Obama’s Private Sector History Reveals Role in Foreclosures and Bankruptcies of Chicago’s Black Community

"Barack Obama has been hitting the airwaves and campaign appearances hard and heavy with reports of Mitt Romney’s time at Bain Capital.

A recent report from The Daily Caller reveals that Obama’s own private sector history reads much like the one he accuses Romney of. While working as an attorney for a Chicago law firm in early 1990s, Obama volunteered to work on a case involving several black residents who believed that they were being discriminated against by Citibank Federal Savings.

Several Chicago blacks living in a redline district felt they were being discriminated against, so they filed a lawsuit against Citibank. One of those residents was Selma Buycks-Roberson. Obama jumped at the opportunity to represent her in this case.

...... the mortgage companies began pushing adjustable rate mortgage, balloon mortgage and interest only loans. Millions of Americans who were previously unable to buy a home now found themselves able to qualify for one of these creative mortgages. One of those who took advantage of the new loans was Selma Buycks-Roberson.

In 2001 she filed bankruptcy and in 2008 she received a foreclosure notice on the home she bought after Obama had won her case. In 2006, she owed $112,400 on her mortgage while the assessed value, for tax purposes, was $97,520 and the latest Zillow real estate database lists her home value to only be about $69,400.

Like so many others, Selma owes more on her house than it is worth and she can thank Barack Obama for helping her change the system so she could afford to get herself into this financial nightmare. " [Godfather Politics]