Connect with us

Featured

Kamala Harris Announces Half Billion Dollar Settlement with Bank of America

Published

on

Attorney General Kamala D. Harris, along with the U.S. Department of Justice and state partners, has announced a settlement with Bank of America to resolve federal and state civil claims related to Bank of America’s conduct in the packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities prior to January 1, 2009.

Nationally, the settlement totals $16.65 billion including cash and credit for consumer relief. California will recover $300 million in damages, which will reimburse the state’s pension funds, CalPERS and CalSTRS, for losses on investments in mortgage-backed securities of Bank of America and its affiliates. California is also guaranteed at least $500 million in consumer relief credits.

“Bank of America profited by misleading investors about the risky nature of the mortgage-backed securities it sold,” Attorney General Harris said. “This settlement makes our pension funds whole for the financial losses caused by these misrepresentations and brings help to hard-pressed homeowners and communities in California.”

Nationwide, the bank will pay a total of $9.65 billion in cash, and provide $7 billion in consumer relief credits. The consumer relief includes loan forgiveness to lessen the burden on underwater homeowners and distressed borrowers, help to affected communities through donation of properties, financing of affordable rental housing, and support for housing counseling and legal aid.

The consumer relief to California includes at least $380 million of credit in first lien principal forgiveness.

As part of the settlement, Bank of America acknowledged it made serious misrepresentations to investors about the mortgage loans it securitized in residential mortgage-backed securities.

The settlement does not absolve Bank of America or its employees from facing any possible criminal charges.

An investigation conducted by Attorney General Harris showed that the offering documents for the securities failed to accurately disclose the true characteristics of many of the underlying mortgages, and that due diligence to weed out poor quality loans had not been adequately performed.

The settlement with Bank of America arises from the investigation into mortgage-backed securities by Attorney General Harris’ Mortgage Fraud Strike Force, which was formed in May 2011 to comprehensively investigate misconduct in the mortgage industry.

The Attorney General’s additional efforts to investigate the mortgage crisis include securing an estimated $20 billion for California in the National Mortgage Settlement and sponsoring the California Homeowner Bill of Rights, a package of laws instituting permanent mortgage-related reforms.

In July 2014, Attorney General Harris announced a settlement with Citigroup Inc. of nearly $200 million over its misrepresentations in residential mortgage-backed securities sold to CalPERS and CalSTRS.

In November of last year, a settlement with J.P. Morgan Chase & Co. recovered $300 million for CalPERS and CalSTRS.

Bank of America customers can call 877.488.7814 for more information.

For more information visit http://www.justice.gov/

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Events

Bust of BPP Co-Founder Huey P. Newton to be Unveiled at West Oakland Block Party on Oct. 24

The Dr. Huey P.  Newton Foundation is hosting a block party celebration for the unveiling on Sunday, Oct. 24, 2021, from 11:00 a.m. to 3:00 p.m. that will feature local artists, politicians and businesses and the community is invited. The event will be MC’d by Ms. Gina Belafonte.

Published

on

Rendering of the Huey P. Newton memorial bust that will be unveiled in Oakland, CA on Oct 24, 2021./ Artist rendering provided by Karin Unger

Installed on a granite base with a seating area for people to reflect on the legacy of Black Panther Party Co-Founder Huey Newton, the memorial bust of his image is the first permanent art installation honoring the BPP in the City of Oakland.

The Dr. Huey P.  Newton Foundation is hosting a block party celebration for the unveiling on Sunday, Oct. 24, 2021, from 11:00 a.m. to 3:00 p.m. that will feature local artists, politicians and businesses and the community is invited. The event will be MC’d by Ms. Gina Belafonte.

The Foundation collaborated with world-renowned and local artist Dana King on the creation, which will be placed on Dr. Huey P. Newton Way (formerly 9th Street) and Mandela Parkway, the same street where Huey took his last breath more than 32 years ago.

The Black Panther Party was co-founded by Newton and Bobby Seale in 1966. As the foundation and others commemorate the 55th anniversary of the BPP’s beginnings, the Party is remembered as both a small grassroots organization in Oakland and the international organization it grew into.

From legal self-defense from abusive police officers to survival programs that provided essential services, like free food, medical clinics, and education to the communities they served, the BPP was an exemplary organization of the Black Power era and continues to have rippling effects to this day.

Despite the FBI’s counterintelligence program, known as COINTELPRO, the Black Panther Party was the most influential revolutionary movement of the 20th century.

Newton’s widow, Fredrika Newton, founded The Dr. Huey P. Newton Foundation to preserve and promulgate the important history, legacy and contributions of the BPP. The Foundation is proud to gift the Huey Newton Memorial Bust to the City of Oakland as a permanent fixture in their landscape.

 

The Oakland Post’s coverage of local news in Alameda County is supported by the Ethnic Media Sustainability Initiative, a program created by California Black Media and Ethnic Media Services to support community newspapers across California.

Continue Reading

Activism

Ask County Supervisors Not to Spend Millions in Tax Dollars on Oakland A’s Real Estate Deal

Please attend the meeting Tuesday, October 26 and express your opinion; call or e-mail your supervisor and Keith Carson, president of the Board of Supervisors, through his chief of staff Amy Shrago at (510) 272-6685 or Amy.Shrago@acgov.org

Published

on

A rendering of the proposed new A’s ballpark at the Howard Terminal site, surrounded by port cranes and warehouses. Image courtesy of MANICA Architecture.

The East Oakland Stadium Alliance (EOSA) and other groups are asking local residents to attend and speak at next week’s Alameda County Board of Supervisors meeting to oppose a proposal to spend county residents’ tax dollars to pay for the Oakland A’s massive multi-billion-dollar real estate deal at Howard Terminal at the Port of Oakland. 

Please attend the meeting Tuesday, October 26 and express your opinion; call or e-mail your supervisor and Keith Carson, president of the Board of Supervisors, through his chief of staff Amy Shrago at (510) 272-6685 or Amy.Shrago@acgov.org

The Stadium Alliance urges community members to “let (the supervisors) know that Alameda County residents don’t want our tax dollars to pay for a private luxury development. This proposal does not include privately funded community benefits and would harm our region’s economic engine – the port- putting tens of thousands of good-paying jobs at risk.”

 

“The Oakland Post’s coverage of local news in Alameda County is supported by the Ethnic Media Sustainability Initiative, a program created by California Black Media and Ethnic Media Services to support community newspapers across California.”

Continue Reading

Coronavirus

Colin L. Powell, former Secretary of State, 84

Colin L. Powell, the first Black man to serve as the chairman of the Joint Chiefs of Staff and first Black Secretary of State, died Monday of complications of COVID-19. The 84-year-old was also diagnosed with and being treated for a form of blood cancer and Parkinson’s disease. 

Published

on

United States Army General Colin Powell, Chairman of the Joint Chiefs of Staff/ Wiki Commons

Colin L. Powell, the first Black man to serve as the chairman of the Joint Chiefs of Staff and first Black Secretary of State, died Monday of complications of COVID-19. The 84-year-old was also diagnosed with and being treated for a form of blood cancer and Parkinson’s disease.

A four-star general who also served on the National Security Council, Powell was born in Harlem, New York, to Jamaican immigrants in 1937. He attended public schools in the Bronx, where he grew up, and would graduate from City College of New York before joining the armed services in 1958 as a second lieutenant because of his participation in ROTC.

He was a professional soldier for 37 years, including two tours in Vietnam, rising steadily through the ranks until achieving 4-star general status in 1989 and, later that year, became the youngest and the first Afro-Caribbean to serve as Chairman of the Joint Chiefs of staff, the highest military position in the Department of Defense.

Powell was an exceptional military leader.  He earned the Purple Heart, the Bronze Star, and the Soldier’s Medal for heroism.

A moderate, the lifelong Republican was well liked by both political parties, but he ultimately decided against running for public office himself.

He was selected in 2000 to be Secretary of State, transforming General Powell from soldier to statesman.

He became known for persuading the American public and world leaders that Iraq was creating weapons of mass destruction when he ultimately agreed with President George Bush’s administration determination to remove Iraqi President Saddam Hussein. 

It would turn out that the allegations of weapons of mass destruction were not true and Powell would consider the war and loss of life a blot on his record the rest of his life. He returned to private life in 2005 and became an acclaimed speaker in high demand.

He broke rank with his fellow Republicans when he supported then-candidate Barack Obama’s bid for president in 2008. He was awarded the Presidential Medal of Freedom twice.

Powell earned the trust of U.S. presidents, foreign leaders, diplomats, and the American people.

“I am deeply saddened to hear of the passing of General Colin Powell. I send my sincere condolences to General Powell’s wife, Alma, his family, his friends, and all of his loved ones” said Congresswoman Barbara Lee.

“General Powell was a trailblazer, serving as the first Black Secretary of State,” Lee continued. “I was fortunate enough to travel with General Powell during my early days in Congress to monitor elections in Nigeria and was moved by his kindness and expertise. I witnessed the close friendship between the late Congressman Ron Dellums, Chair of the House Armed Services Committee, and General Powell.

“Their relationship was a powerful example of a mutual admiration and respect between public officials despite their different opinions on policy. Despite our disagreements on some issues, General Powell was steadfast in his commitment to racial equity, diversity and our democracy. General Powell served this country with decency, integrity, and showed respect to everyone he encountered.

“May he rest in eternal peace and power,” Lee concluded.

Powell is survived by his wife, Alma, and three children.

Sources for this story include various news sites, Congresswoman Barbara Lee’s press office and Wikipedia.

The Oakland Post’s coverage of local news in Alameda County is supported by the Ethnic Media Sustainability Initiative, a program created by California Black Media and Ethnic Media Services to support community newspapers across California.

 

Continue Reading

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending