August 28, 2014, Fairfax, Va.—Americans for Limited Government President Nathan Mehrens today issued the following statement blasting part of the $17 billion settlement between Bank of America and the Justice Department that requires leftover funds to be given to the Interest on Lawyers' Trust Account, NeighborWorks of America, La Raza, the National Community Reinvestment Coalition, the Neighborhood Assistance Corporation of America, Operation Hope, and the Mutual Housing Association of New York (an ACORN off-shoot), as revealed by Investor's Business Daily:
"During the financial crisis, federal regulators supported Bank of America's rescue of the bankrupt Countrywide, and now we know why. It ultimately gave the government a foothold to go after the larger Bank of America, and then to redirect the shakedown funds to community organizers that contributed to the financial crisis by coercing low-income, Community Reinvestment Act loans from financial institutions engaged in mergers.
"Congress needs to act to stop Eric Holder's Justice Department from compelling this transfer, with similar shakedowns having occurred in the Citibank and JP Morgan Chase settlements. One thing is clear, the President and Attorney General never miss an opportunity to funnel government-extorted funds to their favorite community organizers."
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Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please visit our website at www.GetLiberty.org.