It's time for another installment of… If you're an Obamaphile you must be a bigot… Today we're going to discuss Penny Pritzker… Heiress to the Hyatt fortune, Finance Chairwoman of the Democratic National Cmte , 125 th wealthiest person in the world & Barack Hussein Obama’s chief financial adviser…

That Sen. Obama chose one of the wealthiest Lakeshore Liberals to be part of his inner circle is not surprising to me, (I've done my research); that she has made millions off the misery of African Americans, (again does not surprise), but should be cause for some pause for a few of 'The Chosen One's' many inner city supporters…

In the past month I have heard & learned a great deal about Predatory Sub-Prime lending practices that targeted the African American community.. These practices according to many in the Congressional Black Caucus created a lending environment that predetermined a negative outcome for African Americans in their attempts at home ownership… “Set up to fail” is how I believe Maxine Waters put it…

Enter Penny Pritzker & Superior Bank, Penny made big money off the misery of well intentioned African Americans, Superior Bank was one of the pioneers in the Sub-Prime lending debacle… While most banks rarely carried more than 2.5 %of their portfolio in sub-prime loans, Superior Bank was targeting that's right targeting, the African American community for these loans at a rate of 16 %!!!

Penny & the Gang at Superior had to pony up 460 million in a settlement worked out with the Fed… I hope I don't need to explain that if they paid a 460 million dollar fine they made a hell of a lot more…

See folks this scam isn't so hard to understand & it's a lot less complicated than politicians & Media Pundits are trying to make it out to be… It's all about the turn over of foreclosed houses in a rising real estate market, no risk at all to the bank until the real estate market tanks, and there is no one willing or able to buy a house at the now artificially inflated prices…

Every time a house got foreclosed on Ms Pritzker & Superior Bank had an opportunity to resell that house to another well intentioned low income buyer… But folks like Penny were literally “banking” on people to fail…

The more often the home owner failed to pay the mortgage the more the house could be turned over & with prices going up-up-up the sky was the limit… It wasn't just the bank holding the paper on the property that made money, let's remember each closing ensures a realtor gets a cut, a mortgage broker gets a cut, the law firm doing the closing gets a cut, & of course the banking execs & shareholders get their cut… & Foreclosures generate their own sorts of legal revenues that also generate dollars on the back end as well… To the unfortunate victim in this scam, the ill informed buyer, that's known as getting you coming & going…

In fact, truth be told their was no interest on the part of banks like Superior to ever see a mortgage come to term, in as much as prompt timely payments mean no quick turn around on these properties… Far better for profits it was for everyone involved if the mortgage could not be paid, have the Marshall's remove the old occupants so new victims could be moved in & the whole process could repeat itself… As long as the prices of houses keep going up there was very little risk to the lending institutes…

I almost forgot the most reprehensible character in this cyclic victimization of the least fortunate among us… Every good scam needs its pitch man, the snake oil salesman who beguiles the impressionable… Enter the Community Organizer who at least in the African American Community delivered naive people to the Predatory Lenders in the first place…

(One caveat before you knee Jerk Reactionists start whining that "Bobs a racist" over me calling low income African American naive & impressionable... Let us not forget that according to statistics 68% of those potential home owners were single moms & 50% of them never graduated High School… Stats even Sen. Obama acknowledges are disturbing)

Now skin color aside, I think we can all agree on one fact that has been made immutably clear in this sordid affair; a good many people had no idea what kind of ruthless blood merchants they were getting involved with, but an ultra intelligent, Harvard trained lawyer, who truly had his peoples best interests at heart should have vigorously advised his clients against entering into sub-prime loans from the get go… Unless of course he had something to gain out of the misery of his brethren… Kick backs & political consideration can make people forget all about the downtrodden they would claim to advocate for… Can't they Senator Obama???

Now I don't presume for one minute to know how it feels for a minute to be an African American in contemporary America, all I have to go on is what I hear ruminating from their leaders… & Though none of them has hit the proverbial nail on the head while defining Senator Obama’s role as a community Organizer in the Sub Prime mortgage melt down, I’m quite certain that in the past I’ve heard a pejorative term used in describing such sell outs to their own kind…

Human Pride World-Wide

Bob Grant

Sources:

The American Spectator

Forbes Magazine

USA Today