researchers found a “disparity” of 29 basis points compared with rates charged “similarly situated” white borrowers.

The surcharge is so “statistically significant,” it contends, it can’t be a function of anything but racism.

Let’s unpack that statement, because it contains a big load of rubbish.

For starters, Justice had to guess the race of Ally’s black customers from Census data for black neighborhoods. The auto-finance industry does not report the race of borrowers like the mortgage industry.

“Ethnicity data is not available,” the department confesses later in the complaint.

So “victims” were never actually identified. That’s why the complaint has to estimate that Ally discriminated against “approximately” 100,000 African-American borrowers.

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