It’s old news that Obama “was a pioneering contributor to the national subprime real estate bubble” that led to the subprime mortgage crisis in 2008.
Newsflash: “New mortgage rules issued last week by the administration will have the effect of forcing lenders to approve prime loans to borrowers who would normally only qualify for subprime loans carrying higher interest rates and fees to cover the added risk of default… As a result, analysts warn lenders may end up having to “subsidize” riskier borrowers at the expense of other customers… Mortgages carrying a prime rate, or one within 1.5 percentage points of the national average, will have the strongest level of legal protection. Analysts say this rule effectively limits lenders’ ability to price for risk… Starting in January 2014, when the new rules take effect, borrowers who default on nonqualifying home loans will have the power to “raise a foreclosure defense” against banks… In addition, lenders who underwrite such nonqualifying loans could open themselves up to federal charges if recipients are minorities… As part of recent consent decrees, Justice has ordered several bank defendants to approve prime-rate mortgages for African-Americans and Latinos who otherwise would not qualify for them.” In true Obama style, he has promoted discrimination and bad economic policy in one fell swoop.
Obama’s Supreme Court nominee Sonia Sotomayor’s belief is that a “Latina woman” is by definition a superior judge to a “white male” because she has had more “richness” in her struggle. The danger inherent in this judicial view is that the law isn’t what the Constitution says but whatever the judge in the “richness” of her experience comes to believe it should be.
NOTE: Voting for Obama in 2012 will enable him to nominate more of these Supreme Court justices who don’t respect the rule of law and hold the U.S. Constitution in contempt. If Obama is re-elected and puts a majority of these tyrannical judges (who have lifetime appointments) onto the Supreme Court, this country will not be able to recover in our lifetimes.