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Thursday, September 01, 2016

Feds Give Millions To Liberal Activists With Bank Slush Fund

The Obama administration has quietly funneled millions (and potentially billions) of dollars to leftist organizations and politicians that promote liberal policies and win political elections at the entry-level of government, according to the Wall Street Journal.

The funneling mechanism for these funds is the Residential Mortgage-Backed Securities Working Group (RMBS), a collaborative effort by the Securities and Exchange Commission, the Department of Justice (including many United States Attorneys Offices), the New York State Attorney General’s Office, and many others.

The RMBS was created in 2012 following the mortgage-backed securities scandal that ultimately led to the Great Recession. The group is focused on finding “evidence of false or misleading statements, deception, or other misconduct by market participants (such as loan originators, sponsors, underwriters, trustees, and others) in the creation, packaging, and sale of mortgage-backed securities.”

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