Monday, September 03, 2012

With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans | The Daily Caller

With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans | The Daily Caller
Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.
[RELATED: Obama's African-American clients got coupons, not cash]

Jesse Jackson and his so-called Rainbow Coalition is to blame for this. After receiving threats to take banks to court on trumped up charges of bias because the banks had standards for lending, the banks caved to Jackson's extortion/blackmail scheme becuase at the time, it seemed less costly than paying lawyers to litgate what could have been a lengthy and very ugly court battle. The thing with greedy progressives is that once they have you, they don't stop until they have destroyed you.
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