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.