How will Obama help the foreclosure crisis when his finance campaign mgr,Penny Pritzker owned a subprime bank?

Obama during speeches and debates pledged to help with the foreclosure crisis and crack down on subprime lenders. However, his own finance campaign chair owned Superior Bank. Superior Bank was one of the original lending institutions to use their investors to buy sub-prime mortgages. After investigation the bank was shut down in 2002 by the OTS and FDIC. The investigation showed It engaged in deceptive and faulty lending, questionable accounting practices, and charged hidden fees. A disproportionate number of them were minority. Wanting to avoid a lawsuit, the secretive Pritzkers quickly agreed to what the FDIC hailed in December as the biggest settlement they had ever negotiated. The Pritzkers would pay $100 million immediately, then $360 million over 15 years.As of September 2002, according to FDIC figures, the insurance fund was still out $440 million after this settlement. Why would Obama place Penny Pritzker as his campaign finance mgr ?

Update:

Mona Lisa- I never indicated that home owners are not responsible for their actions. I agree that they made the decision on variable rate mtg's and knew the rate could increase BUT that is not my question-This bank was under investigation and proven to have hidden fees, predatory lending, and deceptive lending. There is a HUGE difference between a legitimate mortgage company disclosing information legally and ethically and borrower's ignoring the risks and companies that are shut down for proven deceptive practices as investigated and shut down by the FDIC.

Update 2:

Vera W- Congratulations your response is probably the most IGNORANT rant I have ever received. In response to your illiterate statements:

1) " well qualified" because she owned a bank DUH- obviously you did not comprehend or thoroughly read the details in my question, She owned a bank that was SEIZED, CLOSED, for DECEPTIVE PRACTICES. This is not the type of person that is "well qualified" to be in charge of his finance campaign. It is poor judgement.

2)You asked if I was qualified-that was an unjustified insult- I am an honest person, and have not engaged in deceptive practices such as Pritzker, nor lead racist speeches such as Wright, or in court such as his associate Rezko. So, by Obama's standards no I would not qualify.

3) As far as who investigated, look above again to the details in the question and you will see the FDIC and OTS.

4) As far Obama being in school in 2002-No, he was an Illinois Senator 1997-2004.

Wake up! Hope I educated YOU!

Update 4:

Vera- No you didn't "get me" and don't worry I won't hurt myself psycho. Glad, I could educate you but it appears you are still under the influence of the "kool aid".

Update 5:

Vera- if you answer a question BASHING the person asking the question be prepared for a response. I am tired of conversing with you. It is a lost cause you will never see the light. Move on.

15 Answers

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  • canam
    Lv 7
    1 decade ago
    Favourite answer

    Isnt that just typical of Obama to involve himself with someone who is little more than a criminal preying on the unsuspecting working class. I wouldnt be surprised if Pritzker is lining her pockets with campaign funds. The obamaites are all intoxicated with kool aid and just waiting to be fleeced. I doubt he will get elected, but if he does, they will get fleeced through their pay check with the tax increases he has planned. He told them they would have to sacrifice, and sacrifice they will.

  • 1 decade ago

    People need to realize that it was our government behind the real estate debacle. Too many people were becoming millionaires through real estate and the republicans did not want that so lending was made easier. Investors moved from the stock market and went into real estate, reducing inventory, driving prices up and then pulled the plug or popped the bubble and left the new millionaires holding nothing more then paper as now their homes they bought one year ago had deflated in value by 20% at the very least. Many people were caught up in this debacle but it was not their own doings that created this mess but our lovely government!

  • 1 decade ago

    What does, what his campaign manager owns, has to do with him, or you? Or us?

    Obama has her, as his campaign finance manager, because, like you've written, she OWNED A BANK. duhhhh!

    It's called being WELL QUALIFIED...ever heard of it?

    You have to have some kind of SMARTS, I would think, to qualify, or do you suppose you qualify?

    He made an excellent choice, but you wouldn't know anything about that, judging from your question and statement.

    Insofar as the investigation..WHO investigated? We're living in the now..today...right now...not back, some six (6) years ago....2002 !!!!!!!!!

    You want to make folk feel that you know so much....name names...give your source and you're saying all of this to say what?

    You're referencing the year, 2002...(this is 2008..WAKE UP Hillary.!) Obama was in school.

    It seems you're looking for another way to BASH OBAMA and you need company..you know what they say about misery...it shows, though not just through you, because you have peers.

    Obama is not responsible for people obtaining home loans, going stated, instead of going full doc, claiming that they made more money than what was true ...so what are you talking about ?

    Be fair...leave Obama out of it....why not ask how will Hillary or McCain help, or ask what can YOU do, yourself, to help.

    Gotcha, didn't I. You want to impress..

    All of your BASHING Obama is not changing the minds of his true supporters, irregardless as to how much you try...get over it... We don't need your replys either.

    Thanks, though, for educating us on his qualifications...keep up the good work with the research.. so many didn't know he was even in the Senate....don't hurt yourself.

    People generally call names to people that fit their own criteria...so the name calling being reflective of what you really are can be considered....well, what will you call it....you make the choice. No one cares what you feel about Obama whoever is voting for him will still vote for him...stop wasting your time bashing him...and your name calling is truly reflecting the YOU.

  • 5 years ago

    Obama's laundry list of bad affiliations continues to grow and grow. His relationship with Rev. Wright takes the cake. However, you have Frank Davis, you have Lous Farrakhan, Black Panthers, you have Resko, Aikers and I bet his closet is a huge walk in closet because the skeletons continue to pour out. Just wait until Hillary is not appointed his VP at the Convention because she is salivating at the mouth to release more dirt on him.... When she had a debate with him months ago she attacked his jugular with the Resko relationship and he had to take a few minutes to compose himself.

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  • 1 decade ago

    WOW some more tidbits for the McCain clan to chew on IF Obama wins the nomination. The dirt is out on Hillary. Lots of skeletons in Obamas closet

  • 1 decade ago

    Obama is just saying all that CRAP to get elected.

    He really doesn't give a flying rat's as$.

    Pritzker and all of the other rich people supporting Obama know - just like Rezko did - that once they put him into office, he will help them to rip off more poor people..

    The fines that they pay are nothing to them. They're all rolling in money.

    Fewer than 1% of mortgages are in foreclosure. The media is overplaying this to build a story for the Democrats to get elected.

    Most of the foreclosures are not homeowners.

    The homeowners who are in foreclosure are mostly people who made poor financial decisions.

    Why should the majority of Americans who are responsible, and pay their own bills, bail out irresponsible people?

    Or help rich people like the Pritkers get richer?

    Let them suffer for the poor decisions they made.

    Maybe they'll learn a lesson next time!

    Why are the Democrats asking Americans to do this?

  • 1 decade ago

    That will not help.

    He should ask McCain, those Keating five guys know all about getting around this type of crisis.

    "Imprudent real estate lending

    In an effort to take advantage of the real estate boom (outstanding US mortgage loans: 1976 $700 billion; 1980 $1.2 trillion)[citation needed]and high interest rates of the late 1970s and early 1980s, many S&Ls lent far more money than was prudent, and to risky ventures which many S&Ls were not qualified to assess. L. William Seidman, former chairman of both the FDIC and the Resolution Trust Corporation, stated, "The banking problems of the '80s and '90s came primarily, but not exclusively, from unsound real estate lending." [5]"

  • Anonymous
    1 decade ago

    He has absolutely no clue about economics, which is just what we DO need someone to know. He's sure not it. We'll all feel racially sensitive and good about ourselves as a "united" nation, while on the unemployment line. I won't be on the unemployment line, however. But many of the Obama supporters will. Either that or they'll be in jail.

  • Deb M
    Lv 7
    1 decade ago

    Obama never takes responsibility for anything...not even his poor judgment of the people who funded his IL State Senate campaign....he worked hand and hand with lobbyist...now he doesn't! He is a liar!

  • 1 decade ago

    A lot of the bank heads only cared about profits.

    a lot of them didn't know what their stupid underlings

    were lying about.

    Frankly the smaller ones knew, but looked the other way.

    and

    You can't let the borrowers off the hook. They knew what they

    were getting into!

    I work in the industry and I see people play dumb, then cry

    wolf, when times get bad.

    They just thought that they could take the gun fire, when the

    time came...........but they didn't know that their jobs would be

    sent over sea's or that gas prices would knock them up side the head..................so when you say Pritzker knew.

    She provided a service, supply and demand. the numb nuts that

    got greedy and bought houses. They knew and I've seen them

    laugh about it.

    Some even walked away from one house and bought another, before the other hit the fan.

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