Banks Fight Back Vs. Holder’s Race-Bias ‘Witch Hunt’

August 17, 2012 09:19

Attorney General Eric Holder and his army of civil-rights prosecutors have built their cases around dubious statistical models instead of complaints from actual victims of discrimination. – IBD



From IBD Editorials


Justice Department has filed a series of bruising lawsuits against U.S. lenders for race discrimination while hiding behind opaque investigative methods …


… the government’s econometric models, [], don’t dig down into race-neutral factors. If prosecutors did … they would see that differences in credit risk explain racial differences in lending and pricing, and that any “disparities” reflect prudent business decisions.


.. civil-rights division chief Thomas Perez, who has likened bank defendants to cross-burning Klansmen, has said in recent speeches he’s using banks to “repair” and “rebuild” entire “min ority communities” devastated by the recession.

Perez’s top prosecutor, a former inner-city activist, shares his agenda.

As special counsel for fair lending, a new position created by President Obama, Eric Halperin directs the econometric research fueling race-bias suits. He previously headed the Washington office of the liberal Center for Responsible Lending, which produced similar research.

Before the housing crisis, his center harassed Fannie Mae and primary lenders to ease underwriting rules for minority borrowers. Halperin’s old boss, Martin Eakes, who co-founded the center, has called minority home ownership key to “economic justice.”



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