What did Obama do to help create the subprime debacle? Well, Obama joined with a group of other Chicago lawyers who bullied and threatened area banks to loan money to poor minorities who couldn’t afford the mortgages.
Barack H. Obama is running around telling everyone that the housing mortgage market collapsed primarily because of some vaguely described “deregulation” that took place sometime under George Bush–or maybe under Clinton; I’m not clear on that. I’m not sure he is.
Whatever his claim is, it’s a lie.
The reality is that the housing market collapsed in large part because a coalition of race-baiting bullies brought very heavy pressure to bear on the banks to make more subprime loans on properties in low-income communities. Those who didn’t approve the risky subprime loans were accused of “redlining”–i.e., refusing to make loans on properties in those neighborhoods.
Who were these bullies?
Some of the bullies were out in Washington pounding the tables and screaming at bank executives about “redlining”.
At the same time, other bullies were stalking big city courthouses, filing frivolous and extortinate lawsuits against banks based on novel “disparate impact” theories of what might be held to constitute “redlining.” In other words, even banks which were making lots of loans in low-income communities were being sued if they weren’t approving just as many loans in low-income communities as they were in high-income communities.
Here is a short video from Democratic presidential candidate Barack Obama in which he promises to create a ten million dollar fund to help keep people in their homes and a tax deduction for homeowners who do not itemize on their income tax returns.
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