Monday, September 03, 2012

Deeper History of Foreclosure Crisis: Obozo At the Root

Well, whaddya know.

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.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

It's a multi-page article, but in brief (no nuance here), Obozo was the lead attorney on a complaint of "red-lining" which got results.

The wrong ones, but results.

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