With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago's African-Americans

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

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

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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.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

[DAILY CALLER]

[ipaper docId=104763206 access_key=key-hq7jjed0bauownky5i5 height=600 width=600 /]

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3 Responses to “With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans”

  1. Sarah says:

    “As few as 19 of those 186 clients still own homes with clean credit rating” Profit for the ruling class!

  2. Sarah says:

    What’s even worse, the hacks will seize on propoganda that the “Gov’mint” forced the Banks to give loans to the unworthy.
    This isn’t true at all, Banks co-conspired for the opportunity to use an excuse for their predation. They knew this was an opportunity to make money by jamming designed to fail loans upon “victims”, the general public however, still doesn’t understand this and assumes the Government and Banksters are somehow opposing forces.

  3. Charles Reed says:

    Here what you have is attorneys like Obama are not knowledgeable in lending and as FHA & VA loans had no score requirement at all, but people keep saying that banks were made to provide bad subprime loans.

    However as currently even now with a credit score requirement of 580 handed down in Jan 2010 by the HUD Secretary Donovan, and that was only for loan with a loan to value of 97%. Now today with the change where the score is still under the Prime FICO of 620 but 580 the FHA market share is over 35%!

    Obama had every single customer in this case that was qualified for at least a FHA loan! This is the real secret behind this crisis and not some CRA requirement!

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