Gee, why doesn’t this surprise me?
ust when we thought its post-crisis probe of banks couldn’t get more corrupt, the Obama administration has cut radical Democrat groups in on the record $13 billion JPMorgan Chase subprime loan deal.
On Page 5 of “Annex 2” of the recently released consent order, you’ll find this little gem: The Justice Department mandates that JPMorgan fork over any unclaimed or unpaid consumer damages to a nonprofit group that finances Acorn clones and other shakedown groups.
They stand to reap millions. The “consumer relief” portion of the deal by itself totals $4 billion.
If the government “determines that a shortfall in that obligation remains as of Dec. 31, 2017,” the agreement states, “JPMorgan shall make a compensatory payment in cash in an amount equal to the shortfall to NeighborWorks America to provide housing counseling, neighborhood stabilization, foreclosure prevention or similar programs.”
Potentially billions could be distributed to Democrat activists through NeighborWorks, a government-funded “affordable housing” group that supports a national network of left-wing community organizers operating in the same vein as Acorn.
Read the whole thing. In short, the same leeches that played a huge part in forcing banks to make risky loans and caused the financial crisis are now being financed by the banks so they can continue pushing for more of the same disastrous policies. Lather, rinse, repeat.