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failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.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.”
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. [RELATED: Obama's Citibank plaintiffs hit hard when housing bubble burst] “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. Read full story here: News New Mexico
Posts
1 comments:
Obama, Barney Frank, Maxine Waters and Christopher Dodd all played a role in the real estate collapse and mortgage lending debacle. Frank, Waters and Dodd pressured Fanny Mae and Freddy Mac to make risky sub-prime mortgage loans to applicants who couldn't afford to buy homes or whose credit history didn't merit a mortgage loan. When these mortgage loans began to default and the investment banks were holding the bad investments, the financial meltdown unfolded. What most Americans don't understand is that it was the Bush administration that attempted to curb these government agency lending practices only to be shouted down and characterized as a "RACISTS" by the likes of Waters, Dodd and Frank. It wasn't the Bush economic policies that precipitated the financial meltdown. It WAS the bad real estate loans owned by so many of the investment banking groups in America and around the world. The uneducated voter listens to Obama and his supporters crowing that it was the Bush economic policies that led to the 2008 financial meltdown when in fact it began with BAD MORTGAGE LOANS which were written during the course of more than two decades.
Post a Comment