UPDATED: Obama sued Citibank Under CRA to Force it to Make Bad Loans
Posted on 03 October 2008
All Credit to: IUSB Vision Web Log
Excerpt from: Chuck Norton, Editor IUSB Vision Web Log at:
- http://iusbvision.wordpress.com/2008/09/30/obama-sued-citi bank-under-cra-to-force-it-to-make-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 and HERE ) … well look at what some fellow bloggers have dug up while researching Obama’s 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 stink means 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 bank’s 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.