THE OBAMA FORECLOSURE ROLE

Submitted by: L R Dutton New Report Reveals Obama's Role In Creating Housing Bubble From yidwithlid: The origin of the banking mess can be found in the Community Reinvestment Act. The bill was meant to encourage banks to make loans to minorities living in unstable neighborhoods. Based on that bill and subsequent amendments, ACORN was able to intimidate banks into lower mortgage standards paved the way for the meltdown.The financial bubble has many "fathers," President Obama is just one of them. It is astounding that he can to blame it all on Americans who did not read contracts and untruthful lenders, because if  the POTUS is going to throw around blame, he should start by accepting some of it himself. As the Daily Beast describes:  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. They published an in-depth story story of Obama's suit against Citibank which had a big role in blowing up the housing bubble: When Obama became a leader in Chicago's Woods Fund, he became the most powerful voice on the foundation's board for supporting ACORN and other community organizers. In 1995, the Woods Fund substantially expanded its funding of community organizers - and Obama chaired the committee that urged and managed the shift Barack Obama acted as one of ACORN's Lawyers, he also trained people to "community organize" which in ACORN's case means teaching people to push banks into making ill-advised loans. “Obama, who once represented ACORN in a lawsuit against the state of Illinois, was hired by the group to train its community organizers and staff in the methods and tactics of the late Saul Alinsky. ACORN would stage in-your-face protests in bank lobbies, drive-through lanes and even at bank managers' homes to get them to issue risky loans in the inner city or face charges of racism. In the early 1990s, reports Stanley Kurtz, senior fellow at the Ethics and Policy Center, Obama was personally recruited by Chicago's ACORN to run training sessions in "direct action." That's the euphemism for the techniques used under the cover of the federal Community Reinvestment Act to intimidate financial institutions into giving what have been called "Ninja" loans — no income, no job, no assets — to people who couldn't afford them.” ACORN began to file lawsuits making a bogus claims of Redlining (denying poor people loans because of their ethnic heritage). They would protest and get the local media to cover their protest. In Illinois, those protesters were trained by the future president. The bad publicity-shy banks would face 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 decided to go to court, they would win, but the damage would be already done: “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, 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.”