Did President Obama benefit from the real estate bubble at the expense of black neighborhoods? The Daily Caller seems to think so, saying, “private-sector history shows that he promoted and profited from the nation’s disastrous real-estate bubble, with one striking example comes from the president’s 1995 housing-discrimination class action lawsuit.” In other words, it ” provided him with legal fees, greased his political donations and boosted his role in Chicago politics,” the right wing site said.
While he made personal gains, his lead African-American client, Selma Buycks-Roberson, declared bankruptcy in 2001 — and again in 2008 as she received a home foreclosure notice, according to unpublicized federal and city records obtained by The Daily Caller.
Buycks-Roberson is still likely underwater on her mortgage, owing more to her home lender than the property is worth. Her house has dropped in value by 30 percent since 2010. Its 2011 assessed value for tax purposes was $97,520, well below her 2006 mortgage of $112,400. Meanwhile, the online real-estate database Zillow estimates that home is worth just $69,400 today. Source
About Janet Shan
