aquapub

Bill Clinton admitting Democrats caused this, and Democrats smearing Republicans for claiming Fannie Mae, Freddie Mac need to be reformed to prevent meltdown:



McCain's reform bill to prevent all of this, defeated by Democrats:

GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

The lawsuit Barack Obama filed against Citibank for not giving mortgages to people who couldn't pay them back:

"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"

Obama Sued Citibank Under CRA to Force it to Make Bad Loans The IUSB Vision Weblog

__________________
They tell you they are not going to tax your family. No, they're just going to tax ‘businesses!’ So unless you buy something from a ‘business,’ like groceries or clothes or gasoline ... or unless you get a paycheck from a big or a small ‘business,’ don't worry ... it's not going to affect you. -Fred Thompson

aquapub

Aw shucks...I thought liberals wanted to talk about the issues?

Kandahar

Once you cut through all the bull****, your entire post can be boiled down to two sentences, which describe your premise accurately:


Translation: "Everyone knows that niggers don't pay their bills. Therefore Obama caused the financial crisis."

__________________
In the beginning the Universe was created. This has made a lot of people very angry and has been widely regarded as a bad move.
-Douglas Adams

aquapub

Meanwhile, the literate interpretation of my statement is that Obama directly contributed to the meltdown, not that he caused it. Feeble straw man fallacy. Try again

This would be the same Obama who took the 2nd highest amount of campaign contributions in history from Fannie Mae on its way down. "Change," my rectum. Obama is no reformer. He's the status quo in Washington, not the solution.

Also...

Newsflash: Just because Obama used BS race-hysteria to rationalize suing Citibank into lowering its lending standards in no way refutes the fact that this frivolous lawsuit directly contributed to these bad loans.

It was Democrats who passed the Community Reinvestment Act and pressured banks to make bad loans, Democrats who stopped reforms by McCain and Bush both, Democrats who created this culture of unaccountable lending, and it was Obama himself who helped lower lending standards.

Yet another economic catastrophe caused by "the party of the economy."

Hatuey

Since somebody was talking about the CRA I thought it would be relevant to provide a study by Traiger & Hinckley LLP.

http://www.traigerlaw.com/publicatio...udy_1-7-08.pdf

Side note :

__________________
Is Intolerant Because He Won't Let The Intolerant Run Other People's Lives.

Kandahar

Do you mean the literal interpretation?

You claimed that Obama sued them "for not giving mortgages to people who couldn't pay them back." According to the legal summary which YOU CITED, Obama sued them because they rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.

Therefore it logically follows that you were claiming that minority applicants are not as reliable as white applicants with similar financial characteristics and credit histories.

If I am mistaken about your claim, please enlighten me. Who WERE you referring to when you said "people who couldn't pay them back"? Are you claiming that financial institutions that discriminate against minorities are doing the right thing, and that the people who sue them are wrong?

aquapub

This spin from a law firm with everything to gain from protecting CRA in no way refutes the CRA's involvement in this crisis. Even Clinton's Treasury officials have admitted that half the bad loans were CRA loans. And the underlying claim here is that while many of the bad loans were CRA loans, the bigger issue is the culture of lending unaccountability this government hostility to lenders created.

Democrats put the government in charge of another part of the free market, and now it's a disaster. They gave lenders a blank check and a phony nanny state safety net while pressuring them to give loans to people who couldn't afford them.

Democrats caused this crisis, just as they caused insane gas prices, just like they continue to cause our jobs to be sent overseas. These people need to be kept as far away from power as is humanly possible.

Hatuey

Can you show what this particular firm has to gain? For that matter can you show what they've spun?

[quote]Even Clinton's Treasury officials have admitted that half the bad loans were CRA loans. And the underlying claim here is that while many of the bad loans were CRA loans, the bigger issue is the culture of lending unaccountability this government hostility to lenders created.

McClatchy Washington Bureau | 10/12/2008 | Private sector loans, not Fannie or Freddie, triggered crisis

Yes pubby. Democrats responsible for everything. Even tides.

aquapub

Nope. I meant exactly what I said. You illiterately misstated my position. I figured questioning your literacy was more polite than questioning your honesty.

Right. That was the spin. The substance was that Obama filed a bogus race-baiting lawsuit...the results of which required Citibank to lower its lending standards.

Wrong again. What logically follows is that you read the spin being put forward in the lawsuit about how these minorities were "similar" to others and treated it as fact. You putting such blind faith in the word of trial lawyers is not me being racist. It's you being a liberal.

Kandahar

If it's just spin, why did you bother to cite the case summary in the first place? It's not like I'm dredging up stuff from the Huffington Post here, I'm going off of the case summary which YOU CITED.

Furthermore, on what basis did you conclude that their claim was "just spin"? Since it settled out of court, the judge rendered no decision as to the veracity of the claims. Or are you just ASSUMING it's spin since it has Obama's name next to it? You're funny.