HONOLULU The state attorney general will not pursue an effort to collect $150 million in home mortgage loans to beneficiaries of the Department of Hawaiian Home Lands.
HONOLULU — The state attorney general will not pursue an effort to collect $150 million in home mortgage loans to beneficiaries of the Department of Hawaiian Home Lands.
The Honolulu Star-Advertiser reported Monday that the Hawaii attorney general says there appears to be no legal basis for the state to pursue a case against Bank of America.
Bank of America officials concede they made a fraction of the loans but say they fulfilled the commitment as originally conceived.
Officials say Bank of America committed to providing the loans as a condition of its 1994 acquisition of Liberty Bank in Hawaii, which required Federal Reserve approval.
The attorney general’s office has confirmed a private memo to a Maui County official saying it is not in a position to pursue the bank.
This sucks.