Skip to comments.With lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans
Posted on 09/03/2012 10:30:55 AM PDT by middlegeorgian
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startling failure rate among Obamas private sector clients was discovered during The Daily Callers review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiffs attorney.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 dont 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 cant afford.
(Excerpt) Read more at dailycaller.com ...
that’s flippin breath-taking. we all should be spittin mad.
Well there is more. The legal case won by Obama began a vast world wide debacle, that will go on for decades.
Astonishingly, Obama lied to get his law license in IL and was forced to relinquish his license in 2008. He practiced law fraudulently the entire time he had his “license”.
BOTH OBAMAS SURRENDERED law licenses in ‘93 & ‘08
Wed, 05/09/2012 - 1:53pm
Did you wonder how President Obama could make un-Constitutional statements and challenge the Supreme Court when he was a “Constitutional Law Professor”?...............
This can be easily veriified at https://www.iardc.org
Stands for Illinois Attorney Registration And Disciplinary Committee. It’s the official arm of lawyer discipline in Illinois; and they are very strict and mean as hell.
1. President Barack Obama, former editor of the Harvard Law Review, is no longer a “lawyer”. He surrendered his license back in 2008 in order to escape charges he lied on his bar application.
A “Voluntary Surrender” is not something where you decide “Gee, a license is not really something I need anymore, is it?” and forget to renew your license. No, a “Voluntary Surrender” is something you do when you’ve been accused of something, and you ‘voluntarily surrender” your license five seconds before the state suspends you.
2 Michelle Obama “voluntarily surrendered” her law license in 1993. after a Federal Judge gave her the choice between surrendering her license or STAND TRIAL FOR insurance FRAUD.
3. So, we have the first black President and First “Lady” - who don’t actually have licenses to practice law. Facts.
4. A senior lecturer is one thing, a fully ranked law professor is another. Barack Obama was NOT a Constitutional Law Professor at the University of Chicago.
5. The University of Chicago released a statement in March 2008 saying Sen. Barack Obama (D-Ill.) “served as a professor” in the law school-but that is a title. Obama, who taught courses there part-time, never held, a spokesman for the school confirmed in 2008.
6. “He did not hold the title of Professor of Law,” said Marsha Ferziger Nagorsky, an Assistant Dean for Communications and Lecturer in Law at the University of Chicago School of Law.
Source: http://blogs.suntimes.com/sweet/2008/03/sweet_obama_did_hold_the_title.html ;
7. The former Constitutional Senior Lecturer (Obama) cited the U.S. Constitution the other night during his State of the Union Address. Unfortunately, the quote he cited was from the Declaration of Independence ... not the Constitution.
8. The B-Cast posted the video: http://www.breitbart.tv/did-obama-confuse-the-constitution-with-the-declaration-of-independence/
9. Free Republic: In the State of the Union Address, President Obama said: “We find unity in our incredible diversity, drawing on the promise enshrined in our Constitution: the notion that we are all created equal.
10. Um, wrong citing, wrong founding document there Champ, I mean Mr. President. By the way, the promises are not a notion, our founders named them unalienable rights. The document is our Declaration of Independence and it reads: We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.
11. And this is the same guy who lectured the Supreme Court moments later in the same speech?
Where’s Gorelick in all of this?
The new program, known as the Hardest Hit Housing Market fund, is part of a $7.6 billion federal effort to help underwater homeowners in 18 states. California received $2 billion. But when banks and lenders who service loans refused to write down even a small portion of the negative equity loans, California decided to use the taxpayer money to pay 100 percent of the mortgage reduction. (Excerpt) Read more at foxnews.com ...
The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.
Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, lender and banks and latino community groups to increase mortgage lending to what savvy observers considered to be unqualified Latinos.
"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.
HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."
HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.
Predictably, HOGAR colluded w/ co-conspirators which included:
(a) shaky mortgage companies that ran into big trouble;
(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;
(c) Countrywide Financial Corp., sold to Bank of America Corp;
(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,
(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.
HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:
<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.
<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,
<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.
The bogus "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.
<><> HOGAR then conned lenders into even more lenient down-payment and underwriting standards.
<><> As the subprime debacle unfolded, HOGAR declined repeated requests for comment despite the economic havoc their activities precipitated.
The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.
The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage nrokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds. The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.
L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever- higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.
BACKGROUND A Wall Street Journal report related that, according to the Federal Financial Institutions Examination Council examination of the borrowing spree, investigations uncovered financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, all colluding in fraduent schemes to increase homeownership among Latinos with forged documents which enabled massive fraud.
This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%. (Research provided by Wall Street Journal. Some material excerpted from the NY Times).
NOTE WELL A popular scam perpetrated by illegals: falsifying documents to get subprime mtges---then defaulting and selling the homes to family members who flip the price higher and higher to get mtge money---then abscond to Mexico---leaving banks and taxpayers holding the bag.
Emanuel frames Romney as a backward-looking candidate
BY LYNN SWEET, FRAN SPIELMAN
AND DAVE MCKINNEY
Last Modified: Sep 3, 2012 12:49PM
CHARLOTTE, N.C. Mayor Rahm Emanuel, President Barack Obamas former chief of staff, framed Mitt Romney on Sunday as a backward-looking candidate, blistering his acceptance speech as laying out the policies of Ground Hog Day.
Emanuel discussed the upcoming Democratic National Convention with David Gregory on NBCs Meet the Press, where he was introduced as an architect of Obamas first-term policies.
If people want to know about the first term? Very simple. General Motors is alive and well. And Osama bin Laden is not. And thats what got done, Emanuel said.
This has come up before. I have not seen evidence to back up your claim.
You won’t find a more thorough investigation about Chicago corruption.....
Blagojevich prosecution delays protect Obama,
Blagojevich arrest delayed after 2008 election,
Patrick Fitzgerald USDOJ had key witness and crimes
The Blagojevich arrest was delayed
Was Barack Obama the original plan for the presidency by the DNC and Chicago Machine? Rod Blagojevich envisioned himself in that office. But in a high
profile position as Governor of Illinois, with brashness by nature and a less stealthy approach to pay to play politics than Obama, the feds began investigating him in 2003 and reports soon hit the Chicago media of corruption in his administration.
So, why would the prosecution of Blagojevich be delayed despite the fact that he profoundly affected the citizens and state of IL?
Obama had a clear role in the rigging of the health planning board.
Obama played a role in cronyism affecting the TRS, Teacher Retirement System.
Obama had long time and regular associations with Tony Rezko and was as Blagojevich stated in a wiretap more tonyd up than me.
A blagojevich trial before the 2008 elections would have stopped Obama. Tony Rezko would not talk about Obama, Blagojevich did and would.
READ MUCH MORE and watch for Part 2........
“...said O’Bambi” cannot follow any true statement. Not possible.