OneUnited through the fall of 2008

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.

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