Obama sued Bank of America because it did exactly what he had told it to do. Obama then gave some of the settlement money to left wing groups that he had worked for.
While working as a “community organizer,” Barack Obama filed lawsuits which forced banks to give mortgages to people with bad credit and low incomes. As a result, many of these people ended up defaulting on their mortgages. As their attorney, Obama collected $23,000 in legal fees for himself.
Then in April 2013, during Obama’s second term as President, the Washington Post reported that President Obama was still pressuring banks “to make home loans to people with weaker credit.”
However, in August 2014, it was reported that the Obama administration had sued Bank of America for giving mortgages to people who could not afford to pay them back, and the bank had agreed to pay $16.6 billion in order to avoid further prosecution from the federal government.
In August 2014, it was reported that Obama had given some of the settlement money from Bank of America to left wing organizations including the National Council of La Raza, Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America. These groups used to be known, collectively, as ACORN. In the past, these organizations had pressured banks to give mortgages to people who could not afford to pay them back.
In addition, Obama had worked with ACORN in the past. Obama had represented them in a lawsuit where they tried to get Illinois to adopt a “motor-voter” law. On top of that, Obama had taught leadership training sessions for ACORN. Also, Obama had worked as an organizer for Project Vote, an ACORN offshoot. Furthermore, Obama had been on the board of directors of the Woods Fund when it gave ACORN $75,000 in 2001, and $70,000 in 2002. Finally, during the 2008 primary campaign, Obama’s campaign had given Citizens Services Inc., an ACORN affiliate, more than $800,000 for “get out the vote” efforts.
