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Obama: Folks Tricked Into Buying Homes

From his July 29, 2008 speech before the National Association of Latino Elected and Appointed Officials (NALEO) conference:

[2:45 minutes in:] … "We marched together in the streets of Chicago to fix our broken immigration system. And it’s because of that twenty year record of partnership with your communities that you can trust me when I say I will be your partner in the White House and I will be your champion in the White House. And that is what you need now more than ever.

For eight long years Washington has not been working for ordinary Americans and for hardworking Latino-Americans. Few have been hit harder than Latino-Americans and African-Americans. You know what I am talking about. You know the people like the couple I met in Las Vegas who were tricked into buying a house they couldn’t afford and are at risk of facing foreclosure…"

(Indeed, his remarks preceding these are pretty appalling as well.)

Apparently, this claim even become a part of Mr. Obama’s standard stump speech:

Remarks for Senator Barack Obama: AFL-CIO

Philadelphia, PA | April 02, 2008

… Think about it. The top mortgage lenders spend $185 million lobbying Congress, and we wonder why Washington looked the other way when they were tricking families into buying homes they couldn’t afford

So which is it?

Do we need to give everyone a chance to buy their own house?

Or is the government tricking people into buying houses?

This article was posted by Steve on Tuesday, September 30th, 2008. Comments are currently closed.

31 Responses to “Obama: Folks Tricked Into Buying Homes”

  1. Grassy Knoll says:

    It’s a tireless job protecting a blameless citizenry. And people still wonder how we got into this mess.

  2. EvaTheFrisbeeDog says:

    Reminds me of the joke about the guy whose wallet is repeatedly stolen by an aggressive hooker.

  3. Colonel1961 says:

    Damn it! I hate getting tricked into buying a house!!! Happens all the time…

  4. sheehanjihad says:

    Yeah, me too~! The glaring exception is I have to pay mine off…..

  5. clifcrds says:

    You guys think you have got it bad . . . I tricked myself into buying a house I could afford – and then I played another trick on myself and paid the mortgage off 16 years before it was due.I hate that when that happens!

    Where is a community organizer when you need one?

  6. therightguy says:

    This is more ridiculous than Pelosi blaming the republicans because she couldn’t get the bailout passed. The dems are in the majority…How can you be tricked into buying a house? I’d like to see that. Of course, this is coming from a socialist, no, make that marxist that believes everyone is a victim in some way. He has the locus of control all wrong here. Individuals are in control of their purchasing decisions, not some external force. O’Stymie definitely gets a shot at idiot of the week on my blog.

  7. 2Glocks says:

    I cannot believe that McCain/Palin are behind in the polls to this idiot and his idiot running mate. You know I don’t think it matters who is runnig on the Dumocratic side. You are going to get about 42% of the population that are too ignorant or lazy to do any critical thinking, they just pull that Dumocrat lever like a robot.

  8. tblazerhoops says:

    Some one help me out. Why would Pelosi rip Bush and his Bailout, implore other House members to vote against it, and then cast a yes vote herself? I don’t get it.

  9. Colonel1961 says:

    clifcrds: you just don’t get it! Personal responsibility is sooooo last year… How are you ever going to achieve victimhood status if you keep doing what you’re doing?!?! I must say, I’m disappointed…

  10. wardmama4 says:

    Well tblazerhoops – both Obama’s take (both sides) of this issue and Pelosi’s are exactly what the Dems want – create a stinking, sinking mess – attempt to nationalize (or socialize) it (while slathering the bill in pork and earmarks) – and when (even with your majority) it fails – wala – blame it all on the Republicans (because they are in the WH right now). And as was remarked the lazy, dumb and always vote Dem ‘because everyone in my family voted Dem’ forevers – will simply pull the lever. Without even considering that they are getting poorer, they are losing their house and wait – the Dems have had control of Congress for the past 2 years and didn’t do a damn thing to change any of the ‘failed policies’ – and check out any of the Pork sites (Citizens Against Government Waste or Porkbusters for a start) to see that the Dems are head of the class on earmarks and pork. . .

    I’m just hoping that the 9, 12, 17% (whatever their positive rate is right now – still at least half of the evil Bushitlerburtonco) translates into 91, 88, 83% of Americans vote against those Dems who are up for election/re-election to allow this country to run again –

    Obviously, since the Clinton Impeachment – to the Dems government is no longer about the Constitution, the American people or what is right for America – it is to shoot down anything any Republican supports at all times and everywhere. So they need to get kicked out until such time as they can again learn to play nice with others.

  11. Kilmeny says:

    I can never understand why these mindless Obamaniacs can’t see what a low opinion he has of all of them. Tricked into buying a house? And how do I go about getting tricked into buying a Ferrari?

  12. 1sttofight says:

    It is all about STYLING and BLING.

    How are you going to impress the brothers and sisters unless you have a big house and an Escalade or two?

  13. Colonel1961 says:

    Kilmeny: trust me – it can happen. I’m a victim myself! And, no doubt, waiting on my Federal bailout! I was tricked!


  14. JerseyGrrrl says:

    Ann Coulter’s column this week deals with the root of this all. If you have’t read it yet here are a few of the salient quotes:

    . . . if McCain had been implicated in the Keating Five scandal — and he wasn’t — that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets. This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.

    Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”

    Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

    Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”

    Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.

    When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.

    In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration’s affirmative action lending policies as one of the “hidden success stories” of the Clinton administration, saying that “black and Latino homeownership has surged to the highest level ever recorded.”

    Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn’t get out of their loans by selling their houses.

    A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it’s gone off.

    In Bush’s first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government’s “implicit subsidy” of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.

    Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing.” How dare you oppose suicidal loans to people who can’t repay them! The New York Times reported that Fannie Mae and Freddie Mac were “under heavy assault by the Republicans,” but these entities still had “important political allies” in the Democrats.

    Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats’ two most important constituent groups: rich Wall Street bankers and welfare recipients.

    Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.

    4520 Main Street, Kansas City, MO 64111

    I guess that was more than a few quotes but you get the point ~;) JG

  15. JBean says:

    Try this, Obama:

    Fannie Mae, Freddie Mac spent millions on lobbying

    “Over the past decade, both Fannie and Freddie  made the list of Washington’s top 20 lobbying spenders. They spent a combined $170 million to cultivate allies during that period, a bit less than the American Medical Association and a bit more than General Electric. At the same time, their executives have consistently led the mortgage-banking sector in campaign giving to members of Congress, contributing a combined $16.2 million since 1997.”

  16. gipper says:

    I’m kicking myself in the pants because my wife and I bought a house in the summer of 2006 when house prices were at their highest and mortgage rates were at about 6.5% (about 1% higher than today’s rate). The value of my house has gone down about 5-10%. I now face a military move. So, either I take a loss by selling or take my chances renting the place. (I do not want to be a landlord–especially from far away.) Yet, it was my wife and I who signed the mortgage paperwork. We alone are responsible. I am not looking for a handout. I would rather keep more of my income than be taxed to bail out “victims”.

  17. JerseyGrrrl says:

    “and if I’ be ‘lected y’ll all get 40 acres an’ a mule”

    “an’ a mule?”

    “an a mule!”

  18. The Redneck says:

    … Think about it. The top mortgage lenders spend $185 million lobbying Congress, and we wonder why Washington looked the other way when they were tricking families into buying homes they couldn’t afford…

    And guess who was the #2 recipient of those lobbying funds…..

  19. wardmama4 says:

    gipper – I know that the market & loans are down right now – but take a chance. We bought what is affectionately known as a ‘fixer upper’ in KY as my hubby was on a return to there and he had so few years left we knew we could stay put and retire. Yeah right, somehow someone got him about 6 months before he was locked. I did not think that we could sell the ‘fixer upper’ for what we still owed at all (especially with new going up in the subdivision across the street). Sold it with the second looker – it amazed me.

    The msm is in the tank for Obama, lies distorts and covers up for him – I know that some areas are harder hit than others and things aren’t great. But this is America – it isn’t as bad as the lying msm is screeding. They said it themselves last week – Obama is great on the economy and what have they been harping on for the past two weeks? The economy – why – Because Palin power knocked Obama’s bump into the trash – and the msm had to figure out a way to get their guy back on top.

    JG – great line from the first politico grifters to prey on the minorities.

  20. paydayloanadvocate says:

    The payday loan industry has been the prime target for corrupt politicians, from all sides, seeking an increase in voter support at the expense of what’s best for their citizens. Governors of several states including, Georgia, North Carolina, and Oregon completely drove payday loan companies out of their states. The negative effects of driving out payday loan companies from these states, appears to have not been what was best for its’ citizens. For instance, in Georgia, the bankruptcy filings, bounced checks and foreclosures all skyrocketed after the cash advance product was done away with. In spite of these negative statistics, following the closure of payday loans in these states, several other governors continue to try and follow suit. Top national politicians, such as presidential hopeful Barack Obama, are now stepping into the arena in hopes of wiping the industry completely off the map. Should such efforts deem successful, the possibility is very real for increased unemployment rates, more debt, more foreclosures and an even more crippled economy.

    Post Courtesy of Personal Money Store
    Professional Blogging Team
    Feed Back: 1-866-641-3406
    Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
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  21. Perdido says:

    # The Redneck
    September 30th, 2008 at 10:04 pm

    … Think about it. The top mortgage lenders spend $185 million lobbying Congress, and we wonder why Washington looked the other way when they were tricking families into buying homes they couldn’t afford…

    And guess who was the #2 recipient of those lobbying funds…..


  22. wirenut says:

    Jersey , dont ya mean an arse ? da gov haz de fortie all reatie ! Anie won fer warshington haz all da anzers . zo jis vot ,mac no dif en fli ovr teritoy wejus kned two b led .Just KIDDING ! nyslimes take note . NOBAMA ! Jersey , I need two mule’s to drag away the B.S. from the propaganda Haw! .

  23. Perdido says:

    # The Redneck
    September 30th, 2008 at 10:04 pm

    … Think about it. The top mortgage lenders spend $185 million lobbying Congress, and we wonder why Washington looked the other way when they were tricking families into buying homes they couldn’t afford…

    And guess who was the #2 recipient of those lobbying funds…..


  24. seanrobins says:

    >>> You know the people like the couple I met in Las Vegas who were tricked into buying a house they couldn’t afford and are at risk of facing foreclosure…”

    This is truly just about as disgusting as you can get. I don’t know what else to say about this slice of political evil. Like Jerry Seinfeld once said – half kidding – about his neighbor “Newman!” “I’ve looked into his eyes, and he is pure evil.”

    That about sums up BHO.


    They were tricked into buying houses they couldn’t afford. And now they’re going to lose them. Let’s try and think this through.

    First: People who could not afford to buy a house, were “tricked” into buying something that they could not afford to buy, and would not have bought had they not been “tricked” into it, and now, they’re going to lose . . . what, exactly? Something that they should not have purchased in the first place?

    Second: The financial institutions that did the “tricking” – did so . . . why? So that they could lend money with no hope of getting it back? To make a bad loan, that they knew was bad, and would LOSE them money?

    Both equal and excellent reasons from both ends of the spectrum . . . for bailing out no one.

  25. JerseyGrrrl says:

    Wirenut, I know that symbolically we should refer to it as an ass but that’s the way the quote goes. Go watch Gone With The Wind again ;)

  26. JohnMG says:

    JerseyGrrrl; …..”Go watch Gone With The Wind again…..”

    Unfortunately, they’ll get the “forty acres”, and we’ll get kicked in the ass for our efforts.

  27. JerseyGrrrl says:

    JM: as a great NY philosopher once put it: “it ain’t over ’til it’s over”

    It’s just beyond my comprehsion this guy even has a serious chance. I know middle class suburban folks that just adore their chosen one – I feel like kicking them in the ass. A good swift one as my old man used to put it.

    I know who I’m voting for but if someone asked me to put $100 on the outcome I wouldn’t know.

  28. sheehanjihad says:

    I think the payday loan guy up there can loan everyone enough money to pay off everything. At the interest rates they charge, and fifty dollar loan payback would be about ten million dollars by the year’s end. Yeah, let the government use paydayloans to bail out wall street.

  29. Colonel1961 says:

    Uh, personalloanadvocate, I happen to disagree with your industry. I have a few acquaintances in that line of work and those of a similar nature, e.g., rent-to-own, buy here, pay here autos. Capitalism, like every other freedom, entails responsibilities, i.e., just because it’s legal, doesn’t mean it’s ok. I have been approached to own and/or invest in these operations and have turned them down. The reason: preying on the weakest, most vulnerable members of society isn’t just. Now, one of my best friends is a bank president – he says, without those operations, they would have nowhere to turn. I believe that to be a false dichotomy. They can save, spend less, ad infinitum.

    And let me try a more personal analogy. I can fly out to Las Vegas tomorrow and gamble away half-a-million dollars. I can go to the nearby houses of ill repute and spend the weekend with several young ladies doing whatever it is they do there. All totally legal. I can afford it, and the law allows it. However, when I come home, Mrs. Colonel will have a brief discussion with me about the divorce attorney she has hired and will charm me with stories of how she is going to spend half of our net worth and ten years of alimony…

    Do the right thing in life. Karma is a relentless bitch…

  30. sheehanjihad says:

    I agree with the Colonel entirely. It’s the military bases where you see these predatory “lenders” take advantage of kids who just left home for the first time and dont know a shark when it bites them. That chaps my hide, but disadvantaged people nationwide fall victim to “personal loans” at obscene interest rates because bankers wont loan them a dime….so the sharks lie in wait until desperation takes over, and they, the poorest, are toast. Loan sharking is against the law, and lobbying dollars spent on corrupt politicians gets the ‘personal loan industry” a de facto legal standing. I know, caveat emptor. But there is no doubt in my mind that these kinds of places prey on people who can least afford it.

    Karma is a relentless bitch. Doing the right thing keeps her at bay.

  31. ptat says:

    Tricked into buying a house?—you’all been “Obama’d”!
    Tricked into voting for a complete incompetent?—ya’all been “Obama’d”!
    Tricked out of the presidency by your own party?—you have been “Obama’d”, Hillary!
    Tricked into socialism with 80% taxes and a health care system worse than England’s?—you all been “Obama’d”
    Tricked into singing mindless dirges to your “exalted leader”, as early as 7 years old?—you have been “Obama’d”
    Tricked into reading not just one, but two mind numbing narcissistic autobiographies full of lies?—well, you know…..

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