We need to organize us some communities
We’re reading Peter Schweizer’s terrific “Architects of Ruin” which so far is mostly about how the fair housing campaign corrupted the mortgage market. We spend a chapter on this in Panic (see “You’ve Got a Friend at Freddie’s) but Peter 
tells the story in horrifying detail often shocking even us. Our favorite so far: in 1994 “community organizers” brought a seminal class action suit against Citibank, charging the bank with discriminating against black customers seeking mortgages. The charges were nonsense, but Citi settled. The plaintiffs got $60,000. The lawyers got $950,000. One of them was Barack Obama.
Maybe y’all knew that story. We didn’t. There are tons more in Peter’s book.
AR & RV
Tags: Andrew Redleaf, Architects of Ruin, Mortgage Crisis, Peter Schweizer, Richard Vigilante, Whitebox
