Skip to comments.How Obama Bankrupted Black Homeowners
Posted on 09/03/2012 10:21:40 PM PDT by grundle
Obama pushed thousands of credit-poor blacks into homes they couldn't afford.
Many are now in foreclosure. In fact, the lead client has since lost her home and filed bankruptcy.
Acorn even crashed the lobby of Citibank's headquarters in New York and accused it of discriminating against blacks.
The pressure worked. In 1994, Clinton's top bank regulators signed a landmark anti-redlining policy that declared traditional mortgage underwriting standards racist and mandated banks apply easier lending rules for minorities.
Also that year, Attorney General Janet Reno and her aide Eric Holder filed a mortgage discrimination case against a Washington-area bank that forced it to target minority neighborhoods for subprime loans.
Reno and Holder also encouraged civil-rights lawyers like Obama to file local lending-bias cases against banks.
The next year, Obama led a class-action suit against Citibank
The plaintiffs' claim lacked merit. Factors other than race figured in the bank's decision to turn them down for loans.
One of Obama's clients had "inadequate collateral" and "an incomplete application," while another had "delinquent credit obligations and other adverse credit history."
Obama argued such facts miss the point: that Citibank's neutral underwriting criteria may have adversely impacted his clients as a class of people.
Citibank eventually settled, despite the weak case.
Citibank underwrote thousands of shaky subprime mortgages to satisfy the court in Obama's case. Defaults were common. When home prices collapsed, most of the loans went bust.
His lead African-American client, Selma Buycks-Roberson, who was denied a loan due to bad credit and low income, got her mortgage only to default on it years later.
By putting them on the hook for loans they couldn't pay, Obama did them no favors. Blacks have been hit hardest by foreclosures. But what does Obama care? He pocketed at least $23,000 from the Citibank case.
(Excerpt) Read more at news.investors.com ...
Barack pocketed 23 grand? Chicken feed.
There is an evil genius behind this and it’s supernatural. It’s not even Barack.
Must have been his white half that did this.
ROFL. Sorry if your post gets zotted cause that !@#$ *IS* funny.
Obama and his fellow community organizers basically invited poor minorities to form the bottom of the pyramid just before the pyramid collapsed.
Hahahahahaha. My sides hurt.
Banks do not loan to classes they loan to individuals.
Bush home Ownership links:
GWB 2002 Speech :More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. Thats a home ownership gap; a gap that we got to work together to close. And by the end of this decade well increase the number of minority homeowners (future Obama voters ) by 5.5 million families.
One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers. Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) . You dont have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else (till those adjustable rates go up).
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
Compassional conservative was proved to be a huge failure under Bush as all those minorities voted Democrat by 2008 after they lost all those homes promoted above.
Yep, not only didn’t Bush and the Republican majority Congress take action to prevent the crash, they actually contributed to making things worse.
While they were doing this, there was a rogue crew on Free Republican who was shouting down anyone who dared to take Bush to task on anything.
Bush, the Republican majority Senate and House, as well as blinded Republicans were all pushing for policies that would usher in Barack Obama as president.
Now you’ve got some folks doing the very same thing right now with Romney. If you dare speak truth, you’re trashed as being an operative of Barack Obama and the DNC.
The ground is being set, to give cover to Romney no matter what he does after he is elected, if he should be. I do expect him to be.
It is absolutely imperative that we avoid giving cover to Romney if he does Leftist things. People need to admit to themselves what that cost us during the last administration, and the need to avoid a repeat under Romney.
I can think of at least one person here right now, who has been vicious towards those who speak truth about Romney.
That is a massive mistake.
Republican should be Republic (above)
This was a mistake, that transpired because I tried to type Republic and my mind generated Republican as I typed. I didn’t catch it until I came back later and noticed it.
Agree, it ISN’T funny to compare Zero to the Jeffersons. George Jefferson built a successful dry cleaning company. Zero hasn’t built squat.
LOL! That gets shared around.
This is how “good intentions” lead to bad results.
Why do you assume their intentions were noble?
They knew the loans were going to people who could not carry them. They knew the people would default.
They knew this had nothing to do with race or skin color yet they played the race card and shouted “You are denying the loans because you are a racist!”
They didn’t do this with good intentions. They did it to line their own pockets. They are the worst possible stripe of con artists and we are complicit because we let them get away with it.
The chickens will always come home to roost and lay eggs.
I beg to differ. He didn't build that.