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.
Read more:
http://dailycaller.com/2012/09/03/wi...#ixzz39MEZhYyQ
In 1994, a class-action lawsuit was filed against CitiBank, demanding that loans be made to poor people, and others who could not show proof that they could pay the money back. The basis of the lawsuit was the 14th Amendment, which requires 'fair and equal' treatment for all citizens.
The legal theory was that failing to loan money to poor/indigent/unemployed people was, on it's face, a discriminatory act by lending institutions. Thousands of loans were processed, and of course many went into default, in part explaining why we're in the financial mess we're in.
Now, it's easy for some people to point the finger of blame at Pres. Geo. Bush for this crisis, because he's sitting in the hot seat.
What many people don't know is the suit was filed during the Clinton Administration.
The lawyer filing the suit was none other than:
Barak Hussein Obama.
Read more at
http://www.snopes.com/politics/obama...DXEX5GkuQvf.99
http://www.clearinghouse.net/detail.php?id=10112