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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.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.”…