Wednesday, October 10, 2012

The Predatory, Racist, Young Lawyer Who Helped Bring About the Minority Mortgage Meltdown

Posted by Nicholas Stix

Black pressure caused the bank bubble

September 3, 2012

A typical player in the shake-down-whitey sub-prime loan debacle was a young black Chicago lawyer named Barack Obama.

In 1995 Obama led 186 black plaintiffs in a lawsuit against Citibank as their lead attorney. Citibank, they said, refused to loan them money for mortgages because they were black.

Citibank did not coerce poor blacks to sign mortgage papers. Rather, the lawsuit pressured Citibank to the table.

It was not predatory lending. It was predatory borrowing.

The bank did not want to loan them money. The skin tone of the borrowers was not relevant. It was their inability to repay the loans that worried the bank.

Now, 17 years later, we understand how Obama's lawsuit, and others like it, forced the nation and the world into a financial disaster.

Nearly half of the 186 black plaintiffs have since filed bankruptcy or received foreclosure notices. Only 19 of the black plaintiffs (about 10 percent) still own their homes and retain clean credit ratings.

The 1990s were a decade of predatory borrowing when lending institutions were pressured to dole out billions of dollars to borrowers who were unable to repay. It could be described as a massive, nationwide ATM hold up.

Predatory attorneys, like Obama, were effectively licensed by Jimmy Carter's Community Reinvestment Act.

"Regulators instructed banks to consider alternatives to traditional credit histories because CRA targeted borrowers often lacked traditional credit histories. The banks were expected to become creative, to consider other indicators of reliability," explains John Carney of The Business Insider. "Banks were expected by regulators to relax income requirements." [source]

Tampering with free markets didn't bode well for those who thought they could shake down the system. The predatory-borrowing housing bubble lingers in the form of a trailing recession. The national unemployment rate remains over 8 percent; over 14 percent for black Americans and around 41 percent for black teens.

Think of Obama as a street thug; the gang leader who held up an ATM machine. Only the venue has changed from ATM to courtroom.

How much did Obama earn in attorney fees?

We don't know.

Does anyone see the irony?

Barack Obama, whose message of hope and change rallied blacks to vote for him in 2008, was a typical key player in causing the bubble that led to the recession and the subsequent dire unemployment rate among blacks. American Africans are supporting the gangster whose 1995 heist still contributes to ghetto blight.

The lesson remains unlearned: Prosperity doesn't come to the hood by robbing white people at ATM machines. Nor does it come by filing discrimination suits against mortgage companies.

They call it predatory lending.

In the leftist lexicon, predatory lending is a procedure used by mortgage sellers to pressure poor folks -- poor blacks in particular -- to sign on the dotted line. In so doing, borrowers are misled. They find themselves in over their heads. Unable to make ends meet, these victims of predatory capitalism are forced into bankruptcy, foreclosure, or both.

The housing crisis that crippled the world economy, they say, is due to predatory lending; the outcome of greedy rich white people screwing poor black folks.

Add predatory lending to the long list of myths manufactured in the minds of Marxists to demonize free markets, Western culture, and white people.

In short, predatory lending is a lie. It never happened.

Any sane person understands that lending institutions don't profit from making loans to unqualified borrowers. The sub-prime loan debacle that nearly bankrupted the nation and the world (and may still) was not the outcome of greedy rich white people. Rather it was the outcome of militant black activists and their liberal white enablers. It was just another street-corner shakedown played out on a grand scale in America's courtrooms.

There is an enduring theory of economics embraced by the political left that follows something akin to a syllogism: (a) White privilege is the cause of lagging black prosperity. (b) Shaking down white people -- at ATMs or in courtrooms -- is, therefore, justified. (c) The bounty received from those shakedowns will provide blacks the prosperity they deserve.

In true economic theory, prosperity does not come to white people or black people. Rather, prosperity comes to productive people who provide goods and services demanded by the market.

Meanwhile, Obama has moved on to his next, much bigger, shake down: ObamaCare.


[Predatory raised fist to Ex-Army Libertarian Nationalist.]


Anonymous said...

Lenders have incentive to loan money to unqualified purchasers if they qualify for FHA mortgage insurance and the bank intends to securitize those mortgages (MBS), and sell them off into the market to purchasers such as pension funds. This is where the real fraud came into play - where the financial engineers knowingly, and with intent to defraud, turned shit into shinola, acquired triple-A ratings for the scam from the rating agencies, and peddled it around the world to unsuspecting naifs who actually believed the US financial industry wasn't run by organized crime.

PDK said...

At some point in time, perhaps a dozen years or so ago, I realized that Vladamir Lenin was not a noble personality in search of a great cause, but rather a God-complexed, narcissistic character pursuing his superiority through the achievement of power.

At another point in time, somewhat later, I realized liberals, especially white liberals, were simply immature individuals feigning maturity, and further realized that immaturity denies reality, and substitutes a preferred illusion in said reality`s stead.

Not all that long ago, perhaps two years ago, I realized the black illusion preferred by most blacks, the liberal blacks, to explain away all their failures, including, and in particular, the failure to mature.

That particular illusion is the black, self-created, persecution complex through which, by the way, all input for the black brain must be processed through. Further, as this black illusion frees blacks from their responsibilities of life, so to does it allow them the further illusion of justifiable, animalistic, hostile aggression upon others, whom in reality deserve not such aggression just as the blacks have no real cause to justify said aggression.

Phil Rushton passed just recently, his big debate from 1989 has gotten some fair play time by non-liberals, especially by Jared Taylor. As I listened, his points articulated were, in my opinion, highly accurate.

Where blacks are statistically, in their biology, less human in evolutionary terms than whites or Orientals, this does not free them from their personal nor collective responsibility to mature.

However, as with all liberals, liberalism being necessarily the failure to mature, the majority of blacks prefer the easier life of failing to mature, and subsequently dumping the price of cheating life`s intended, albeit difficult task of embracing the maturation process, upon the collective to which they are a part.

Socialism in a fully enfranchised democracy, involves the selling, by God-complexed, narcissistic liberal leaders, of negative untruths that appeal to the immaturity of their liberal constituents, especially that their own failures are somebody else`s fault. All those involved in this panoply this weltanschauung, are nothing short of parasites whose very existence is dependent on the life of their host.

The parasite that sucks too much life from the host, necessarily kills the host. This is the intended outcome for white America by one Barac Hussein Obama. He was conceived in his mother`s mind before he was conceived in her womb. He was two generations in the making by his maternal linage, who themselves were communist, socialist sympathizers during America`s red scare days of circa 1918-1960.

It should be noted, that since Obama has become POTUS, white flight has now elevated to abdication of American citizenship by 4,000 of America`s wealthiest whites in Barac`s first 3 years with another 2,000 or so apparently coming in this his 4th year, for a total of 6,000.

Simultaneously, black flash mobbing, polar bear hunting and knockout, seriously animalistic behavior by young blacks, has materialized and been increasing.

Barac Obama is the anti-American Messiah, the biblical anti-Christ, who purportedly is the son of the Devil incarnate, coming as the golden man to all immature, loser dolts, but is in reality the gilded golden man here to do his father`s, the Devil`s work, of destroying white America.

If Romney/Ryan do not win, should Barac/Biden get a second chance, the parasite will devour the host, the anti-American Messiah will destroy America, and whites, both their race and their culture, will witness King Belshazzar`s writing on the wall, we will have been weighed and measured, and found wanting. Thank you.