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

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posted on Sep, 3 2012 @ 03:29 PM
OH,,,, that's Right it was Bush's fault,,,,
Not totally it would seem.

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.

There are court records here you can download:

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 “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Sure everyone will agree,,, if you can afford to pay the monthly mortgage and utilities and some times an HOA fee,,, sure buy a home,,, put for the love of g@d you should be able to pay your bills,,,,,,,,,Not just giving to you because of your race,,,,,,
Don't read the following if you believe it was all Bush's Fault:

Progressive activists’ ambition instead contributed greatly to a housing bubble that burst in 2007, crashed the nation’s economy in 2008, wiped out at least $4 trillion in equity, kept unemployment above 8 percent for four years, and damaged the intended beneficiaries of looser mortgage lending standards.

Meanwhile, the president has blamed the housing bubble on supposed GOP deregulation, even though President George W. Bush expanded the regulation-expanding, anti-redlining policies established by progressives during Bill Clinton’s presidency.

If you believe Obama cares about the Little people or at-least the Plaintiffs in this case, don't read this link either.
That's right, the Plaintiffs got no payday,,,,,,,,, but Obama and the other Lawyers did it would appear.

Yes, more than two Presidential Administration contributed to the failure of the housing bubble.

posted on Sep, 3 2012 @ 03:45 PM
So that's what caused the housing bubble. It wasn't the banks falsifying information on derivatives it was the black peoples fault. Poor innocent banks.

posted on Sep, 3 2012 @ 03:50 PM
Isn't that Racist?

posted on Sep, 3 2012 @ 03:51 PM
Have you apologized for being white yet today?

posted on Sep, 3 2012 @ 03:59 PM
So, just to make sure I am caught up then..

The debate here is that, the progressive policys of -deregulation- killed the economy, but the conservative (bush) ideals of -regulation- saved it.

ok, what the game is then
GOP = Regulate!
DNC = Deregulate.

I am down with that, and will even give support for the GOPs idea of, which candidate is currently for regulations...because as the example you provide shows, deregulation is a disaster..lesson learned, whew..ok, lets check stances now.

posted on Sep, 4 2012 @ 01:01 PM
reply to post by guohua

The Daily Caller has been on this story for quite sometime and seeing these further developments are quite telling. Too bad no one will comment or defend Obama on this issue. You certainly won't hear about it on NBC tonight.

Here's a related thread I posted back in June. Again with little fanfare... People need to wake up if they think this man deserves a second chance to further degrade our nation. ...

The numbers are staggering

posted on Sep, 4 2012 @ 01:20 PM

Their “anti-redlining” political campaign began in the 1960s, when new federal housing laws and federal financing laws helped African Americans in overcrowded city blocks buy houses in Chicago’s white, middle-class neighborhoods.

This resulting migration accelerated white flight to the suburbs and was dubbed “block-busting.” That’s because many previously white neighborhoods transformed into all-black neighborhoods, and many later suffered from blight once buyers proved unable to pay their mortgages.

Yet the Chicago housing activists sought to shield their own neighborhoods — such as Austin and Oak Park — by pressuring banks to fund many more mortgages inside the so-called redlines that marked African-American neighborhoods.

The anti-redlining campaign scored repeated courtroom victories, and also drove Congress to pass the Community Reinvestment Act in 1977.

Congress repeatedly expanded the law, and in combination with a 1994 “Joint Statement” by Clinton’s regulators, effectively gave progressives in government the power to paralyze — and atrophy — any bank’s business if it did not increase mortgages inside the redlines.

Citibank felt that power in April 1998, when it sought federal approval for a merger with Travelers Group. It only got approval from the Clinton administration progressives after it promised in May to provide $115 billion for anti-redlining loans.

Executives at numerous other merging banks were also submitting to the progressives’ top-down terms. Their anti-redlining promises added up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.

Before striking its deal with the federal government progressives, Citibank got rid of the Chicago lawsuit by paying off the Chicago lawyers.

While the settlement provided $950,000 for the lawyers, it provided $20,000 for each of the three named plaintiffs, and $360,000 in benefits to be divided among the 183 other clients

Read more:< br />
Glad to know Obama was in on the ground floor of our nation's massive financial and housing collapse. Why won't he be bragging about this during the DNC??? We are also expected to hit a $16 trillion deficit on Thursday during the convention. Will Obama boast about that??

So many firsts for Obama and they are all BAD!!

posted on Sep, 4 2012 @ 01:23 PM
reply to post by SaturnFX

Have you ever had anyone twist your arm behind your back to get you to do something that you knew was a bad idea? It hurts, but sometimes you go along to get along. Politicians in Chicago are well known for this kind of tactic.

posted on Sep, 4 2012 @ 01:33 PM

You seriously just tried to paint Obama as the reason the Real Estate market crashed in 08.

You guys were better off when all ya did was yell socialist and Kenya

posted on Sep, 4 2012 @ 01:37 PM
reply to post by spinalremain

Well facts are stubborn things my friend, aren't they? You have them right in front of you and the best you can do is ridicule the messenger?

posted on Sep, 4 2012 @ 01:38 PM
reply to post by spinalremain

Yes they did and backed it up too. Pretty cool eh! Yep he appears to be worse than anybody would like to talk about but soon to be gone. Votes are up to $20 for him in these parts this time

posted on Sep, 4 2012 @ 01:39 PM
reply to post by spinalremain

Read the article. It's about 6 pages long and names all of those involved including a complete history or our nations housing scam. It goes way beyond Obama. Obama was just involved in the most recent dirty game on the ground floor. Something he will never discuss nor will the media. Obama is just one of the players with a long history in the game.

Its all there in black and white...The article offers no mulligans just facts that the current administration would prefer not to discuss if they are ever asked about it....

posted on Sep, 4 2012 @ 01:46 PM

Originally posted by buster2010
So that's what caused the housing bubble. It wasn't the banks falsifying information on derivatives it was the black peoples fault. Poor innocent banks.

President Bill Clintons signing statement on Gramm-Leach-Bliley act which repealed Glass-Steagall.

President Bill Clinton’s signing statement for the GLBA summarized the established argument for repealing Glass-Steagall Section’s 20 and 32 in stating that this change, and the GLBA’s amendments to the Bank Holding Company Act, would “enhance the stability of our financial services system” by permitting financial firms to “diversify their product offerings and thus their sources of revenue” and make financial firms “better equipped to compete in global financial markets

Robert Kuttner, Joseph Stiglitz, Elizabeth Warren, Robert Weissman, and others have tied Glass-Steagall repeal to the late-2000s financial crisis. Kuttner acknowledged “de facto enroads” before Glass-Steagall “repeal” but argued the GLBA’s “repeal” had permitted “super-banks” to “re-enact the same kinds of structural conflicts of interest that were endemic in the 1920s”, which he characterized as “lending to speculators, packaging and securitizing credits and then selling them off, wholesale or retail, and extracting fees at every step along the way.”[7] Stiglitz argued “the most important consequence of Glass-Steagall repeal” was in changing the culture of commercial banking so that the “bigger risk” culture of investment banking “came out on top.”[8] He also argued the GLBA “created ever larger banks that were too big to be allowed to fail”, which “provided incentives for excessive risk taking.”[396] Warren explained Glass-Steagall had kept banks from doing “crazy things.” She credited FDIC insurance, the Glass-Steagall separation of investment banking, and SEC regulations as providing “50 years without a crisis” and argued that crises returned in the 1980s with the “pulling away of the threads” of regulation.[9] Weissman agrees with Stiglitz that the “most important effect” of Glass-Steagall “repeal” was to “change the culture of commercial banking to emulate Wall Street's high-risk speculative betting approach.”[

Glass-Steagall Act

posted on Sep, 4 2012 @ 02:40 PM

Originally posted by spinalremain

You seriously just tried to paint Obama as the reason the Real Estate market crashed in 08.

You guys were better off when all ya did was yell socialist and Kenya

You seriously just tried to paint Obama as the reason the Real Estate market crashed in 08.

Didn't need to paint obama as the reason,,,,,, he did it himself

Yes, as the other poster state,,,,,, obama was behind this,,,, and I believe it was Racially motivated much like everything obama say's and does. Of-Course that was explained in the article very clearly.
What really pissed me off was the apparent fact that the Plaintiffs received little to nothing for Trusting in the Law Firm Obama represented,,,,, But then again,,,, all you that voted for Obama in 08,,,, you trusted in him to bring Transparently, Honestly and the End To Lobbyist and to Bring Our Men and Women Home and Close Gitmo,,,,,,

But then again,,,, he only told you like he did the people he represented what they wanted to hear,,,, Not The Truth,,,,,,, Read all six pages and links, learn something and open your eyes

posted on Sep, 4 2012 @ 03:01 PM
Obama is many things but he did not cause the banking crisis.

Every president prior to him had a hand in it.

Reagan, Bush I, Bush II and Clinton all nailed the coffin down on society by putting forth legislation that would entice lenders to ease up on their restrictions and to make it easier for folks to afford homes. Each president on upped the prior president with tax breaks to banks for easing up on their restrictions. In an effort to combat what was viewed as discrimination by the banks, they went after minorities and low income families, inventing new, and interesting, ways to lend them money that translated into eventually impossible repayments.

Obama might have had a hand in pushing towards those goals but there were republicans, and democrats, who put us on that path towards destruction. The funny thing is, Bush II actually spoke out about the inevitable collapse when he ran the first time out but he was unable to do anything about it, once elected.

As I said, Obama has done many things wrong but blaming him for the real estate bubble is as ludicrous as blaming me for the tech bubble.

posted on Sep, 4 2012 @ 03:06 PM
reply to post by SaturnFX

It's not really deregulation.

Lenders didnt want to risk it. To make up for the fact that they were being forced to risk it the gov promised to insure the loans.

That gave the lenders the loop-hole they needed to make all kinds of crappy loans to whoever and their mother because with the government promising to insure the loans they couldnt lose.

The system essentially gave a gambling addict a stack of black chips and said "go ahead and spin, you can't lose!"

Our extorted tax dollars funneled directly to banks. That's not partisanship. It's bipartisan idiocy enabling, even encouraging, financial malpractice.

Government makes bad decisions. It's all it's ever done throughout history. Bankers make profits. that's all they've ever done throughout history. This is what we get when they partner up.

posted on Sep, 4 2012 @ 03:08 PM
Obama was just fighting to stop discriminatory loan practices-thats it. I feel like some of you lack basic reading comprehension skills.

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posted on Sep, 4 2012 @ 03:29 PM
reply to post by Crakeur

Crakeur, of course Obama did not singlehandedly create the banking crisis nor was the lawsuit his firm handled the only cause of it either. I commend your nod to Bush II and his warning. I would like to see our media in this nation ask Obama the candidate some honest probing questions about things like this that he was involved in so that voters have a truer picture of who and what they are actually voting for - this subject is just one of many many items glossed over and outright hidden away.

The OP did lead in with "its not all Bush's fault" which is a true statement. The Obama campaign keeps that meme alive and kicking though on this subject as well as many others.


posted on Sep, 4 2012 @ 03:40 PM
reply to post by Phoenix

Therein lies one of the biggest problems we, as a nation are facing.

Rather than look back and point fingers at past administrations, deflecting blame and making this party, or that party, look like the cause of all our ills, the candidates should focus on moving forward, fixing the problems, creating solutions.

We're doomed to fail because we're governed by morons (this includes all politicians) who are too busy pointing at the other guy to notice that we're barrelling into a brick wall.

edit on 4-9-2012 by Crakeur because: (no reason given)

posted on Sep, 4 2012 @ 03:51 PM

Originally posted by acmpnsfal
Obama was just fighting to stop discriminatory loan practices-thats it. I feel like some of you lack basic reading comprehension skills.

Posted Via ATS Mobile:

What you call discriminatory may have actually had sound actuary and financial reasoning behind it rather than a race or color reason.

I think history has shown the results of the difference between sound financial practice and convenient financial practice. No by saying this I am not absolving wall street or the banks greed - just pointing it out is all.

Convenient was giving pulseholders loans who never should have had them and then selling same to other pulseholders who were motivated by easy money on the otherside of the tranaction. Greed and Shortcuts were the motivation rather than hard work which is how I bought my first house a fixer upper with 15% down and 16% interest rate, no A/C, no insulation, postwar clapboard with gas wall heaters, located in a red-lined area in Texas.

No instant McMansion here and not much sympathy for those who chose that route either. After 30 years hard word sweat equity and conservative financial dealings I am mortgage and debt free in a home of my choosing without the asinine and risky steps others chose.

Some will say isn't that fortunate for you, I say stuff it - it was hard work.

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