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Obama Sued Citibank in 1995 Mortgage Discrimination Case:
Of 186 Obama Client Homeowners Only 19 Still Own Homes – Multiple Bankruptcies
Obama actually did have a private sector job, and he failed at that too. He filed a discrimination lawsuit on behalf of 186 clients claiming discrimination in home mortgages. Nineteen of the 186 still own a home and have a good credit rating – 19 of 186! Some of his clients are speaking out and their message: there should be a regulation against giving loans to people who can’t afford them! Obama pushed the Community Reinvestment Act, right along with Barney Frank, Chris Dodd and Maxine Waters. Democrats forced banks to give mortgages to Blacks who had no credit rating, no down payment, sometimes no job. The Bush administration tried 17 times to force Democrats to moderate the risks of these through Fannie Mae and Freddie Mac.
The first thing to know is that 71% of the bad loans were Government loans, not Wall Street. From one of my previous articles on the housing crisis:
[In a news conference, Obama] said this: (paraphrased) People got housing loans that they did not understand that they could not afford. They were told they could afford them. They didn’t understand the paperwork they were signing. What a crock. The Community Reinvestment Act forced banks to lend without credit, without down payments, without any assurance that the buyers could meet their monthly payments. He is a bold, blatant liar.
Flashback to 2000:
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
The Daily Caller, snippets from page 1:
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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.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]
Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.
“If you see some people don’t make enough money to afford the mortgage, why would you give them a loan?” asked Obama client John Buchanan. “There should be some type of regulation against giving people loans they can’t afford.”…
dba...vagabond trader
September 4th, 2012
Wow, I knew about his involvement with ACORN thugs and loans, never saw the cold hard stats. Should be top story on the mfm. Yeah, I know…..
Maudie N Mandeville
September 4th, 2012
Interesting to read comments from some of those who lost their homes. “Why would you loan money to someone who can’t afford it?”
More proof of the Bell Curve.
Keyser Söze
September 4th, 2012
Butt-blaster Barack started it by suing banks in 1994, forcing loans for deadbeats who on any given day would require a cosigner to buy a newspaper. He started the collapse and the NYT tried to warn about it two years before Bush took office.
As you will see from the links below…OBAMA set the table and Bush warned about the ensuing disaster, which was ignored by OBAMA and his fellow thieves, the Dem’s.
http://www.mediacircus.com/2008/10/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/
http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html
http://.blogspot./2008/09/testimony-that-will-have-you-pulling.html
http://nicedeb.wordpress.com/2008/09/21/the-white-house-warned-congress-about-fannie-mae-freddie-mac-17-times-in-2008-alone/
Jeff
September 4th, 2012
Do the math, 17 years later…only 10%.
Noodengr
September 4th, 2012
Got plenty of blame to go around here. Barry can share it too. I understand that the gov’t forced banks to loan folks who had no business borrowing enough for a cup of coffee. But I would bet that
there was not a single person that had a gun put to their head and made to take a loan. Everyone of them could say ” NO” There is a huge personal responsibility element missing.
Obama Sued Citibank in 1995 Mortgage … – I Own The World | Mortgage Loans For Low Credit Scores
September 4th, 2012
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Tim
September 4th, 2012
“Democrats forced banks to give mortgages to Blacks who had no credit rating, no down payment, sometimes no job.”
They’re doing it again.
This came on the heels of forcing Insurance companies to insure bad risk. Remember the old bullshit about “redlining?”
The banks and insurance companies are being rewarded for their racism by the gov’t fleecing the taxpayers.
citibankrobbers
September 4th, 2012
“There should be some type of regulation against giving people loans they can’t afford”
So now we WANT regulation? got it.
iris354
September 4th, 2012
What was that BS Obumbler was spouting about not letting the people who put the car in the ditch get behind the wheel?