Barack Obama Lashes Out at Banks For Risky Mortgages in Weekly Address …Forgets to Mention His Lawsuit Forced Banks to Ease Lending Practices

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.

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

Today Barack Obama lashed out at lenders who sold home loans to families who couldn’t afford them in his Weekly Address.

Over the last couple of weeks, I’ve been traveling around the country and talking with folks about my blueprint for an economy built to last. It’s a blueprint that focuses on restoring the things we’ve always done best. Our strengths. American manufacturing. American energy. The skills and education of American workers.

And most importantly, American values like fairness and responsibility.

We know what happened when we strayed from those values over the past decade – especially when it comes to our housing market.

Lenders sold loans to families who couldn’t afford them. Banks packaged those mortgages up and traded them for phony profits. It drove up prices and created an unsustainable bubble that burst – and left millions of families who did everything right in a world of hurt.

It was wrong. The housing crisis has been the single biggest drag on our recovery from the recession. It has kept millions of families in debt and unable to spend, and it has left hundreds of thousands of construction workers out of a job.

But Obama forgot to mention that he was the one who sued banks to force them to make loans to families who couldn’t afford them.
In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.

For some reason he forgot to mention that in today’s Weekly Address.

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  • Liz


  • NeoKong

    I have never seen such an assault on the truth as I have seen in the last four years.
    It is so bad now that at least once a day we are told an easily discounted lie from either Obama, his cabinet or his lap dog media hacks.

  • The Elector of Saxony

    He is the dumbest person to ever hold elected office in the Western World. He is absolutely clueless, isn’t he? Can he really not understand that those banks had historically REFUSED to make risky mortgage loans to people with poor job histories and poor payment histories? His gang of Marxists FORCED the banks to start loaning to minorities with poor credit. The banks knew they’d default, the borrowers knew they’d default, and let’s be honest, Opie knew they’d default. I think the Leftists thought they’d bring down the banking industry, instead they brought down the Nation.

    If banks are forced to act in irrational ways due to political pressure, there is no hope of restoring our economy, Opie-Dope. So when will you come out for strict lending standards that require a long, stable job history and good credit scores? Naw. That’d be RAY-CISS. Everybody knows, numbers are racist by definition. Whether it’s the SAT score, the MCAT, the FICO, the postal, firefighter, or police exam scores, numbers are always racist.

  • Multitude

    It’s never been so hard to determine if someone is actually that amazingly incompetent, willfully sabotaging the country, or both. One thing’s for certain: Captain Muckup and the utter fools who voted for him will be remembered across history.

    Time to start writing down the Obama license plates and taking names. There’s going to be some re-education needed for a 52%.

  • crackermike

    Comrade Obama knows with certainty his policies are destroying the country. That is his goal. Another 1.2 million people were “erased” from the unemployed roles again this month in order for the rate to stay below 9%, or even 17%. But then, that’s what socialist dictators do, they “disappear” millions of people for their own purposes at the stroke of a pen. It’s possible for NO ONE to have a job and the unemployment rate to be 0%.

  • Patty

    Today Barack Obama lashed out at lenders who sold home loans to families who couldn’t afford them in his Weekly Address.

    Clinton and congress were bending over backwards to help African Americans and Hispanics take part in the American dream.
    Now that they are defaulting, we the people will have been bailing them out.
    Big Banks have been bailed out and we lose twice.
    We know what happened when we strayed from those values over the past decade – especially when it comes to our housing market.

    What happen was Fannie and Freddie and the democrats allowing mortgage loans to be given who could no way afford them. The democrats caused this problem a long time ago.


    Jimmy Carter, Bill Clinton Share Blame for Subprime Mortgage Recession, Government Overshoot
    The current Wall Street quakes have their origins in the Jimmy Carter administration of the late 1970s, and the “affirmative action” banking laws Carter instigated. Bill Clinton only made things worse by adding more muscle to affirmative action banking enforcement.

    To hear today’s Democrats, you’d think all this started in the last couple years. But the crisis began much earlier. The Carter-era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas.

    Age-old standards of banking prudence got thrown out the window. In their place came harsh new regulations requiring banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.

    These well-intended rules were supercharged in the early 1990s by President Clinton. Despite warnings from GOP members of Congress in 1992, Clinton pushed extensive changes to the rules requiring lenders to make questionable loans.

    Lenders who refused would find themselves castigated publicly as racists. As noted this week in an IBD editorial, no fewer than four federal bank regulators scrutinized financial firms’ books to make sure they were in compliance.

    Failure to comply meant your bank might not be allowed to expand lending, add new branches or merge with other companies. Banks were given a so-called “CRA rating” that graded how diverse their lending portfolio was.

    It was economic hardball.
    President Bush in 2003 tried desperately to stop Fannie Mae and Freddie Mac from metastasizing into the problem they have since become.

    Here’s the lead of a New York Times story on Sept. 11, 2003: “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”

    Bush tried to act. Who stopped him? Congress, especially Democrats with their deep financial and patronage ties to the two government-sponsored enterprises, Fannie and Freddie.

    “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Rep. Barney Frank, then ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    more at site

    Obama is one hypocrite and the democrats like Dodd and Frank are to blame and this president uses his campaign words to deny and lie.

  • atticcellar

    These booms and bust are designed not by Obama or Bush but by the global central bankers who own the foreign and private “Federal Reserve Bank”. The game they play is “Boom and Bust”. They create money out of thin air and loosen credit to create booms. Then when the bubble is fully inflated they tighten credit causing the bubble to burst. Because they are the puppet-masters they know when the events are going to happen and play the markets they control accordingly. Then when they crash the economy they act surprised and demand even more under the threat of total implosion. End the Fed.. End the Wars for banksters

  • Patty

    I believe that our money should never have bailed out anyone. Those who created the problem owe us big.

    This nation’s recovery will come but it may take as long as it took to create this mess. Spreading the wealth to those who can afford food much less a mortgage is one of the BIGGEST mistakes the democratic party from Carter to Clinton created. Shameful, they need to make restitution.

  • Patty

    couldn’t even afford food on the table.

    Correction #9

  • nana

    #7 I was a mortgage specialist for ten years and can’t agree with you more! You’re right on the money.

  • WillofLa

    Didn’t Obama talk about “using the language of your listener’s” whenever you are trying to convince them that you are on their side and are looking out for their welfare. And he’s doing it again. Except this time he’s using the Communist Manifesto in order to transform the country where the government determines winner’s and loser’s.

    The way liberals, (Socialists/Communists) have always done, they wrap themselves in the flag whenever it’s convinent, the wrap themselves in the Constitution when it suets their purpose of passing unlawful laws, and they wrap themselves in rhetoric like he used in his statement above whenever it’s what they are trying to convince people they believe in to. They don’t believe those things. If Harry Belafonte can see Obama doesn’t have a moral center, then so can alot of other high up liberals who believed Obama was going to turn around all the stuff that crooked Democrats and Republican’s have been doing over the decades. Graft, corruption, influence peddling, payoffs, backstabbing. Those are all the things that Obama was going to change and he isn’t going to do it. He’s on his own agenda and that of his handlers, and these big liberals like Belafonte don’t like it.

    That’s bad for Obama, and good for us.

  • Patty

    Bush tried to act. Who stopped him? Congress, especially Democrats with their deep financial and patronage ties to the two government-sponsored enterprises, Fannie and Freddie.

    Remember the above and don’t let this Liar and Chief sway us in the wrong direction.

  • bg


    make ready for rmore Sharia Banking..

    scroll thread for more, or not, your
    choice.. but you ain’t seen nothin’


  • nana

    HAMP was a big mistake! Like I told my boss prolonging the probable, delaying the foreclosure.

  • Carbon Pootprint

    It was done intentionally. Hopefully there are enough sheepdogs out there watching and they’ll hold the wolves accountable.

  • SpideyTerry

    “For some reason he forgot to mention that in today’s Weekly Address.”

    Personally, I think it has less to do with politics and more because he’s so freakin’ incompetent.

  • Patty

    Just like Political Correctness, pathetic insult to our intelligence, so is Affirmative action.

    Both are socialism and both have made this nation weaker. Do these pinheads who make these crazy ideas up thing we all hateful beasts without a brain or common sense.

    Spread the wealth, employ minorities first no matter education.

    Tippy toe around words as not to offend. While Pelosi, Sharpton, Obama, Waters, Reid and others call US hateful names, while not practicing what they preach. This is the hypocrisy we are living with and liberals have step in a mine field. Americans are well aware that Sal Alinksy tactics aren’t working and for the betterment of this nation, tables will turn in a Practical way with Common Sense leading the way.

    First we need to vote liberal judges, representatives and this president out of office and then this nation will recovery and not a temporary recovery, either.

  • squeaky

    never mind the fact that penny pritzker queen of sub-prime loans was the national finance chairman of the 2008 obama campaign and preferred candidate for commerce secretary.

  • jorgen

    It is unbelievable what the papers let him get away with!

  • Patty

    You know you can be nice to people. That is what Americans love. We love helping others and the rewards are great.

    But, to an extent, only. In the case of the sup prime mortgages, these lenders had to know that those seeking these loans would default. Why did they continue because they were told too.

    Those are the ones that blame lies squarely upon. We all know this. And the mere fact that Obama is blatantly lying, doesn’t it stand to reason that his administration is lying, also.

    Facts and figures, jobless rate, economy, borders, Fast and Furious, Pelosi and Obama care.

    Now, Obama has the audacity to lie about blame and how they could blame Bush when it is a know fact that 35% is on Bush but a whopping 65% in Obama and spending 5 trillion in just 3 years of his serving America. Serving us a disastrous economy and energy failures and the life of Brian Terry.

    He didn’t just reduce our Military to appease the left. He is counting on Military money to appease his failures. OOPPSS, his socialism.