Laserfiche WebLink
0!.14 <br /> `�1�is° <br /> COUNTY OF HAWAII •_ STATE OF HAWAII <br /> 'art oF•NA:e <br /> RESOLUTION NO. 9209 19 <br /> A RESOLUTION SUPPORTING THE EFFORTS OF GOVERNOR DAVID Y. IGE TO <br /> URGE THE BANK OF AMERICA TO RETURN TO HAWAII TO MEET WITH <br /> NA PO`E KOKUA AND THE HAWAII FAIR LENDING COALITION REGARDING <br /> A$150,000,000 LOAN COMMITMENT FOR NATIVE HAWAIIANS ON HAWAIIAN <br /> HOMELANDS. <br /> WHEREAS, in 1993,Na Po`e Kolcua, an organization established to assist native <br /> Hawaiians with housing and related matters, formed the Hawaii Fair Lending Coalition(HFLC) <br /> and began researching how banks in Hawaii were treating native Hawaiians; and <br /> WHEREAS, among its findings, HFLC discovered that Bank of America was <br /> conducting discriminatory lending practices in the form of redlining,the practice of denying <br /> services to residents of certain areas based on the racial or ethnic composition of those areas, by <br /> not providing mortgages on Hawaiian Home Lands; and <br /> WHEREAS, in May 1994, as a result of HFLC's efforts and as a condition of Bank of <br /> t <br /> America's acquisition of Liberty Bank, the Federal Reserve System and Office of Thrift <br /> Supervision ordered Bank of America to make $150,000,000 in Federal Housing Administration <br /> section 247 (FHA-247)mortgages available on Hawaiian Home Lands by 1998; and <br /> WHEREAS, according to HFLC, by the 1998 deadline, Bank of America provided only <br /> $3,109,502 of the $150,000,000 in FHA-247 mortgages ordered by the Federal Reserve System; <br /> and <br /> WHEREAS, according to HFLC, in 1998 Bank of America recommitted to meet the <br /> $150,000,000 loan commitment to Native Hawaiians and to pay a$4,500,000 late fee based on <br /> the opportunity cost of its failure to fulfill its required commitment; and <br /> WHEREAS, according to HFLC,the Bank of America executive responsible for this <br /> w <br /> recommitment was Catherine P. Bessant, then in charge of Community Development,who <br /> traveled to Hawaii with other senior bank executives in August 1998 to meet with Governor <br /> Cayetano, Hawaiian Kupuna, and other community leaders from the HFLC at `Iolani Palace; and <br /> WHEREAS, Bank of America claims it met its commitments in 2007 and allegedly <br /> received formal acknowledgement from the Department of Hawaiian Home Lands that the <br /> $150,000,000 commitment had been met; and <br /> 4? <br />