A little reported story rang a bell, and I headed into my way-back machine. Recall JPMorgan Chase – first bank takedown by Obama? $13 Billion fine posted October 22, 2013? Want to know where the money went? Yepper, Acorn like groupies. But this is not the first extortion. Eric has been extorting money from them for years. Here’s a list of what the fines and settlements have cost JPMorgan Chase to date in the fallout of the 2008 financial crisis. Keep in mind the loans were not loans JPMorgan made, but loans they absorbed through the purchase of outside assets that were questionable.
Oct. 2013: $100 million.
Sept. 2013: $920 million
Sept. 2013: $389 million
July 2013: $410 million
January 2013 and Feb. 2012: $1.8 billion
November 2012: $296.9 million
August 2012: $1.2 billion
April 2012: $20 million
August 2011: $88.3 million
July 2011: $228 million
June 2011: $153.6 million
April 2011: $56 million
June 2010: $48.6 million
Rather than simply settling for the smug satisfaction of seeing some Wall Street Fat Cats get taken down a peg or two, how about getting your hands on some of the cash yourself? Hot Air tells us the facts.
It seems Attorney General Eric Holder has created a multi-million dollar backdoor kickback for activist groups in the $13 billion JP Morgan Chase subprime loan deal recently settled, WND reports.
It appears the Obama administration has a strategy for reviving subprime mortgage lending by coercing banks to fund community organizing groups that may once more put low-income families into mortgages beyond their means.
But wait… you can’t just take the penalty money and hand it out to your friends, can you? According to the breakdown from Investors.com, apparently you can.
Just 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.
Breakdown of fines over at USA Today. Interview on Fox with Charles Gasparino back in October.