Obama sued Bank of America because it did exactly what he had told it to do. Obama then gave some of the settlement money to left wing groups that he had worked for.

While working as a “community organizer,” Barack Obama filed lawsuits which forced banks to give mortgages to people with bad credit and low incomes. As a result, many of these people ended up defaulting on their mortgages. As their attorney, Obama collected $23,000 in legal fees for himself.

Then in April 2013, during Obama’s second term as President, the Washington Post reported that President Obama was still pressuring banks “to make home loans to people with weaker credit.”

However, in August 2014, it was reported that the Obama administration had sued Bank of America for giving mortgages to people who could not afford to pay them back, and the bank had agreed to pay $16.6 billion in order to avoid further prosecution from the federal government.

In August 2014, it was reported that Obama had given some of the settlement money from Bank of America to left wing organizations including the National Council of La Raza, Operation Hope, and National Community Reinvestment Coalition. These groups used to be known, collectively, as ACORN. In the past, these organizations had pressured banks to give mortgages to people who could not afford to pay them back.

In addition, Obama had worked with ACORN in the past. Obama had represented them in a lawsuit where they tried to get Illinois to adopt a “motor-voter” law. On top of that, Obama had taught leadership training sessions for ACORN. Also, Obama had worked as an organizer for Project Vote, an ACORN offshoot. Furthermore, Obama had been on the board of directors of the Woods Fund when it gave ACORN $75,000 in 2001, and $70,000 in 2002. Finally, during the 2008 primary campaign, Obama’s campaign had given Citizens Services Inc., an ACORN affiliate, more than $800,000 for “get out the vote” efforts.

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August 31, 2014. Tags: , , , , . Barack Obama, Dumb lawsuits, Politics.

6 Comments

  1. Chillingworth replied:

    I guess in 2013 it was “correct” to give loans to people with bad credit, but in 2014 it no longer was. We have always been at war with Eastasia…

  2. ttrumble2013 replied:

    Your statement “…National Council of La Raza, Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America. These groups used to be known, collectively, as ACORN” is absolutely false. I’m not sure whether you are misinformed or are deliberatly making false statements to create acrimony, but please be credible and correct yourself on this misstatement.

    Furthermore, if you look at NACA’s history during the mortgage crisis, our organization has been highly critical of the Obama Adminsitration, HUD, and Congress for their poorly conceived and consistently failed programs to deal with the crisis.

    You may also want to make note of NACA’s recent work with the (conservative think tank) American Enterprise Institute to create a new, 15-year “Wealth Building Home Loan” which puts low and middle income borrowers into a genuinely affordable mortage that builds equity much more quickly than a traditional 30-year loan and has a lower default rate as well.

    In the future, we hope you will check your facts before posting false and potentially libelous statemnts such as the one in your post for the sake of all concerned.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

  3. ttrumble2013 replied:

    False information, period. We have no links to any of those organizations, nor were we ever affiliated with ACORN.

    • danfromsquirrelhill replied:

      I have removed your organization from this blog post. Thanks for drawing this information to my attention.

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