Bank of America filed a $1.5 million suit against the head of Congressional Black Caucus this week for repayment of a delinquent 2002 loan.
Rep. Emanuel Cleaver, D-Mo. pushed for a trillion dollar stimulus last September. (AP)
Nice Deb reported:
In what is certain to cause him election year migraines, the Bank of America has filed suit against Missouri Rep. Emanuel *Spittlegate* Cleaver, seeking repayment of $1.5 million from Cleaver, his wife and The Cleaver Company for a 20 year loan that originated in 2002 at a 6.25% interest rate. Cleaver has received three (3) forbearances over the ten year period.
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Jacob Turk, Cleaver’s opponent in the District 5 2012 House race, noted on his Facebook page, today, that Cleaver voted on September 23, 2010 for H.R. 5297 which ‘increases the government guarantees on SBA 7(a) loans from 75 percent to 90 percent’, in essence, putting taxpayers on the hook for his bad debt.