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The Daily Caller’s Neil Munro on the president’s cases against big banks for mortgage-lending practices.
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Now while President Obama bash -- Mitt Romney's corporate history the daily cola decided to look into the president's own history.
When Obama was private sector private sector lawyer his firm represented a woman who was suing banks would discriminated discriminatory practices in mortgage lending.
It became a class action suit.
Hundreds of plaintiffs eventually split 360000.
Dollars the lawyers split nearly a million.
And the president build his time -- 166.
Dollars -- out.
-- out the main plaintiff in that class actions you've got about 20000 dollars but has filed for bankruptcy twice since then.
Joining us now is Neal Monroe he wrote that story for the -- cola.
-- it seems to me like this is the president in private practice after he's been a community -- community organizer.
Suing banks on behalf of minorities to force the banks to give minorities small loans is that accurate is that -- happen.
That's exactly right and -- DP destructive and the only people who profited from this -- With the president well a young president and his progressive cronies his chief client.
Bankrupted twice with the -- extra debt and she got -- foreclosure notice.
Like many other African Americans in Chicago.
They lost huge amount of their wealth many bankrupted the bankruptcy rates of African Americans in that town and the foreclosure rates are far higher than whites.
The city is a mess.
But the progressives are running Washington.
They made out like fat cats what's what -- is always talking about does this go back in the eighties or early nineties.
Their loss it was in 95 and it got resolved and settled by the time that the -- President Obama was a state senator.
It greatly help Citi about -- Citibank.
Made a deal with the progress and is including this lawsuit is allowed them.
To merge for travelers and grow they grew to 900.
Billion dollars worth of stock market value.
But the deal was ultimately poisonous.
The progressives stabbed Citigroup.
In the back and destroyed the banking assets and feel that Citibank made destroyed -- it's now worth.
10%.
Of -- -- peak market value this reminds me of what a -- used to do.
They you know go after a bank and say hey you've -- you've -- lend money to buy homes -- our people mostly minorities African Americans.
I would sue the bank and -- -- name is if they didn't make more mortgages available.
Is this the kind of activity that the president was involved in back then -- Exactly the president was one finger on many hands working away on this gigantic and -- to force the banks to become the progressives.
As servants and the program the banks eventually buckled under because that executives didn't want to be called -- names.
The didn't -- -- have protesters and there are some front offices.
Result.
The banks stop themselves amazingly.
Deep water -- still haven't quite recovered the nation with -- It's partly.
The progress is always wanna do this progressives want power so -- do this but the banks should be ashamed of themselves -- for giving into the -- you know any of the other side of the coin is that these this activity.
Did get to minorities into homes all of that of whether they could afford and -- the story but they got it.
Nobody but citizen that is the American dream as it moved up yes food chain -- Euro around the pride of ownership.
About that kind of activity on back on the part of the president.
It did succeed in getting people into homes.
And president -- bush accelerated to and yes the whole numbers went up.
But only -- the reality set in.
And then everything got dove back ten years the median wealth dropped by 40% African Americans and Hispanics are -- more than most the banks are hammered.
And the progressives claim more power.
There in the White House being demanding to be paid.
To clear up the wreckage they cause it's a marvelous -- -- -- it's a great story and you got it and we appreciate you sharing it with us this morning Neil Munro from -- thank you for Paula thank you -- to --
