From another forum:
With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago's African-AmericansOriginally posted by guohuaOH,,,, that's Right it was Bush's fault,,,,
Not totally it would seem.
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.
There are court records here you can download:
http://www.scribd.com/doc/104763206/Chicago-Buycks-Lawsuit-PlaintiffsObama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.
Sure everyone will agree,,, if you can afford to pay the monthly mortgage and utilities and some times an HOA fee,,, sure buy a home,,, put for the love of g@d you should be able to pay your bills,,,,,,,,,Not just giving to you because of your race,,,,,,
Don't read the following if you believe it was all Bush's Fault:
Progressive activists’ ambition instead contributed greatly to a housing bubble that burst in 2007, crashed the nation’s economy in 2008, wiped out at least $4 trillion in equity, kept unemployment above 8 percent for four years, and damaged the intended beneficiaries of looser mortgage lending standards.
Meanwhile, the president has blamed the housing bubble on supposed GOP deregulation, even though President George W. Bush expanded the regulation-expanding, anti-redlining policies established by progressives during Bill Clinton’s presidency.
Link:
http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/If you believe Obama cares about the Little people or at-least the Plaintiffs in this case, don't read this link either.
http://dailycaller.com/2012/09/03/obamas-african-american-clients-got-coupons-not-cash/That's right, the Plaintiffs got no payday,,,,,,,,, but Obama and the other Lawyers did it would appear.
Yes, more than two Presidential Administration contributed to the failure of the housing bubble.