Why was Obama on a legal team that forced banks to make toxic loans under the CRA guidelines?Obama Sued Citibank Under CRA to Force it to Make Bad Loans 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... |
The dumocrats at that time had the project to allow all americans to own homes(realize the American Dream of owning a house with a picket fence) whether they qualified for loans or not. In the short term, it created a rush of home construction and other building projects. For a short moment therefore, plenty of jobs were created which revitalized the economy. The other banks and loan company you may remember was the Fannie May and the rest of them. That growth was unsustainable and eventually led to the bubble burst that led many of the same new homeowners to default on their mortgages then sell their homes.through foreclosure.
That was the great economic collapse due to credit and derivatives.
Many of the banks did not want to participate but were forced to because of "pressures". This appears as one of those pressures.
No one forced the banks. They pushed for the changes and hopped on board in a heartbeat the moment they figured out they could scam the system.
Your premise is false. No one was forced to make loans.
"Obama Sued Citibank Under CRA to Force it to Make Bad Loans"
That's not true.
I suppose he did not foresee or did not care about the consequences...
