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Skip to comments.With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Amer
Posted on 09/03/2012 3:00:47 PM PDT by Free ThinkerNY
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startling failure rate among Obamas private sector clients was discovered during The Daily Callers review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiffs attorney.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 ...
Come on RNC, lets see some ads with the truth about O, Dodd, Frank, Waters, et al. They ruined the housing for at least 20 years. Maybe more.
In other words, President Obama inherited this mess from Senator Obama.
..................There should be some type of regulation against giving people loans they cant afford.................
There are, that is unless the bank has been charged with “Red-lining” certain neighborhoods, in the interest of “diversity”, doncha know!