What do we have here? Obama fought for loose mortgage lending

Barack Obama had a hand in the housing bubble.  According to the Daily Caller:

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.

Read more: http://dailycaller.com/2012/09…

This week will hear much about the previous 8 years of Bush misrule. The Obama Democrats will overlook their contributions to dubious housing policies in which banks were encouraged to lend to minorities with poor credit all in the name of rectifying redlining.

We expect the blame to be shifted elsewhere. And we expect the mainstream media to gloss over this rich history.

Not everyone should be a homeowner. But we keep hearing public service announcements on the radio about the virtues of homeownership for all.

About Karl Marx

Left wing libertarian conservative.