HI HCR304

Urges Bank of America to fulfill its $150 million commitment to provide FHA 247 residential mortgage loans for native Hawaiians seeking housing on Hawaiian Home Lands.

Bank of America made this commitment in 1994 as part of its acquisition of Liberty Bank, with an original four-year payout timeline from July 1994 to June 1998.

Bank of America reaffirmed the commitment in August 1998 after missing the initial deadline and again in a January 2003 letter promising to secure the $150 million.

The Federal Reserve Board's approval order for the acquisition made Bank of America's commitments enforceable conditions under applicable law.

Calls for certified copies of the resolution to be transmitted to the Governor, Office of Hawaiian Affairs, Department of Hawaiian Home Lands, and Bank of America's Chief Executive Officer and President.