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October 12, 2008

Obama’s Role in Causing the Subprime Crisis

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Civil Rights

— @ 6:41 am

McCain supported legislation in 2005 to reform subprime lending.

by James Buchanan

Barack Obama was not only sympathetic to the idea of making risky subprime loans to millions of minorities with no down payments; he actively worked to force lenders to make these loans and opposed a law that would have made important reforms on subprime lending in 2005.

One article notes “the Community Reinvestment Act (CRA 1977) gave an opening for subprime lending. The CRA encouraged banks to lend money to high risk borrowers with the noble notion that it would enable more Americans to be homeowners. Unfortunately, it was undefined for a very long time and that gave community organizing groups such as ACORN (an opportunity) to push the boundaries of the law and engage in coercive methods of forcing banks to loan to high risk borrowers. They would threaten to block mergers and expansions of banks unless the banks would dole out these risky loans. In addition, numerous suits were brought against banks alleging that the banks engaged in discriminatory lending phasing out African Americans from loans in an attempt to bully banks into doling out high risk loans. One such suit was Buycks-Roberson v. Citibank Federal Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). This case is most notable for one of the members of counsel representing Selma Buycks-Roberson, Calvin R. Roberson and Rene Brooks. That attorney was a young lawyer named BARACK H. OBAMA.”

In 2005, Senator John McCain co-sponsored a bill to reform dangerous subprime lending. One website quotes McCain “For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac… I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005 …If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.” (more…)

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October 12, 2008

Obama’s Role in Causing the Subprime Crisis

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