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WHEREAS, according to HFLC, in 2012 the Hawaiian Homes Commission <br /> unanimously confirmed that the Bank of America commitment remained unfulfilled and <br /> expressed support for HFLC's consistent and ongoing efforts to hold Bank of America <br /> accountable; and <br /> WHEREAS, on April 18, 2018, Governor Ige invited Catherine P. Bessant, now Chief <br /> Operations and Technology Officer of Bank of America, to return to Hawaii to meet with Na <br /> Po`e K6kua and HFLC to investigate Bank of America's $150,000,000 loan commitment to the <br /> Hawaiian people on their homelands; and <br /> WHEREAS, Bank of America originated $13,092,314 in loans on Hawaiian Home <br /> Lands from 1994 to 2012, and has made no FHA-247 loans since then, according to account <br /> information provided by the United States Department of Housing and Urban Development <br /> (HUD) on August 20, 2018, in response to a Freedom of Information Act request; and <br /> WHEREAS, according to HFLC,based upon HUD data the preliminary estimates for <br /> Bank of America's late fees are approximately $360,600,000 for lost opportunities for building <br /> equity, reaping the benefits of a booming housing market, and paying affordable mortgages <br /> rather than skyrocketing rents over the last 20 years for 890 native Hawaiian families who should <br /> have received Bank of America mortgages by 1998, but did not, and the families who did receive <br /> loans up to thirteen years after the deadline; now,therefore, <br /> BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that it <br /> supports Governor David Y. Ige's efforts to urge Bank of America to return to Hawaii to meet <br /> with Na Po`e K6kua and the Hawaii Fair Lending Coalition regarding Bank of America's <br /> $150,000,000 loan commitment to native Hawaiians on Hawaiian Home Lands. <br /> BE IT FURTHER RESOLVED that the Chief Operations and Technology Officer of <br /> the Bank of America is urged to return to Hawaii to meet with the Hawaii Fair Lending <br /> Coalition, as invited by Governor Ige. <br /> BE IT FURTHER RESOLVED that in addition to providing the mortgages on <br /> Hawaiian Home Lands as ordered by the Federal Reserve System, Bank of America is requested <br /> to address Hawaii Fair Lending Coalition's claims of$360,600,000 in opportunity costs for <br /> Native Hawaiians on Hawaiian Home Lands and a$4,500,000 late fee for failing to fulfill its <br /> required commitment. <br /> 2 <br />