Maxine Waters' favorite bank violated its pledge to help the poor

The Boston bank that is at the center of controversy involving Congresswoman Maxine Waters, who intervened with regulators to protect and reward the bank (her husband had a financial interest in the bank), apparently lied about helping poor people, reports the Boston Globe:Five years ago this month, Mayor Thomas M. Menino stood with community leaders in Roxbury to hail plans for a new OneUnited branch in the neighborhood. The bank's president pledged to make loans worth hundreds of millions of dollars across Boston, with a special emphasis on low-income borrowers.OneUnited said it would partner with the city to offer the mortgages to first-time and current homeowners, and provide financial literacy training to residents. "As a child of an inner-city community I can tell you, it doesn't get any better than this,'' the bank's president, Teri Williams, told the crowd that day.But no loan program ever emerged -- one in a long list of failures by the nation's largest minority-owned...(Read Full Post)

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