READ FACTS not your guesses...
Obama brought the housing bubble through his 1995 Lawsuit against Citibank which really dumb people like you either are unaware or ignore but either way this caused the collapse of 2008!
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.
President Barack Obama was a pioneering contributor to the national subprime real estate bubble.
dailycaller.com
"Redlining," the activists argued, was the antithesis of the American dream of owning a home. Moreover, they insisted, everyone had the "right" to own a home. So the banks were forced to issue loans to people who couldn't afford to pay them back. The banking system was forced to inflate a housing bubble that set us up for a near-catastrophic economic collapse.
As the Daily Caller relates, "
Obama's lawsuit was one element of a national 'anti-redlining' campaign led by Chicago's progressive groups, who argued that banks unfairly refused to lend money to people living within so-called 'red lines' around African-American communities."
That settlement was only the tip of the iceberg. When Citibank, in April 1998, sought federal approval for a merger with Travelers Group, it only got OK from the Clinton administration progressives after it promised in May to provide
$115 billion for anti-redlining loans. Anti-redlining promises made by other financial institutions added up to
$600 billion between 1993 and 1998, according to a 2000 Treasury Department report.
It was the progressive dreams of
Barack Obama that would crash the nation's economy in 2008, wipe out at least
$4 trillion in equity and help keep the unemployment rate above 8% for four years.
As president, Obama would blame his predecessor, George W. Bush, and Wall Street. But before the housing market finally collapsed, it was a young lawyer named Barack Obama who helped put the wrecking ball in motion
Housing Crisis: Previously unpublished court documents reveal that as a young lawyer from Chicago, President Obama's lawsuit against big banks started inflating the housing bubble that created the mess he... Read More
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