Who pushed banks to give subprime loans?

The Daily Caller: “With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans.”

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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.

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.”

Banks “were too eager to lend to many who didn’t qualify,” said Don Byas, another client who saw banks lurch from caution to bubble-inflating recklessness.

“I don’t care what race you are. … You need to keep financial wisdom [separate] from trying to help your people,” said Byas, an autoworker.

Nonetheless, Obama has pursued the same top-down mortgage lending policies in the White House. […]

‘There should be some type of regulation against giving people loans they can’t afford.’ In other words, protect me against myself, oh great Government!

This is why we are eating the shit sandwich.

2 thoughts on “Who pushed banks to give subprime loans?”

  1. The hypocrisy and the lies are so evident-hard to imaging why he stays at 43% approval; well maybe not, can we say liberal media bias (after all, will we hear about this anywhere else besides babalu or daily caller etc? doubtful…)?

    For any that have not seen D’Souza’s “2016: Obama’s America” movie–please do so. It is a very important movie as it consolidates in one place what Obama is trying to achieve. The more that see it, and the more hype, hopefully will encourage some of the borderlines out there to see it and make a larger impact on the populace.

  2. “The hypocrisy and the lies are so evident-hard to imaging why he stays at 43% approval.”

    I constantly ask myself the same question…something is very wrong with the American people these days. Maybe their level of blindness and stupidity is at an all time high.

    The only answer I find is that the MSM and lefty academia have done such an outstanding job of keeping them stupid.

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