LEFT - Richmond McCoy : RIGHt- John Utendahl
INSIDER ENRICHMENT ACT
Both men are exploiting a federal law called CRA - the Community Reinvestment; enacted 24 years ago. It was designed to encourage federal banks, thrift & mortage banks to suppy credit to common folks in communities in which they take deposits from. **If banks fail to satify CRA requirements, they will have trouble completing mergers and open themselves for class actions.
Both men cashed in this market, they team up with some big wigs to include: American Express-KEN CHENUALT, AOL Time Warner- DICK PARSON & fame merger lawyer JOSEPH FLOM of Skadden, Arps, Slate, Meagher & Flom and called it..... UrbanAmerica! Well there you have it folks, that's how is all got started.
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