[Q] - Do you remember how we told you that the Democ rats and groups associated with them leaned on banks and even sued to get them to make bad loans under the C ommunity Reinvestment Act which was a factor in c ausing the economic crisis (see HERE and HERE ) … well look at what some fellow bloggers have dug up whil e researching Obama’s legal career. Looks like a typical ACORN lawsuit to get banks to hand out bad l oans.
In these lawsuits, ACORN makes a bogus claim of Redlining (denying poor people loans because o f their ethnic heritage). They protest and get the lo cal media to raise a big stink. This stink means that the bank faces thousands of people closing their accounts and get local politicians to lo bby to stop the bank from doing some future busines s, expansions and mergers. If the bank goes to co urt, they will win, but the damage is already done be cause who is going to launch a big campaign to get the bank’s reputation back? It is important to understand the nature of these l awsuits and what their purpose is. ACORN filed ton s of these lawsuits and ALL of them allege racis m. Case Name Buycks-Roberson v. Citibank Fed. Sav. Bank Fair H ousing/Lending/Insurance Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011 State/Territory Illinois Case Summary Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining prac tices in the Chicago metropolitan area in violation o f the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Th irteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant- bank rejected loan applications of minority applican ts while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages. U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo gran ted Plaintiffs’ motion to compel discovery of a s ample of Defendant-bank’s loan application files. Buyc ks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995). The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement. Plaintiff’s Lawyers.. [...] Obama, Barack H. (Illinois) FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000 http://www.mediacircus.com/2008/10/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/ --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
