Congressional Black Caucus Chairman faces Bank of America suit, but could be bailed out by taxpayers
Congressional Black Caucus Chairman Emanuel Cleaver (D-Mo.), who is facing a lawsuit for failing to pay down a 2002 Bank of America loan that he used to buy a car wash in Missouri, could have a good chunk of the $1.5 million he owes paid off by taxpayers.
According to the Kansas City Star, the Small Business Administration (SBA) backed about three-quarters of Cleaver’s 2002 loan, which means that if the loan goes bad, the SBA could pay off $1.1 million of that debt.
But if $240,000 in unpaid interest and nearly $60,000 in late fees and other charges is added, Cleaver now owes more than $1.5 million, more than the original loan value.
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