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

[ScienceRocks]

With lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans
The Daily Caller ^ | 9/3/2012 | Neil Munro

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

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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.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

 

[kyzr]

Looks like Mitt has a very nice response for the debates when BO says that he started in a hole caused by the Bush admin. The answer is that the dems actually caused the financial crisis. Also see, Community Reinvestment Act, Fannie, Freddie, and no more excuses.

 

[Care4all]

Less than 10% of all homes that have gone in to foreclosure are to poor people in redline districts

90% OF ALL FORECLOSURES in this crisis are NOT to people in redline districts

FAIL

 

[kyzr]

Less than 10% of all homes that have gone in to foreclosure are to poor people in redline districts

90% OF ALL FORECLOSURES in this crisis are NOT to people in redline districts FAIL

The issue is, "were the banks forced to give loans to the unqualified, yes or no?"
Hint: yes, by the CRA, and that caused the financial crisis. It wasn't the banks, it was the DC whores.