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Flashback: Obama Brought Misery to Housing Market Before He Was President

Chicago Daily Observer 21 September 2012 One Comment

In case you had forgotten, Barack Obama did an awful number on the residents of Grove Parc and the taxpayers.

The Lid compiles the details

Below is the updated story of how State Senator Barack Obama pushed through and protected a housing development deal for Tony Rezko and Valerie Jarret , and how from day-one the housing was a nightmare for its low-income residents.

Tony Rezko and Six of his real estate partners were involved in the deal , they all provided tons of cash to Obama’s campaign fund. The residents received much less than what they paid for. It was managed by Senior White House Adviser Valerie Jarrett. Her company managed the property as its moved from a low-income housing project to a hell-hole.

The name of the development was Grove Parc Plaza, it  contained 504 apartments  and sat in the district  Barack Obama represented for eight years as a State Senator. The federal government subsidized the apartments for people who can’t afford to live anywhere else. The problem is that it wasn’t safe to live there.

 

 

Compounding on Obama’s incompetence, here’s the Daily Caller on an earlier Obama lawsuit attempting to force banks to make mortgages to people who were not likely to pay them back.

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

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