In His Activist Days Obama Sued Banks to Ease Lending Practices… Now He’s Suing Banks For Risky Mortgages
Posted by Jim Hoft on Friday, September 2, 2011, 3:59 PM
In his early activist days, Barack Obama the community organizer sued banks to ease their lending practices. Now his administration is suing banks for issuing risky mortgages.
State Sen. Barack Obama and Fr. Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)
Breaking on FOX News…
The Federal Housing Finance Agency announced late this afternoon that it had sued 17 large banks for risky mortgages.
The Street reported:
The Federal Housing Finance Agency announced Friday afternoon that it had sued 17 large banks, alleging violations of federal securities laws in the sale of mortgage-backed securities to government-sponsored enterprises, including Fannie Mae (FNMA), Freddie Mac (FMCC).
According to a Reuters report, the FHFA’s suit was related to $41 billion in mortgage-backed securities issued by the 17 banks.
Bloomberg reported that the FHFA sued to recover losses on $6 billion in mortgage-backed securities packaged by Bank of America (BAC), $24.8 billion in securities originally packaged by Merrill Lynch, and $3.5 billion originally packaged by Citigroup (C).
Obama is a Alinskyite hard-left Chicago pol who got elected by a MSM in the employ of the DNC. He was never vetted by the mainstream press, never held a real job, and acts now as if the presidency is an imposition on his golf game.
Now we find out that he sued banks to force them to make bad loans. When the loans failed and the economy crashed around them, Obama's teleprompter told us that he was The One to get us out of the jam.
It seems he helped get us into this jam. No politician who had anything to do with pushing the subprime mortgages-- and that includes Obama, Barney Frank, Chris Dodd, Nancy Pelosi, among many others, should currently hold office. Several (Frank and Dodd) should be under criminal investigation for their intimate personal and financial connections to Fannie Mae and Freddie Mac.
We'll get to express our opinion on this matter in a very direct way on November 6, 2012.