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

[saveliberty]

The Daily Caller:

 

 

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

 

 

Published: 1:26 AM 09/03/2012

 

 

 

By Neil Munro

 

 

 

MESA, Ariz. -- President Barack Obama waves to a crowd at Dobson High School on February 18, 2009 in Mesa, Arizona. Obama spoke about his $75 billion mortgage relief plan, part of a $787 billion stimulus package. (Photo by Michal Czerwonka/Getty Images)

 

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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.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

 

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.”

[saveliberty]

Read the whole thing.

[saveliberty]

Obama’s African-American clients got coupons, not cash

 

 

Published: 1:26 AM 09/03/2012

 

 

By Stephen Elliott

 

CHICAGO, IL - OCTOBER 10: Vernice Thorn listens to speakers during a protest outside a meeting of the Futures Industry Association and the American Mortgage Bankers Association October 10, 2011 in Chicago, Illinois. Several thousand people participated in the protest which was organized by a coalition of community and labor groups. About twenty people were arrested at the protest during an act of civil disobedience. (Photo by Scott Olson/Getty Images)

 

 

Plaintiffs’ attorneys took home nearly $1 million in Barack Obama’s 1995 class-action discrimination lawsuit against Citibank, but 183 of the 186 plaintiffs did not get a dime.

 

Three named plaintiffs in the lawsuit — Selma Buycks-Roberson, Calvin Roberson and Renee Brooks –- each collected $20,000. But none of the 18 ordinary, or non-named, plaintiffs that The Daily Caller was able to reach for comment reported receiving any money. This is despite a claim to TheDC by the lawsuit’s initiator, attorney Fay Clayton, that the settlement paid the 186 non-named clients between $770 and $3,250 each. [RELATED: With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago's African-Americans]

[saveliberty]

HARD TIMES: Obama's Citibank plaintiffs hit hard when housing bubble burst

CHEATED: African-American victims got coupons, not cash

DOCUMENTS: Plaintiffs submitted class action claims

SPREADSHEET: Learn about the plaintiffs

[saveliberty]

Obama’s Citibank plaintiffs hit hard when housing bubble burst

 

Published: 1:26 AM 09/03/2012

 

By Melissa Quinn

 

 

 

 

• 
  

<> on July 30, 2012 in Chicago, Illinois.

 

Samuel Wilson is a small business owner. He owns a community laundromat in a Chicago suburb and, coupled with his neighborhood hardware store, demonstrates the perfect marriage of the American dream and hard work.

 

But he’s starting to slip on his mortgage payments. He had taken ill last month and now can’t keep up with the taxes on his house — a problem he hasn’t faced since 1969.

 

Now he’s two months behind and the banks have come knocking, not only on his door but on the doors of multiple houses in his neighborhood. [RELATED: With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago's African-Americans]

 

Read more: http://dailycaller.c.../#ixzz25RK9jQ54

[Pepper]

Interesting stats, @saveliberty

 

bookmark for later

[RidesAPaleHorse]

So......what else is new?

 

Umbama is just following in the footsteps of his democrat predecessors, Carter, who signed the CRA into law in 1977 and Klinton who doubled down on it in 1995 creating, as Senate Banking Committee Chairman Phil Gramm memorably put it, "a vast extortion scheme against the nation's banks."

 

http://www.conservapedia.com/Community_Reinvestment_Act

 

Democrats. Doing their best to destroy the country one (or more) law(s) at a time.