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With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans

jt 2012/09/03 18:19:14
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President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney. [RELATED: Learn about the 186 class action plaintiffs]


http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barac...

A fwd article: -jt
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  • Todayisgoingtobegreat 2012/09/17 13:04:56
    Wtf? Is it for real?
    Todayisgoingtobegreat
    Well
  • Butch 2012/09/11 16:06:51
  • pops 2012/09/05 05:55:18
    Wtf? Is it for real?
    pops
    +1
    I read the article,It's absolutely correct.
  • Jim 2012/09/04 18:48:19
    Wtf? Is it for real?
    Jim
    +1
    Yep, this is the new face of liberalism in America. We used to call it hypocrisy now we call it "Forward".
  • OPOA912 2012/09/04 14:59:41
    Wtf? Is it for real?
    OPOA912
    +3
    Now this is hope and change I can believe in

    hope
  • Hopscotch 2012/09/04 14:53:28 (edited)
    Undecided
    Hopscotch
    +1
    BOY--They'll do anything to cloud the issue of "Where's Romney's taxes?"
  • Jean 2012/09/04 13:26:25
    Wtf? Is it for real?
    Jean
    +3
    Not surprising, given that the disgraced Franklin Raines (former head of Fannie Mae, which underwrote all of the subprime loans handed out during the Bush years) is now Obama's economic advisor. Subprime lending - and subsequent loan forgiveness - is a large part of Obama's wealth redistribution scheme. And it's the reason that Wells Fargo bank was targeted by the administration for destruction, via "community activists" claiming they were "racists." Fargo was much more strict in its loan administration and the CEO refused to take TARP bailout money - until Tim Geithner threatened to "make life miserable" for them.
  • vdehl 2012/09/04 07:41:37
    Wtf? Is it for real?
    vdehl
    +1
    Sure, I believe it. During GW's administration many lost their homes when they were not able to play their mortgages. I saw a show on TV about it. It was a first time buyer, black woman. She explained that the became ill on and off. When she experienced the pain again, she was unable to work and unable to make the payments. There was some sort of a scandal about it. As I recall, Obama gave them easy cars, as president instead of easy homes. I wish I had gotten even one of the clunkers they traded in. Instead I lost my little FO...renza driving through Lake Worth. Suddenly, it started shuddering and died. The repair shop never returned it. They said they could not find a part for it... Like we were in Cuba or something! A four year old car? I think I've been robbed. Suzuki Forenza 2004
  • Annie~Pro American~Pro Israel 2012/09/04 05:59:21
    Wtf? Is it for real?
    Annie~Pro American~Pro Israel
    +2
    Oh that figures, maybe thats why in return he gave bailouts to the banks.
  • Borat Obama 2012/09/04 05:50:41
    Wtf? Is it for real?
    Borat Obama
    +2
    This Ding Dong really is pushing it. We paint ourselves black.
  • Stan Kapusta 2012/09/04 05:45:49
    Undecided
    Stan Kapusta
    +1
    Not sure maybe he was just practicing for things like Solyndra.
  • Charles R. Anderson 2012/09/04 04:54:52
    Wtf? Is it for real?
    Charles R. Anderson
    +4
    Of course, I knew that Obama and his law firm had been big actors in forcing banks to irresponsibly loan their depositors' money to sub-prime mortgage borrowers. The Democrats always try to blame Bush for the home mortgage bubble, despite his warning Congress and the public of the danger. The Democrats in the Congress angrily shouted him down each time. We have to remember that the 2007 and 2008 Congress was controlled in both houses by the Democrats.
  • Snowball 2012/09/04 03:53:49
    Undecided
    Snowball
    +2
    I know about this. This is what made me not vote democrat for the first time in my life. Watching video of Barney Frank, Maxine Waters, Representitive (D) Meeks, et al, sit in those regulatory meetings, all disgusted at Republicans because they were "over reacting", and insisting what DID happen would never happen--WITH OUR TAX DOLLARS! Like it was no big deal to make these programs with someone else's money because of their big ole hearts despite the RISK involved! Then watching that IDIOT Barney Frank LIE, and say "his position was ALWAYS that home ownership was not for everyone"-- and NO DEMOCRAT CALLED ANY IF THEM ON IT! In fact, now they CAMPAIGN that is was the Republicans that fought regulation?! I have NO IDEA how these people get re- elected! I am a fiscal dem, but enough is enough and I want them gone. Mitt at least has shown common sense. Obama has lied SO MUCH- I just can't take it. I don't think he cares, and I don't trust him AT ALL!
  • Erok Snowball 2012/09/04 08:24:37
    Erok
    +1
    I am glad to hear you have seen their lies through the smoke screen they put up!!! :)
  • ajracestables1 2012/09/04 02:47:33
    Wtf? Is it for real?
    ajracestables1
    +1
    That's B.S. If you work, you don't get any help and if you don't work and collect welfare and have other's pick up the tab for you then you get more "free" stuff/help. Vote him out, he's not fair and sounds racists.
  • lark 2012/09/04 02:25:09
    Wtf? Is it for real?
    lark
    +1
    yep it is what it is Work hard for a living & you get bub-kiss do nothing and well
  • Gregaj7 2012/09/04 00:12:22
    Wtf? Is it for real?
    Gregaj7
    +1
    It would be totally typical of him to be adding to an already gargantuan issue that helps absolutely nobody but the bankers-et-al, since that's who he works for (Rothschild).
  • sluggo.carter 2012/09/04 00:08:19
    Wtf? Is it for real?
    sluggo.carter
    +1
    Hummm, doesn't surprise me.
  • tff~PWCM~JLA 2012/09/03 23:22:53
    Wtf? Is it for real?
    tff~PWCM~JLA
    +1
    He is a racist, pure and simple!
  • Camille Palmer 2012/09/03 21:57:33
    Undecided
    Camille Palmer
    +2
    I Am not undecided,..but there was no other option to answer. this is called buying Black votes,..remember the video, of a ditsy black woman dancing in the street, because Barak Obama was going to give her a house,... IF HE WAS ELECTED ?
    with his popularity so low even among blacks,...HE'S DESPERATE.
    BRIBERY OF THE GULLIBLE.
  • goatman112003 2012/09/03 21:48:46
    Wtf? Is it for real?
    goatman112003
    +2
    Of course and the dems used it as a way to funnel money to community groups and extorted the banks and they laid the mortgages on Wall Street and brought the system down.
  • Scorpiano 2012/09/03 21:43:25
    Wtf? Is it for real?
    Scorpiano
    +4
    Yep, It is for real and Obama talks about it in this video.

  • 4dc 2012/09/03 21:25:35
    Wtf? Is it for real?
    4dc
    +1
    of course it is real...but it shouldn't be
  • Jim 2012/09/03 21:07:29
    Wtf? Is it for real?
    Jim
    +1
    If this is true, the same thing will happen that is now happening, foreclosures. This problem dates back to the Carter Administratio whne they did the same.
  • MrsJJS Jim 2012/09/03 21:41:32
    MrsJJS
    +1
    The Community Redevelopment Act didn't have any teeth so couldn't do a vast amount of damage, it was Clinton's National Homeownership Strategy: Partners in the American Dream is what started the ball rolling to where we are now.
  • Theresa 2012/09/03 20:13:57
    Undecided
    Theresa
    +4
    It is very Real! He engineered the collapse by forcing bankers to make subprime loans or lair loans!
  • Christopher Kirchen 2012/09/03 19:11:28
    Undecided
    Christopher Kirchen
    +1
    If it's true, it's a good thing he can't make it compulsory; the Legislative branch makes laws, not the Executive.
  • Camille... Christo... 2012/09/03 22:04:36
    Camille Palmer
    +1
    WHAT? HAVEN'T YOU SEEN HIM GIVE EXECUTIVE ORDERS? HE HAS NO RESPECT FOR
    HOW ITS SUPPOSED OT BE DONE. HES A TYRANT AND A BULLY.
    AND CONGRESS AND THE SENATE ARE TOO COWARDLY TO OPPOSE HIM.
    see why
    http://www.youtube.com/watch?...
  • Christo... Camille... 2012/09/03 22:20:54
    Christopher Kirchen
    +2
    Not that I don't agree he's unfit for the Oval Office but every President since I don't know when has had the power of the executive order, although I agree in his hands it's dangerous. You don't have to shout at me though.
  • Charles E 2012/09/03 19:09:25
    Wtf? Is it for real?
    Charles E
    +1
    This is the same disaster in waiting the ACORN and Attorney B. H. Obama forced on banks thet helped fuel the last financial meltdown.
  • Elleryqueen 2012/09/03 19:05:17
    Wtf? Is it for real?
    Elleryqueen
    +3
    It is for real. This was exposed a long time ago.
  • Idiot repubs 2012/09/03 19:02:43 (edited)
    It's not true at all
    Idiot repubs
    +2
    Builders to fight Bush's low-income plan

    Groups ask HUD to rethink plan that would increase financing of homes to low-income people.
    June 17, 2004: 12:24 PM EDT



    NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

    The National Association of Home Builders, along with the National Association of Realtors and the Mortgage Bankers Association, are drafting a letter to Alphonso Jackson, secretary of the Department of Housing and Urban Development (HUD), arguing that middle-income home buyers are the ones that will get hurt by the proposed plan, the NAHB told CNN/Money.

    In April, the HUD proposed new rules that would raise the percentage of loans bought by the two government-sponsored enterprises (GSEs) that finance borrowers whose incomes are at or below the median for their area, according to the Wall Street Journal .
  • Charles E Idiot r... 2012/09/03 19:11:19
    Charles E
    +2
    Glad it's not true.
    That means that the mortgage meltdown and related financial disaster didn't happen either.
  • Idiot r... Charles E 2012/09/03 19:13:46 (edited)
    Idiot repubs
    +1
    BUSH's plan caused the meltdown. Bankers and relators knew it would.
  • Scorpiano Idiot r... 2012/09/03 20:43:47
  • Jim Idiot r... 2012/09/03 21:11:33
    Jim
    +3
    The meltdown began with the Carter administration. The banks and mortgage lenders were forced to give loans to low income people. Now with the Obama economy and unemployment fiasco happening, these people cannot pay their mortgages and are now in default. IT IS TIME TO STOP BLAMING BUSH!
  • Erok Idiot r... 2012/09/04 08:26:48
    Erok
    +1
    Wrong Carter and Clinton put us where we are....always trying to blame Bush just like your hero.
  • Idiot r... Erok 2012/09/04 11:36:09
    Idiot repubs
    +1
    Builders to fight Bush's low-income plan

    Groups ask HUD to rethink plan that would increase financing of homes to low-income people.
    June 17, 2004: 12:24 PM EDT



    NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

    The National Association of Home Builders, along with the National Association of Realtors and the Mortgage Bankers Association, are drafting a letter to Alphonso Jackson, secretary of the Department of Housing and Urban Development (HUD), arguing that middle-income home buyers are the ones that will get hurt by the proposed plan, the NAHB told CNN/Money.

    In April, the HUD proposed new rules that would raise the percentage of loans bought by the two government-sponsored enterprises (GSEs) that finance borrowers whose incomes are at or below the median for their area, according to the Wall Street Journal .
  • Erok Idiot r... 2012/09/04 11:48:47
    Erok
    +1
    Not buying it and obviously it didn't happen so what's the point....the facts are Carter got it rolling and Clinton steamrolled it over the top.
  • Idiot r... Erok 2012/09/04 11:52:09
    Idiot repubs
    +1
    Proof or you just are lying.

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