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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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Barack H. Obama's Contribution to the Crisis
    #9056195 -

I've mentioned before Obama's unwillingness (or inability) to be specific about just what "deregulation" of the most heavily-regulated sector of the economy - the financial markets - he means when he runs his mouth in debates and on the stump and in interviews.

While we're waiting for him to get around to telling us, let's grok this for a while --

Quote:
How a Young Chicago Litigator Helped Create the Subprime Housing Crisis

Barack H. Obama is running around telling everyone that the housing mortgage market collapsed primarily because of some vaguely described "deregulation" that took place sometime under George Bush--or maybe under Clinton; I'm not clear on that. I'm not sure he is.

Whatever his claim is, it's a lie.

The reality is that the housing market collapsed in large part because a coalition of race-baiting bullies brought very heavy pressure to bear on the banks to make more subprime loans on properties in low-income communities. Those who didn't approve the risky subprime loans were accused of "redlining"--i.e., refusing to make loans on properties in those neighborhoods.

Who were these bullies?

Some of the bullies were out in Washington pounding the tables and screaming at bank executives about "redlining".

At the same time, other bullies were stalking big city courthouses, filing frivolous and extortinate lawsuits against banks based on novel "disparate impact" theories of what might be held to constitute "redlining." In other words, even banks which were making lots of loans in low-income communities were being sued if they weren't approving just as many loans in low-income communities as they were in high-income communities.

Who were these mortgage extortionists?

These guys, to name a few:



Yes, that "Barack H. Obama."

(READ MORE BELOW)


Much more at the link. Go there now.







Phred


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Re: Barack H. Obama's Contribution to the Crisis [Re: Phred]
    #9056547 -

sigh... OK.

Obama was one of eight counsel for the Plaintiffs in this case. This case, per the link to Pacer, shows that he filed his appearance in June 0f 1995, when a motion was granted to change the case to a class action suit. This case was originally filed in July of 94 by Byuks-Roberson.

At this time, Obama was an associate level attorney at Davis Minor. He most definitely was not the lead attorney on this case. "He was the very junior lawyer in that case," said attorney Robert Kriss. "He had just graduated from law school. I don't recall him being in court at any time I was there. I was the lead lawyer for Citibank and he was not very visible to me." Obama billed a mere 138 hours on this case.

Obama didnt mill around courthouses drumming up ghettofolk clients in order to file class action suits re: redlining, like this article would have you believe. Lending discrimination Plaintiff's work was not Obama's "specialty." In fact, its hard to have a specialty when you have only filed appearances in 10, only TEN, cases in your entire legal career. 5 in US District court and 5 in US Court of Appeals.

Oh, and this case, per Pacer, settled in January of 1998. But Obama's legal work fell off sharply in 1997 after his election to the Illinois Senate.

"On his second day down in Springfield he called me and said, 'Don't pay me -- this is a full-time job,'" Miner recalls.


But I guess filing an appearance in one lending discrimination class action involving three Plaintiffs is enough to claim that Obama Helped Create the Subprime Housing Crisis...

source

source

edit: on closer inspection, two other attorneys from Obama's firm also made appearances in this case, and one of them has his name on the shingle. So if you think Obama was doing anything more on this case besides drafting up all those Motions to Compel Discovery, you're nuts.


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If it weren't for the bloody corpses, I wouldn't have any corpses at all.

There are two ways to get to the top of an oak tree: start climbing or sit on an acorn.

Are you a carrot, an egg, or a coffee bean?

Edited by MrBump (10/09/08 11:09 PM)

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Re: Barack H. Obama's Contribution to the Crisis [Re: MrBump]
    #9056678 -

You miss the significance of this. No one is claiming Obama singlehandedly caused the economic crisis or that he dreamed up the idea of suing banks or that he was the lead attorney on this case.

What matters is that he is claiming it was "deregulation" and "greedy banks" which is the root of this when he knows full well - from his own personal experience - that the banks were strong-armed into giving out these bad loans very much against their will with the threat of endless lawsuits hanging over their heads.

It is just another in a seemingly endless stream of dishonest crap pouring from his mouth that the MSM will give him a pass on. Unfortunately, McCain will give him a pass  on this too.






Phred


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Re: Barack H. Obama's Contribution to the Crisis [Re: Phred]
    #9056700 -

Did you read his post?  He found that Obama barely worked on the case you cite.  You're going to have to find a better citation.

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Re: Barack H. Obama's Contribution to the Crisis [Re: xFrockx]
    #9056733 -

If Obama was unaware of what the case entailed, he is even more unfit to be president than I have otherwise explained.




Phred


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Re: Barack H. Obama's Contribution to the Crisis [Re: Phred]
    #9056855 -

First if you read the case summary and the description in the article, they don't really match up very well.  The actual court document reads  Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.  This is very different from the articles allegation that the banks were forced to make as MANY loans in low income as high income areas. 

Secondly do you really believe, as the article states, that a major factor in the subprime mortgage collapse was do to these lawsuits?  I mean they may have played some minor role in the entire debacle, but I would love to see evidence that they where the major problem.

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Re: Barack H. Obama's Contribution to the Crisis [Re: Phred]
    #9056860 -

Phred said:
If Obama was unaware of what the case entailed, he is even more unfit to be president than I have otherwise explained.




Phred


It would make sense that Obama, being a young atty, may have expressed interest in the case on a personal level and therefor asked to assist where he could, and billing obver 100 hours on the case would have given him knowledge of the details.


My eyes did gloss over that first sentence. I was distracted by all the screaming hyperbole, like the title. :smirk:

I actually would like to read the Complaint. the docket states job discrimination (race) as the cause of action, and at some point the Plaintiff was forced to produce her medical records, kind of unusual in a case about redlining.


--------------------
If it weren't for the bloody corpses, I wouldn't have any corpses at all.

There are two ways to get to the top of an oak tree: start climbing or sit on an acorn.

Are you a carrot, an egg, or a coffee bean?

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Re: Barack H. Obama's Contribution to the Crisis [Re: xFrockx]
    #9056899 -

xFrockx said:
Did you read his post?  He found that Obama barely worked on the case you cite.  You're going to have to find a better citation.


as phred said, he was part of the team that litigated to force
banks to make these very loans that have been claimed to cause
this economic distress, he's then turned around to make the
claim that Bush, McCain and the republican party are the ones
responsible


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California Has Legalized Child Prostitution

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Re: Barack H. Obama's Contribution to the Crisis [Re: DeepDish]
    #9056910 -

DeepDish said:
The actual court document reads  Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.


of course... it's not like no one has ever embellished a civil
case filing, after all "they turned down my loan" isnt much to
go on in court, you have to add controversy


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California Has Legalized Child Prostitution

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Re: Barack H. Obama's Contribution to the Crisis [Re: Prisoner#1]
    #9056999 -

Prisoner#1 said:
DeepDish said:
The actual court document reads  Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.


of course... it's not like no one has ever embellished a civil
case filing, after all "they turned down my loan" isnt much to
go on in court, you have to add controversy


Citibank must have been scared of something. They settled out of court and apparently Plaintiffs won, b/c Citibank had to pay Plaintiffs' legal fees (almost $1 mil). If they truly had a rock solid defense, theyre beeter strategy would have been to take em on in Court and win, thus forcing all trial lawyers to think twice about filing these types of cases. You dont stem the tide of litigation by settling for lots of money and then being forced to pay costs.

but your exactly right, "they turned down my loan" isnt much to go on in court. These Plaintiffs may have been exceptions to the rule. Plaintiffs counsel aint dumb, they know that they wont win huge cash settlements w/ a bunch of crack heads with terrible credit.


--------------------
If it weren't for the bloody corpses, I wouldn't have any corpses at all.

There are two ways to get to the top of an oak tree: start climbing or sit on an acorn.

Are you a carrot, an egg, or a coffee bean?

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Re: Barack H. Obama's Contribution to the Crisis [Re: Prisoner#1]
    #9057579 -

He was part of the team like a graduate assistant is part of their professors' research.  This amount of participation does not say a single thing about his character or decision making.  Show me another example and maybe I'll change my mind.

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Re: Barack H. Obama's Contribution to the Crisis [Re: xFrockx]
    #9057913 -

xFrockx said:
  Show me another example and maybe I'll change my mind.

:rofl2:


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Re: Barack H. Obama's Contribution to the Crisis [Re: Phred]
    #9059058 -

I started a related thread here: http://www.shroomery.org/forums/showflat.php/Cat/0/Number/9059012/an/0/page/0

The new thread is less focused on Obama's actions and looks more at the Democrats as a whole and their construction of the bomb that has finally blown a gaping hole in the world's financial and credit markets.





Phred


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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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