Obama a Real Contributor to Subprime Loan Failures
October 28, 2012 § Leave a Comment
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.
via The Daily Caller.
Kudos to The Daily Caller for putting together this incredibly well researched piece about Obama being one of the lawyers who sued Citibank to make sub-prime loans.
That this story is being written in 2012 and not 2008, and by a small independent website and not by any of the major media outlets is a complete indictment of our entire media system.
I can remember when I stopped watching The Daily Show. It was shortly before the 2008 election and Michelle Obama was the guest. After she comes out, the first question John Stewart asks is something like, “Tell us something we don’t know about you?” and the crowed goes wild. It was an sardonic arrow aimed at those who were screaming to anyone who would listen, ‘What do we really know about these people?’
The truth Mr. Stewart, is we knew very little about these people. We still know very little about these people. It’s a same that the media didn’t do its job 4 years ago and any time since. So because you ignored your responsibilities for the last 4 years someone has now produced some facts showing how:
- Obama sued Citibank forcing it to make bad, sub-prime loans;
- Many of those loans failed, including nearly half of those plaintiffs in the Obama case;
- The sub-prime loan failures led to the collapse of the entire mortgage system causing the greatest economic crisis since the great depression.
Mr. Obama help create the problem he inherited.
That is what the press should be reporting.