Obama's Contribution To The Subprime Lending Bubble (1996)

[Shady]

Obama had a greater role in the subprime mortgage crisis than was previously known...

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.

How'd he and his team of lawywers do in the lawsuit? Pretty well.

Plaintiffs’ attorneys took home nearly $1 million in Barack Obama’s 1995 class-action discrimination lawsuit against Citibank, but 183 of the 186 plaintiffs did not get a dime.

DC

Only $60,000 dollars of the nearly $1 million dollar payout ever got to any of the recpients of the lawsuit. What did they get instead? Coupons!

Is it any wonder why people have such a negative opinion of lawyers? Anyways, Obama's suppose to be a champion of the poor and middle class right? America needs to keep him in office because his policies are better for the poor and middle class right? Well, this is a great example of one of his policies. It sounds great to wanna help people achieve home ownership. But his so-called good intentions had disasterous consequences. That's what the left doesn't understand. Many times their good intentions end up hurting the very people they're trying to help.

Well, how did it work out for the poor and middle class? Yeah, not so great. Luckily we don't have any similar economic illiterates in Canada trying to undermine our mortgage and housing industry in the same way, or else we'd be in the exact same boat.

President Obama needs to stand before the country and apologize for such boneheaded policy pursuits before he asks for re-election again.

[cybercoma]

Obama had a greater role in the subprime mortgage crisis than was previously known...

And you think Romney would have helped with the subprime mortgage crisis?

[punked]

You do know that most who defaulted on their mortgages were White right? This is just more scare the white man stuff. "It was AA who defaulted on their sub primes and blah blah blah it is all their fault." Know what Shady SHAME ON YOU. Stop it with the racism please. The problem with sub prime was not that African Americans got them no matter how much you want the rest of the world to believe that.

4 years ago we were losing 750k jobs a month. Now we're not. We had 2 wars. Now we don't. We didn't know where Bin Laden was. Now we do. Health insurance rates were growing at a blistering pace. Now they're not. The DOW was at 6000. Now it's at 13,000. Are you better off now? You damn right you are.

Edited September 3, 2012 by punked

[JerrySeinfeld]

And you think Romney would have helped with the subprime mortgage crisis?

I have talked about this before, but it's a difficult subject to breach because it's racial. It's absolutely true, though.

Democrats see everything through the prism of race. The hidden secret of subprime is that a huge chunk of the subprime was black. Banks forced through legislation to give risky mortgages to non-crediworthy people on the basis of race.

[cybercoma]

I have talked about this before, but it's a difficult subject to breach because it's racial. It's absolutely true, though.

Democrats see everything through the prism of race. The hidden secret of subprime is that a huge chunk of the subprime was black. Banks forced through legislation to give risky mortgages to non-crediworthy people on the basis of race.

Duly noted. Every single one of your responses will be about race. I'll be sure to put you on ignore.

[JerrySeinfeld]

Duly noted. Every single one of your responses will be about race. I'll be sure to put you on ignore.

That's a typical brainwashed liberal response: when confronted with the truth, ignore.

[punked]

The hidden secret of subprime is that a huge chunk of the subprime was black. Banks forced through legislation to give risky mortgages to non-crediworthy people on the basis of race.

No no it isn't. That is the hidden secret that racist believe. Here don't believe let me cite a new story for you instead of racist opinion as is often given on this board.

There are studies that SHOW that AA and Hispanics were steered by banks to take out Sub-prime mortgages while giving white borrows with the same backgrounds and qualifications prime mortgages. Why might that be Jerry? Could it be racism? Why does a Black man get a sub prime mortgage and a white man get a prime one when the only difference is the color of their skin?

Just do you know the make up those taking out loans. 84 percent of mortgages purchased by Fannie Mae and Freddie Mac between 2004 and 2009 had been made to whites, with 8 percent going to Hispanics and 5 percent to African-Americans. The AA population wasn't even big enough to cause the crisis.

[punked]

That's a typical brainwashed liberal response: when confronted with the truth, ignore.

Yah you are the only one not backing up your racist claims with facts. I have seemed to post facts over and over and over again. What do I get from you? "Well look at their skin colour!"

[JerrySeinfeld]

Yah you are the only one not backing up your racist claims with facts. I have seemed to post facts over and over and over again. What do I get from you? "Well look at their skin colour!"

Democrats are the only ones concerned with skin colour. The reason Obama pushed for risky lending in the first place was racial. Race race race race race. He sees everything through this lens.

[Guest Derek L]

Obama had a greater role in the subprime mortgage crisis than was previously known...

...

How'd he and his team of lawywers do in the lawsuit? Pretty well.

Only $60,000 dollars of the nearly $1 million dollar payout ever got to any of the recpients of the lawsuit. What did they get instead? Coupons!

Is it any wonder why people have such a negative opinion of lawyers? Anyways, Obama's suppose to be a champion of the poor and middle class right? America needs to keep him in office because his policies are better for the poor and middle class right? Well, this is a great example of one of his policies. It sounds great to wanna help people achieve home ownership. But his so-called good intentions had disasterous consequences. That's what the left doesn't understand. Many times their good intentions end up hurting the very people they're trying to help.

Well, how did it work out for the poor and middle class? Yeah, not so great. Luckily we don't have any similar economic illiterates in Canada trying to undermine our mortgage and housing industry in the same way, or else we'd be in the exact same boat.

President Obama needs to stand before the country and apologize for such boneheaded policy pursuits before he asks for re-election again.

Release the hounds Super-Pacs

[punked]

Democrats are the only ones concerned with skin colour. The reason Obama pushed for risky lending in the first place was racial. Race race race race race. He sees everything through this lens.

No it wasn't racial. It was because White people who were in the same circumstances as Black people were getting loans while Blacks were being turned down. I know you think white people deserve to be treated differently, I do not. What you believe is racist I think all people should be treated the same Jerry.

[punked]

Release the hounds Super-Pacs

If you think cutting a commercial saying Obama caused the sub prime crisis because he wanted White people and Black people to be treated equally is a good idea then the Conservatives of this board are even more delusional then I first thought. The media would have a field day with the racist statement.

LET ME POINT THIS OUT TO EVERYONE HERE THAT CAN'T READ. The cause was not to get Blacks loans they couldn't afford. It was to make banks treat those who were white and those who were black EQUALLY!

[JerrySeinfeld]

No it wasn't racial. It was because White people who were in the same circumstances as Black people were getting loans while Blacks were being turned down. I know you think white people deserve to be treated differently, I do not. What you believe is racist I think all people should be treated the same Jerry.

Mortgages are profitable for banks, which is why they give them. Why would any businessperson (banker) in his right mind refuse profit, just because of someone's skin colour?

Bankers are money grubbing robber barons who only care about money, right? But then they refuse to create mortgages that make money? Which is it, big guy?

[Guest Derek L]

If you think cutting a commercial saying Obama caused the sub prime crisis because he wanted White people and Black people to be treated equally is a good idea then the Conservatives of this board are even more delusional then I first thought. The media would have a field day with the racist statement.

LET ME POINT THIS OUT TO EVERYONE HERE THAT CAN'T READ. The cause was not to get Blacks loans they couldn't afford. It was to make banks treat those who were white and those who were black EQUALLY!

Are you suggesting that negative advertising, used by both sides, isn’t effective?

For every add citing Romney with hidden secrets in his tax returns, dogs tied to roof of his car and well at Bain causing cancer in the little people, there will be double (if not triple the amount) of adds citing Obama being a Muslim, non-American, collage cheating, drug using, anti American commie………………

You must be new to US politics.

[punked]

Mortgages are profitable for banks, which is why they give them. Why would any businessperson (banker) in his right mind refuse profit, just because of someone's skin colour?

Bankers are money grubbing robber barons who only care about money, right? But then they refuse to create mortgages that make money? Which is it, big guy?

Again if banks were giving the same mortgages to blacks and whites in the same circumstances they could have shown so in a court of law. They didn't in fact they have lost this battle in court time and time again.

It appears to me your argument WAS ALREADY TRIED AND ALREADY FAILED IN A COURT of law. Doesn't change the fact that the AA borrowing population some 5% were TOO SMALL to cause any crash.

This is just more racism from a bunch of racists. Do you think banks should give out loans equally? Instead of giving out loans to Blacks they could have cut back on the loans they gave out to whites who HAD THE same level of income, same jobs, same everything but skin color. The banks thought that would cut into their profits and so gave out loans to blacks to and in the end it all came crashing down.

[punked]

Are you suggesting that negative advertising, used by both sides, isn’t effective?

For every add citing Romney with hidden secrets in his tax returns, dogs tied to roof of his car and well at Bain causing cancer in the little people, there will be double (if not triple the amount) of adds citing Obama being a Muslim, non-American, collage cheating, drug using, anti American commie………………

You must be new to US politics.

I am suggesting coming out with an add that says whites should be treated better then blacks like you want, Jerry wants, and Shady clearly wants is a bad idea. I am all for it though maybe Obama can win by 20+ points outside of like the 10 states that civil war is still being fought.

[Guest Derek L]

I am suggesting coming out with an add that says whites should be treated better then blacks like you want, Jerry wants, and Shady clearly wants is a bad idea. I am all for it though maybe Obama can win by 20+ points outside of like the 10 states that civil war is still being fought.

Who said we whites should treated better than blacks?

I don't suppose you can provide a quote?

[CPCFTW]

Delete

Edited September 3, 2012 by CPCFTW

[punked]

Who said we whites should treated better than blacks?

I don't suppose you can provide a quote?

THAT IS WHAT THIS THREAD IS ABOUT. Shady is taking a shot at Obama because he dared in 1995 say "If you are giving a loan to white man and black man who are the same in every way, the white man is getting his loan and the black man isn't." The courts agreed and now you want to blame Obama for the sub prime crisis because he said if a white man who has a 40,000 dollar a year job and lives here gets a loan then so should a black man.

That is racist. I am sorry that hurts your feeling and maybe you didn't read the article Shady posted or you don't care or your don't understand but all this was about was treating people EQUALLY. I am happy that is something the president fought for.

[Guest Derek L]

THAT IS WHAT THIS THREAD IS ABOUT. Shady is taking a shot at Obama because he dared in 1995 say "If you are giving a loan to white man and black man who are the same in every way, the white man is getting his loan and the black man isn't." The courts agreed and now you want to blame Obama for the sub prime crisis because he said if a white man who has a 40,000 dollar a year job and lives here gets a loan then so should a black man.

That is racist. I am sorry that hurts your feeling and maybe you didn't read the article Shady posted or you don't care or your don't understand but all this was about was treating people EQUALLY. I am happy that is something the president fought for.

So where did Shady say whites should be treated better than blacks?

[Shady]

So where did Shady say whites should be treated better than blacks?

Exactly. It's just punked being punked. The fact is, that Obama pushed to have mortgage standards lowered, so that people that wouldn't otherwise qualify (Black, White, Purple or whatever) would be given loans. The boneheaded policy is what lead to the subprime mortgage crisis and the recession of '08.

Once again, I'm glad that in Canada, we don't have anyone of similar ilk, pushing for these types of boneheaded changes. In fact, we've gone the other way, and strengthened mortgage standards.

Obama needs to admit he was wrong to push for such boneheaded policies, apologize, and ask for forgiveness before he asks to be re-elected for a second term. The country doesn't need any more similar type policies that end of significantly hurting the people he's trying to "help."

[JerrySeinfeld]

THAT IS WHAT THIS THREAD IS ABOUT. Shady is taking a shot at Obama because he dared in 1995 say "If you are giving a loan to white man and black man who are the same in every way, the white man is getting his loan and the black man isn't." The courts agreed and now you want to blame Obama for the sub prime crisis because he said if a white man who has a 40,000 dollar a year job and lives here gets a loan then so should a black man.

That is racist. I am sorry that hurts your feeling and maybe you didn't read the article Shady posted or you don't care or your don't understand but all this was about was treating people EQUALLY. I am happy that is something the president fought for.

Ya. good job, courts. Forcing banks to lend to people who obviously couldn't afford it. Which is why such a huge chunk defaulted and went into foreclosure.

[punked]

Ya. good job, courts. Forcing banks to lend to people who obviously couldn't afford it. Which is why such a huge chunk defaulted and went into foreclosure.

Nope that is the banks fault. If they weren't deciding on peopled based on race (giving whites loans but blacks of the same qualification no loans) they never would have been forced into this. Good job racists is what you should be saying. Then again why would you blame yourself for the problem right?

[JerrySeinfeld]

Nope that is the banks fault. If they weren't deciding on peopled based on race (giving whites loans but blacks of the same qualification no loans) they never would have been forced into this. Good job racists is what you should be saying. Then again why would you blame yourself for the problem right?

Hey bub it's your guy who fought for the bank to give loans to bad risks. Don't blame the white man for everything.

[GostHacked]

Mortgages are profitable for banks, which is why they give them. Why would any businessperson (banker) in his right mind refuse profit, just because of someone's skin colour?

Bankers are money grubbing robber barons who only care about money, right? But then they refuse to create mortgages that make money? Which is it, big guy?

These bankers also hedged their losses so even if the market crashed they still made money while people lost their homes. They then repackaged and resold the debt to another entity which sold it to another entity which repackaged it and sold it as something other than mortgage debt.

Credit default swaps.

High frequency trading.

Collateralized debt obligations.