In His Activist Days Obama Sued Banks to Ease Lending Practices… Now He’s Suing Banks For Risky Mortgages

In his early activist days, Barack Obama the community organizer sued banks to ease their lending practices. Now his administration is suing banks for issuing risky mortgages.

State Sen. Barack Obama and Fr. Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

Breaking on FOX News…
The Federal Housing Finance Agency announced late this afternoon that it had sued 17 large banks for risky mortgages.
The Street reported:

The Federal Housing Finance Agency announced Friday afternoon that it had sued 17 large banks, alleging violations of federal securities laws in the sale of mortgage-backed securities to government-sponsored enterprises, including Fannie Mae (FNMA), Freddie Mac (FMCC).

According to a Reuters report, the FHFA’s suit was related to $41 billion in mortgage-backed securities issued by the 17 banks.

Bloomberg reported that the FHFA sued to recover losses on $6 billion in mortgage-backed securities packaged by Bank of America (BAC), $24.8 billion in securities originally packaged by Merrill Lynch, and $3.5 billion originally packaged by Citigroup (C).

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  • Militan Conservative

    betcha Bank of america is not on the list.

    That is george soros recently bailed out bank.

    powder is dry

  • Militan Conservative

    ahh I see, suing to RECOVER monies spent by soros.

    Yup always in his favor.

  • Tyrconnell

    Ah yes, the old “You did what we told you to, now you must pay!” bit.

  • Joisey

    And I want to sue Barney Frank and Maxine Waters!

  • MrGoodWench

    What about Freddie’s Fannie?

  • Tom63010

    This is like a an arsonist that is also the Fire Chief getting the City attorney to sue the match company to pay for the building he torched!

  • Missy8s

    This is the sign folks, they’re about to collapse the financial system.

    If you’re invested in the market beware the reaction on Tuesday, it won’t be pretty at all.

    They waited for the end of the market day ON A FRIDAY for a reason.

    The other shoe is about to drop, DUCK!

  • MrGoodWench

    What about Freddie’s Fannie?
    Why did they buy what the banks were selling ?
    Maybe Franklin Raines will come out of his palatial penthouses and enlighten us all

  • MrGoodWench

    Joisey commented:
    And I want to sue Barney Frank and Maxine Waters!
    Oh yeah, the gangsta banks need to go straight to hell !
    I wonder if the CBC racists and the anti-American WH have been coordinating their strategies and talking points against whites and Jews

  • rb

    These are the same banks that were involved in the bail outs. They got money from the government, Have they paid the government back? If they have now they will have to pay more. (Hope they haven’t donated money to campaigns yet! They are going to need thier money. Where are Freddie and Fannie. Why are they not being sued. Because they are the ones that grease the hands. they are the ones that grease the hands. Fannie. Why are they not being sued. Because they are the ones that grease the hands. they are the ones that grease the hands.

  • chris

    I worked on M&A deals for a large bank in 80’s and 90’s

    It was a requirement that in order to get government approvals that the acquiring bank promise to make billions of loans to marginal credit risk recipients and/or expand into unattractive markets.

    Plenty of old press releases at time of each mega merger in 1990’s and early 2000’s about how big the extortion was. ACORN was almost always one of the parties with its hand out and a recipient of some grants or contracts.

  • rbosque

    Wasn’t “risky mortgages” what got us in this mess in the first place? I distinctly remember the (CRA) Community Reinvestment Act issued by Democrats during the Clinton years ordering banks to issue loans to high risk people.

    What they are doing is using the power of the Executive branch to shut down the banks in the long term. This is nothing but fascism.

  • squeaky

    [[“The [sub-prime] financial engineering that created the Wall Street meltdown was developed by the Pritzkers and Ernst and Young, working with Merrill Lynch to sell bonds securitized by sub-prime mortgages,” Timothy J. Anderson, a whistleblower on financial and bank fraud, told me in an interview.]]

  • myohmy

    Now they find out who they are sleeping with. LOL.

  • MrGoodWench

    Y’all do remember that ” bankers ” and ” bankstas” are codes for Jews + White people
    among Marxists, right ?

  • truth teller

    Here’s what I have to say to Obama:


  • SM-AZ

    How about sueing Barry for breach of contract…….all that hope and change, jobs, empty promises and instead we have a complete mess?????

  • young truthteller

    really america you voted for this guy really? i am 8 years old

  • young truthteller

    this guy turned the world upside down so much i am so crazy i mean my god i wish he s byebye soon hes the worst we had yet.

  • Missy8s

    # 16

    VERY Nice!

    Awesome play!