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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, 5 2012 @ 11:41 PM
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reply to post by guohua
 


Which is why the banks were handed out a cozy payment, it was hush money to keep it all behind the scenes. The problem was not unknown. Republicans brought it up. They did not do so out of some moral high ground since they do things just as bad, it was simply a way to try to hurt Democrats. It failed, the MSM didn't run with it, it was pushed under the rug, and the housing bubble collapsed as was predicted.

If you want to think this isn't the Democrats fault go ahead, you are deluding yourself. They pandered for votes and it devestated the country. If Republicans thought of it first they probably would have done it too.




posted on Sep, 5 2012 @ 11:43 PM
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Shame on whites for not standing up to anti white racism



posted on Sep, 6 2012 @ 03:01 AM
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reply to post by Iron7
 


I thought racism was a one way street. That's actually what I was taught in sociology. No one in the US can be racist against whites. My professor was a black feminist. To clarify we actually got along great, and she was very intelligent, she's just wrong on that.



posted on Sep, 6 2012 @ 03:42 AM
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Originally posted by Iron7
Have you apologized for being white yet today?


No, but the days not over yet.....Im sure there wil be at least one I'll have to apologize to. Standing in awe of the blackness...I am not worthy....then again Im not white either.....

honestly folks...consider that the whole senerio reeks of democrats, and it very well could be Clintons fault not Obamas. Although Obama most certainly carried it forward.

The banks are just greedy, they want money...doesnt matter how you come up with it...or if you even have it. As long as you can sign yer soul for a loan..there you go.



posted on Sep, 6 2012 @ 04:00 AM
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Originally posted by Kastogere

Originally posted by Iron7
Have you apologized for being white yet today?


No, but the days not over yet.....Im sure there wil be at least one I'll have to apologize to. Standing in awe of the blackness...I am not worthy....then again Im not white either.....

honestly folks...consider that the whole senerio reeks of democrats, and it very well could be Clintons fault not Obamas. Although Obama most certainly carried it forward.

The banks are just greedy, they want money...doesnt matter how you come up with it...or if you even have it. As long as you can sign yer soul for a loan..there you go.


It definitely is not all Obama's fault. He was part of the overall problem.



posted on Sep, 6 2012 @ 05:08 AM
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reply to post by OccamsRazor04
 


Right......at the very least complicit.



posted on Sep, 6 2012 @ 05:35 AM
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it's my understanding that it wasn't so much weather or not the person applying for the loan was credit worthy or not, it was more the location of the home they wished to buy. some areas are more prone to foreclosures as others. they have more foreclosures than normal. so the banks didn't want to give mortgages for those areas. and well, weather it was racist or just hard data, it was found to be affecting african americans looking for loans more than the white race.

so, those who are blaming the housing crisis on this one little aspect, got to ask you something here...
there are probably whole cities that have foreclosure ratings much higher than the rates that were causing the banks to decide not to lend in those areas back then!! maybe even you city!! do you believe it would be fair to automatically cut you off from a loan simply because you want to buy a home in your city???



posted on Sep, 6 2012 @ 05:45 AM
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Originally posted by dawnstar
it's my understanding that it wasn't so much weather or not the person applying for the loan was credit worthy or not, it was more the location of the home they wished to buy. some areas are more prone to foreclosures as others. they have more foreclosures than normal. so the banks didn't want to give mortgages for those areas. and well, weather it was racist or just hard data, it was found to be affecting african americans looking for loans more than the white race.

so, those who are blaming the housing crisis on this one little aspect, got to ask you something here...
there are probably whole cities that have foreclosure ratings much higher than the rates that were causing the banks to decide not to lend in those areas back then!! maybe even you city!! do you believe it would be fair to automatically cut you off from a loan simply because you want to buy a home in your city???



Yes. Let's say this is your money and you are looking to invest. You do some research and you find some companies are very high risk and do not have a better return rate. Other companies are rock solid investments and give the same return rate. Now the government steps in and says hey, it just so happens you are investing in companies owned by white people. That's racist. You WILL invest your life savings on these other companies whether you like it or not.

So you support that? Or is it only when it's your money, your life savings that you favor smart investment practices?

ETA: This is one aspect as you said, and is not by itself the reason for the collapse. It is representative of the culture the Democrats promoted though, which is what led us to the crisis.
edit on 6-9-2012 by OccamsRazor04 because: (no reason given)



posted on Sep, 6 2012 @ 06:19 AM
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Originally posted by Crakeur
Obama is many things but he did not cause the banking crisis.


He didn't cause it by himself. But his actions in this case contributed to it.

The financial problem in this country is the fault of ..... Bush43, Obama, Alan Greenspan, Chris Dodd, Barney Frank, Nancy Pelosi, Bernie Madoff, all the greedy people who wanted huge houses they couldn't afford and were irresponsible, etc etc etc Lots of people contributed. Obama didn't cause it on his own .. but he was definately part of the problem.



posted on Sep, 6 2012 @ 08:13 AM
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reply to post by FlyersFan
 


In this particular case, I liken Obama and others to drug dealers on a street corner only in this case they were pushing mortgages to those who could not afford them. All to support the bigger source dealers/cartels/banks/lawfirms. All of the classic tactics were at play. Bullying and threats... What a mess!! and this only details what happened in Chicago. This was also happening in key markets across the country...


The Buycks-Roberson lawsuit was just one small part of national campaign by progressives to force banks to increase their lending in poor African-Americans neighborhoods. Chicago was an early battleground in that campaign because it had an influential community of progressive lawyers, community organizers, developers and politicians working on housing issues.

This community had emerged from the urban wreckage caused by 1970s federal housing regulations, which rewarded real-estate “blockbusting” practices that encouraged white, affluent homeowners to sell their properties at a loss after poor people of color bought homes in middle-class neighborhoods.

Whenever poor buyers defaulted, average home prices declined — spurring additional purchases by low-income buyers.

Chicago activists believed more federal regulation would cure the blockbusting problem by boosting lending to African-Americans within so-called “redlines” drawn — often literally – on maps around poor African-American neighborhoods. A redlined city district was one where banks had made a categorical decision not to invest.


dailycaller.com...



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