Obama Sued Citibank Under CRA to Force it to Make Bad Loans

[red states rule]

Why isn't McCain using this? I understand why the liberal media is ignoring this story

At the bottom of the link the lawyers are listed and Obama's name is there


Obama Sued Citibank Under CRA to Force it to Make Bad Loans
September 30, 2008 — iusbvision

Do you remember how we told you that the Democrats and groups associated with them leaned on banks and even sued to get them to make bad loans under the Community Reinvestment Act which was a factor in causing the economic crisis. Well look at what some fellow bloggers have dug up while researching Obama’s legal career. Looks like a typical ACORN lawsuit to get banks to hand out bad loans.

In these lawsuits, ACORN makes a bogus claim of Redlining (denying poor people loans because of their ethnic heritage). They protest and get the local media to raise a big stink. This stink means that the bank faces thousands of people closing their accounts and get local politicians to lobby to stop the bank from doing some future business, expansions and mergers. If the bank goes to court, they will win, but the damage is already done because who is going to launch a big campaign to get the bank’s reputation back?

It is important to understand the nature of these lawsuits and what their purpose is. ACORN filed tons of these lawsuits and ALL of them allege racism.

Case Name
Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
Case Summary
Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.

http://iusbvision.wordpress.com/2008/09/30/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/

[namvet]

ACORN was using strong arm tactics to. where's the law???? oh their families needed low income housing to. right


NhQAHKxuR1Q

[red states rule]

What does a community organizer do? Pressure banks to make bad loansposted at 11:20 am on September 29, 2008 by Ed Morrissey
Send to a Friend | printer-friendly Stanley Kurtz takes a look at how the Community Reinvestment Act was used by activist groups to pressure banks into lending money to high-risk applicants, and how “community organizers” like ACORN played a front-line role. ACORN insinuated itself into the process by using CRA to block bank sales and mergers and force lending institutions to lower standards for applicants. They also championed the sale of these loans to Fannie Mae as a key program that would alleviate the lenders of any risk in lending:
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America’s financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.

http://hotair.com/archives/2008/09/29/what-does-a-community-organizer-do-pressure-banks-to-make-bad-loans/

[namvet]

What does a community organizer do? Pressure banks to make bad loansposted at 11:20 am on September 29, 2008 by Ed Morrissey
Send to a Friend | printer-friendly Stanley Kurtz takes a look at how the Community Reinvestment Act was used by activist groups to pressure banks into lending money to high-risk applicants, and how “community organizers” like ACORN played a front-line role. ACORN insinuated itself into the process by using CRA to block bank sales and mergers and force lending institutions to lower standards for applicants. They also championed the sale of these loans to Fannie Mae as a key program that would alleviate the lenders of any risk in lending:
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America’s financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.

http://hotair.com/archives/2008/09/29/what-does-a-community-organizer-do-pressure-banks-to-make-bad-loans/


http://www.nypost.com/seven/09292008/photos/oped029a.jpg

and a free HDTV to !!!!!

[red states rule]

Obama and ACORN tied to the hip

Will McCain run ads on this? I hope so. People need to know about this

[namvet]

Obama and ACORN tied to the hip

Will McCain run ads on this? I hope so. People need to know about this

it is October

[red states rule]

So, before Dodd or Frank got involved screwing up the housing industy, Obama was there first

Yet the liberal media ignores it

[theHawk]

LOL, I knew Obama used to be with ACORN a long time ago, I never had any idea he actually went after the banks himself to force them to give bad loans.

Note that they easily win these cases because in order for the bank to defend itself it has to find non-minorites who didn't get loans to release their personal financial records. Not an easy thing to do when people prefer privacy for their own records!

Of course he'll just play the race card if anyone tries to bring this up to him.

[theHawk]

Obama and ACORN tied to the hip

Will McCain run ads on this? I hope so. People need to know about this


I hope its the first of many October surprises! :laugh2:

[emmett]

You could clearly display for democrats that Barrack Obama had actually masterminded a criminal intent to defraud the people of the United States concerning bank lending and it would not make any difference. They love him! That's all there is to it. It does show how shallow the liberal mind has become and how scary our future is.

[red states rule]

I hope its the first of many October surprises! :laugh2:

Let's roll

Now this part IS actually interesting - if you could get a look at the settlement:

The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.

[emmett]

So, before Dodd or Frank got involved screwing up the housing industy, Obama was there first

Yet the liberal media ignores it

Long before!


Dodd and Frank were too busy screwing each other to notice that this was creeping up on their asses. Actually the only thing they saw creeping up on their asses was again....each other!

[red states rule]

Long before!


Dodd and Frank were too busy screwing each other to notice that this was creeping up on their asses. Actually the only thing they saw creeping up on their asses was again....each other!

This is a suit filed by "community activists" against money center and regional banks throughout the mid to late 1990s. The intention was not to achieve an actual remedy but to shakedown banks into funding the community organizations through some type of settlement.

[stang56k]

Ill post this again...

http://www.youtube.com/watch?v=1RZVw3no2A4

[namvet]

Ill post this again...

http://www.youtube.com/watch?v=1RZVw3no2A4

strange -- there's more than 1 version of this................

[red states rule]

Given all the evidence Dems laid the foundation of our current economic problems, and tried to block any reforms - 1/2 of the voters are still going to vote for them

Lord help us

[manu1959]

http://www.nypost.com/seven/09292008/photos/oped029a.jpg

and a free HDTV to !!!!!

hey dude....your hat is crooked.........