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

Posted By admin On September 3, 2012 @ 2:53 am In Money Watch | Comments Disabled

Neil Munro
Daily Caller [1]
Sept 3, 2012

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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information [2] from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney. [RELATED: Learn about the 186 class action plaintiffs] [2]

Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.

Full article here [3]


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URL to article: http://www.prisonplanet.com/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicago%e2%80%99s-african-americans.html

URLs in this post:

[1] Daily Caller: http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/

[2] previously unpublished court information: http://www.scribd.com/doc/104763206/Chicago-Buycks-Lawsuit-Plaintiffs

[3] Full article here: http://www.weeklystandard.com/blogs/rasmussen-romney-48-obama-44_651478.html

[4] Why Did Banks Give Home Loans to People Who They KNEW Couldn’t Pay?: http://www.prisonplanet.com/why-did-banks-give-home-loans-to-people-who-they-knew-couldnt-pay.html

[5] President Obama calls African-Americans a ‘mongrel people’: http://www.prisonplanet.com/president-obama-calls-african-americans-a-%e2%80%98mongrel-people%e2%80%99.html

[6] Obama Housing nominee Mel Watt helped create the subprime crisis: http://www.prisonplanet.com/obama-housing-nominee-mel-watt-helped-create-the-subprime-crisis.html

[7] Fed Shouldn’t Reveal Crisis Loans, Banks Vow to Tell High Court: http://www.prisonplanet.com/fed-shouldn%e2%80%99t-reveal-crisis-loans-banks-vow-to-tell-high-court.html

[8] Barack Obama stokes liberal fury as tax cuts pushed through Congress: http://www.prisonplanet.com/barack-obama-stokes-liberal-fury-as-tax-cuts-pushed-through-congress.html

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