SurferGirl

http://www.mediacircus.com/2008/10/o...e-bad-loans/Do you remember how we told you that the Democrats and groups associated with them leaned on banks and even sued to get them to make bad loans under the Community Reinvestment Act which was a factor in causing the economic crisis (see HERE ) well look at what some fellow bloggers have dug up while researching Obamas legal career. Looks like a typical ACORN lawsuit to get banks to hand out bad loans.

In these lawsuits, ACORN makes a bogus claim of Redlining (denying poor people loans because of their ethnic heritage). They protest and get the local media to raise a big stink. This stinkmeans that the bank faces 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 goes to court, they will win, but the damage is already done because who is going to launch a big campaign to get the banks reputation back?

It is important to understand the nature of these lawsuits and what their purpose is.ACORN filed tons of these lawsuits and ALL of them allege racism.

Thanks to the IUSB Vision Weblog for providing additional details of this story.

We pulled the docket down, but here’s a brief for your summary:

Case Name
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-banks 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.
Plaintiffs 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

SurferGirl

http://www.thenextright.com/ozarkgur...ortgage-crisis
Obama - ACORN Root Causes of Mortgage Crisis?
View What links here by OzarkGuru | September 30, 2008 at 4:24 AM
in ACORN Alan Gottlieb AmeriPac ARRA News Service Barak Obama FBI motgage crisis
ARRA News Service - by Alan Gottlieb, AmeriPac: FBI Investigates U.S. Financial Crisis - Where Did $1 Trillion Go? - The high-risk subprime mortgage social engineering community service experiment by left-wing ACORN and Obama has created the largest financial crisis since The Great Depression. The full reach of the corruption and scandal may never be known but those who created it must not be rewarded. The architects, primarily left-wing Democrats, created laws, took donations, looked the other way and instead were too busy overse eing donations to their own presidential campaigns and robbing main street blind. Now these same left-wing Democrats blame everyone else and get up on their high horses and say, “we are here to save you” from the crises they created.

Yes, Mr. Obama knows a great deal about the mess. He is a central figure in the left-wing ACORN exploitation of financial institutions and pressuring them to make high risk loans. The very same left-wing ACORN was guilty of voter fraud in the last presidential election. Now these same Democrats want to do another high risk “community service,” social engineering experiment. They want to elect a high-risk, low experience, socialist one of the same community organizers that created the mess to be our next president. We cannot experiment with the office of president and learn as we go. Barack Obama is not qualified and has no history of success as a leader in government or business.
The FBI investigation - An FBI investigation is under way at Lehman Brothers and three other contributors to America’s financial crisis to determine whether they put pressure on ratings agencies to award top ratings to securities they issued. Concerns that Fannie Mae, Freddie Mac, AIG or Lehman may have sought to encourage agencies to inflate their ratings — by offering higher fees or the promise of more work — form part of a broad inquiry by the bureau.

The agencies are widely regarded as having failed debt holders by attributing the top ratings to many securities that turned out to be extremely risky and have lost investors hundreds of billions of dollars. The FBI, which is also investigating whether any of the four institutions deliberately misled investors about the true health of their assets, is expected to demand that they “hold all papers and e-mails under lock and key” as it sifts through the evidence, a source said.

How did we get here? - FOLLOW THE MONEY AND CORRUPTION! A Lending Policy created by democrats for democrats run by democrats monitored by democrats enforced by community organizer democrats and profited from by democrats. Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster. ONE key pioneer of ACORN's subprime-loan shakedown racket was Madeline Talbott - an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae's mortgage policies.

ElleGee

Yeah , I also should have said I don't give a crap about ACORN or what Obama had to do with ACORN. ACORN is just too easy to use as a scape goat for a lot of crap tbh. It's not one of my concerns as him being president. There are bigger fish to fry really ...BTW I won't be reading the 2 paragraphs you posted for said reasons.. Sorry.

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SurferGirl

Obama Trains ACORN Staff in Shakedown Tactics - It would be tough to find an "on the ground" community organizer more closely tied to the subprime-mortgage fiasco than Madeline Talbott. And no one has been more supportive of Madeline Talbott than Barack Obama. When Obama was just a budding community organizer in Chicago, Talbott was so impressed that she asked him to train her personal staff. He returned to Chicago in the early '90s, just as Talbott was starting her pressure campaign on local banks. In those years, he also conducted leadership-training seminars for ACORN's up-and-coming organizers. That is, Obama was training the army of ACORN organizers who participated in Madeline Talbott's drive against Chicago's banks.

Obama Funds ACORN - More than that, Obama was funding them. As he rose to a leadership role at 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.

That committee's report on strategies for funding groups like ACORN features all the key names in Obama's organizer network. The report quotes Talbott more than any other figure; Sandra Maxwell, Talbott's ACORN ally in the bank battle, was also among the organizers consulted. More, the Obama-supervised Woods Fund report acknowledges the problem of getting donors and foundations to contribute to radical groups like ACORN - whose confrontational tactics often scare off even liberal donors and foundations.

Indeed, the report brags about pulling the wool over the public's eye. The Woods Fund's claim to be "nonideological," it says, has "enabled the Trustees to make grants to organizations that use confrontational tactics against the business and government 'establishments' without undue risk of being criticized for partisanship."

Obama Aware of Intimidation Tactics - The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN's Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.

And, as the leader of another charity, the Chicago Annenberg Challenge, Obama channeled more funding Talbott's way - ostensibly for education projects but surely supportive of ACORN's overall efforts. In return, Talbott proudly announced her support of Obama's first campaign for state Senate, saying, "We accept and respect him as a kindred spirit, a fellow organizer." In short, to understand the roots of the subprime mortgage crisis, look to ACORN's Madeline Talbott. And to see how Talbott was able to work her mischief, look to Barack Obama.

ElleGee

Question.. Do you ever get sick of repeating the same stuff over and over and over and over?

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gmyers

If ACORN cares so much about people having homes why don't they use any bailout money they get and buy them homes.

Char

Anyone with a 401-K retirement account with stock has been SLAMMED !! I don't care who you are... I have the proof ! We had 'BUNCHES' of money too (lol... whatever that means), but, maybe check your quarterly statements. No one invested in stock has been spared. Only guaranteed income investiments have held up, but, are still earning far less interest. That's just simple facts. I mean... just watch the DOW !

People are hoping they will get a piece of the 'Obama Pie'... but, when it doesn't happen, they'll be singing a different tune. Only the 'system users' will be happy... it's the working families who are gonna get the brunt of all this crap.

Hey... I could be wrong, we'll just have to see. I'll be damned if I stand up for anyone until I see what they're made of. I'm nobody's fool.

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"We had to get rid of the kids, the DOG was allergic!"

ahippiechic

We lost quite a bit in the market last year. But Obama wasn't president then, even tho he's taking the blame. Ours is more secure today and we haven't lost much since the beginning of Jan.

The rabidness and hate some people spew just turns my stomach.

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ElleGee

My dh's retirement fund is NOT in a 401-k. And with the stock market (mutual fund portfolios) all we have lost were gains.

So no,I am not worried..

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SurferGirl

Well my hubbies 401k has really taken a loss and the remaining funds are now in investments that don't yield very much in earnings so we've taken a major loss in earnings and principle.

Even though obama wasn't president 10 or 15 years ago when he was representing ACORN it did have a major impact on the economic mess that we are now in. They demanded these high risk loans.

pepperpot

Yes, the market (overall) was falling last year...however, it has nose dived since Obama has taken office. Tonight on the news, I heard it was at a 12 year all time low.....

So yes, he has affected the market with his policies and not in a good way. Would all of this have happened if it were someone else who won.?...we'll never know...but what he has done so far...has had a detrimental effect......

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Mrs Pepperpot is a lady who always copes with the tricky situations that she finds herself in....