More Change We Can Believe in … Penny Pritzker, Obama’s National Campaign-Finance Chairwoman was a Subprime Mortgage “Queen”

More Obama change we can believe in … Think the media will ever cover this subprime mortgage embarrassing story? As Protein Wisdom states, “So I am not holding my breath waiting for the follow-up reportage.” As we can see MSNBC, one of the primary water carriers for Obama, they devoted one sentence to the story. One!

It is a story with the potential to dwarf that of Obama’s ex-Veep vetter, James Johnson.  But it would require the media to do some legwork to uncover whether — and to what extent — Penny Pritzker profited from the very financial wheelings and dealings Obama condemns on the campaign trail

The following statement regarding the accountability of sub prime mortgage is from BarackObama.com. Obama has long railed against the sub-prime mortgage industry and criticized the predatory subprime mortgage lender practices. 

Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama’s STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.

Really? I guess it would come as a surprise to Barack Obama and his campaign that their National Campaign-Finance Chairwoman, billionaire Penny Pritzker served for a time as failed subprime Superior Bank’s chairman, and later sat on the board of its holding company. Superior Bank was seized in 2001 and later closed by federal regulators.

Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family’s 50% ownership stake. She now serves as Barack Obama’s national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her — and perhaps to the campaign.

Superior was seized in 2001 and later closed by federal regulators. Government investigators and consumer advocates have contended that Superior engaged in unsound financial activities and predatory lending practices. Ms. Pritzker, a longtime friend and supporter of Sen. Obama, served for a time as Superior’s chairman, and later sat on the board of its holding company.

Change? Obama is a candidate of change? Between dealings with convicted felon Tony Rezko and other Obama associates like Rev. Jeremiah Wright, domestic terrorists like William Ayers and Bernadine Dohrn, former PLO flack Rashid Khalidi and now subprime mortage queen Penny Pritzker … can someone please question this man’s judgement and associations? PLEASE!!!

Obama claims he is a different kind of Presidential candidate. One not from inside the Belt way; however, his excuses are par for the political course when it comes to his association with Pritzker. Obama claims to be a change; however, by reading the campaigns statement, Obama is just like all the others. Actually, he is worse because he claims to be something that he is not. That would be a change and a breath of fresh air. Obama is nothing more than hot air.

In a prepared statement, the Obama campaign noted that Ms. Pritzker was never accused of wrongdoing by regulators in connection with Superior, and that her family agreed to pay $460 million to help defray the costs of Superior’s collapse.

In a written response to questions, Ms. Pritzker said the reasons for Superior’s fall “were complex. They include changes in accounting practices, auditing failures, reversals in regulatory positions and general economic conditions.” During her tenure at the thrift, she said, she believed it followed “ethical business practices” and complied with “fair lending laws.” For years, she said, Superior’s financial statements were found to be acceptable by regulators. (WSJ)