Obama forced banks to make bad loans!

This fellow, Obama, caused our current economic situation! Whodda thunk it?

Obama Sued Citibank Under CRA to Force it to Make Bad Loans
Do you remember how we told you that the Democrats and groups associated with them leaned on banks and even sued to get them to make bad loans by abusing the Community Reinvestment Act (see HERE and HERE)? The abuse of this act by ACORN and officials like Janet Reno was a factor in causing the economic crisis. The harassment suits filed under this act were used to get banks to lower credit standards and hand out high risk loans. We have dug up the lawsuit below while researching Obama’s legal career. It is a typical example of an ACORN harassment lawsuit.

In these lawsuits, ACORN makes a bogus claim of Redlining (denying poor people loans because of their ethnic heritage). They protest and get the local media to raise a big stink. This stink means that the bank faces thousands of people closing their accounts and get local politicians to lobby to stop the bank from doing some future business, expansions and mergers. If the bank goes to court, they will win, but the damage is already done because who is going to launch a big campaign to get the bank’s reputation back?

It is important to understand the nature of these lawsuits and what their purpose is. ACORN filed, or threatened to file, tons of these lawsuits and ALL CRA suits allege racism (usually the press involved and such with the threat of the CRA lawsuit is enough to get the bank to give in and put them in a catch 22, they also had a willing Janet Reno Justice Department to work with – see below for more on Reno). As we have said in our series or articles analyzing every aspect of this story (links at the very bottom of this post), the series of ACORN harassment lawsuits and intimidation against banks to lower credit standards was not the sole reason for the mortgage crisis, it was one important layer of many that brought us to the mortgage crisis and the largest financial scandal in the history of the world.

Case Name
Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois

Case Summary
Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.

U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendant-bank’s loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).

The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 | FH-IL-0011-9000
Obama, Barack H. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000

the link: http://iusbvision.wordpress.com/2008/09/30/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/

Obama Was Co-Counsel Against Citibank in 1994 Suit for “Red-lining” – Can You Say ACORN?

Senator Obama Has Said He “Never Organized With ACORN” or “Worked For Them in Any Capacity” and Has Pointed Fingers at Wall Street and Bush’s Policies, Anyone, and Everyone But Himself (or His Own Party) in the Sub-Prime Mortgage Mess…
But His Associations and Prior Activities Put in Him Directly At Ground Zero of the Financial Crisis and Only Raise Many More Questions


.......................Besides his involvement in the Citibank suit, Obama received $105,849 from Fannie Mae and its employees since being elected to the Senate in 2006. That makes him the #3 recipient on the list. He is only topped by Connecticut Sen. Dodd at $133,900 and Massuchusetts Sen. John Kerry at $111,000.

link: http://stubbornfacts.wordpress.com/2008/10/10/obama-was-co-counsel-against-citibank-in-1994-suit-for-red-lining-can-you-say-acorn/

Really major bean....you should be spending more time with your family this holiday weekend and less time scouring the internet for obscure outrages from right wing rags 3 years ago that you can bash Obama with. Pathetic.

Clinton and Bush also encouraged banks to give home loans to people who couldn't afford them.

So, we erase Obama's past? He is campaigning for POTUS and this is his record. Surely, his record is pertinent?!

I also notice that you are being pathetic by being on these forums today. Pot and kettle type of thing?

SS109 wrote: Clinton and Bush also encouraged banks to give home loans to people who couldn't afford them.

Clinton and Bush are not running for POTUS. Or have you not noticed?

major bean wrote: So, we erase Obama's past? He is campaigning for POTUS and this is his record. Surely, his record is pertinent?!

I also notice that you are being pathetic by being on these forums today. Pot and kettle type of thing?

Ahh....the You did it too defense. It's hardly the same. Im checking in a few times a day here in Ohio. We're visiting my 93 yr old mom who can only do a little every day before she must rest. I have not spent my weekend looking for ways to disrespect the president of our great nation on the eve of the 4th of July.

But carry on....the more you post the more obvious it becomes that you are a troll.

Yeah...Obama is attacking our poor banks now!!! Those wonderful institutions that have done so much for us are now under seige. I encourage everyone to rally in thier defense like the Tea Baggers are... F*ck the whales...SAVE THE BANKS!!

Vice Lord wrote: Yeah...Obama is attacking our poor banks now!!! Those wonderful institutions that have done so much for us are now under seige. I encourage everyone to rally in thier defense like the Tea Baggers are... F*ck the whales...SAVE THE BANKS!!

Defense of banks? That is quite the leap. The gist of this thread is that Obama was in bed with them and forced them to make bad loans. This is no defense of mortgage companies. It is the indictment of Obama.

Really major bean....you should be spending more time with your family this holiday weekend and less time scouring the internet for obscure outrages from right wing rags 3 years ago that you can bash Obama with. Pathetic.

archer wrote:

major bean wrote: So, we erase Obama's past? He is campaigning for POTUS and this is his record. Surely, his record is pertinent?!

I also notice that you are being pathetic by being on these forums today. Pot and kettle type of thing?

Ahh....the You did it too defense. It's hardly the same. Im checking in a few times a day here in Ohio. We're visiting my 93 yr old mom who can only do a little every day before she must rest. I have not spent my weekend looking for ways to disrespect the president of our great nation on the eve of the 4th of July.

But carry on....the more you post the more obvious it becomes that you are a troll.

Nope. you trolled right in with your first post. You, dear lady, are the troll. You add nothing to the discussion but name calling and nasty, smart remarks.......troll activity. Now, shut up and kiss me!