In late summer 2008, the Treasury Department placed Fannie Mae and Freddie Mac into conservatorship, a move that dramatically devalued their stock. Boston-headquartered OneUnited, the nation's largest minority-owned bank, was heavily invested in the two federally chartered mortgage lending giants and was left undercapitalized and subject to closure. Kevin L. Cohee, OneUnited's chairman, and Robert Cooper, the bank's general counsel and the incoming chairman of the National Bankers Association, approached Rep. Maxine Waters (D-Calif.), Cohee's professional and social friend, to arrange a meeting with Treasury officials in hopes of receiving federal assistance.
SOURCES: Special Inspector General for the Troubled Assets Relief Program, the Office of Congressional Ethics and the House ethics committee, and interviews | The Washington Post - Sept. 17, 2010
OneUnited received even more special treatment than disclosed Article | From the moment Boston-based OneUnited Bank began seeking a federal bailout in the summer of 2008, it received special treatment that went beyond what the Treasury Department or the bank and its political supporters have previously disclosed.