This Time is Different, Again? The United States Five Years after the Onset of Subprime potx

... 2012 This Time is Different, Again? The United States Five Years after the Onset of Subprime Carmen M. Reinhart and Kenneth S. Rogoff, Harvard University Five years after the onset of the 2007 ... 1906 (on the eve of the next crisis). The pattern during the Great Depression of the 1930s, is off the charts (Eichengreen and O Rourke, 2010 is a must read on this comparison). These historic ... 1908 does not return to the pre-crisis low until 1918. The aftermath of the systemic banking crisis of 1893 is worse than the 1907 episode, and the Depression of the 1930s is worse still. According...

... TelefaxNo.DanaCarreraNo.94C4094JUdgecastilloPlaintiffsDefendant.vs.SelmaS.BUYCKS-ROBERSON,)ReneeBROOKSandCalvinROBERSON)onbehalf of themselvesand)otherssimilarlysituated,))))))))))))CITIBANKFEDERALSAVINGSBANK,IN THE UNITED STATES DISTRICTCOURTFOR THE NORTHERNDISTRICT OF ILLINOISEASTERNDIVISIONSECONDAMENDEDCOMPLAINTPlaintiffsSelmaS.Buycks-Roberson,ReneeBrooksandCalvinR.Roberson,onbehalf of themselvesandotherssimilarlysituated,byandthroughtheirattorneys,make this SecondAmendedComplaintagainstDefendant,citibankFederalSavingsBank("Citibank").NATURE OF THE ACTION1. This is acivilactionbroughtbySelmaS.Buycks-Roberson,ReneeBrooksandCalvinR.Robersononbehalf of themselvesandallotherAfrican-Americanswhosehomeloanapplicationstocitibankoriginatedfrom the Chicagometropolitanareaandwhoseapplicationswererejectedbecause of theirraceorcolororbecause of the racialcomposition of the neighborhoodinwhichtheirpropertieswerelocated. This actionseeksinjunctivereliefandmonetarydamagesforviolations of 42u.S.C.§§1981and1982;42U.S.C.§3605and15U.S.C.§169l(a).JURISDICTIONANDVENUE2.Jurisdiction of this courtarisesunder28U.S.C.§1343(a)(4),42U.S.C.§3613(a)(1)(A)and15U.S.C.§1691e(f).3.Venue is properin the NorthernDistrict of Illinoissincesome of the actsandtransactionscomplained of occurredin this district. THE PARTIES4.PlaintiffSelmaS.Buycks-Roberson is anAfrican-Americancitizen of the united States whoresidesinBroadview,Illinois.5.PlaintiffReneeBrooks is anAfrican-Americancitizen of the united States whoresidesinChicago,Illinois.6.PlaintiffCalvinR.Roberson is anAfrican-Americancitizen of the united States whoresidesinChicago,Illinois.7.Defendantcitibank is afederalsavingsbankthatoffersresidentialmortgageloans("homeloans").CLASSACTIONSALLEGATIONS8.(a)Plaintiffsarecitibankhomeloanapplicants;theybring this actiononbehalf of themselvesandallotherAfrican-Americanhomeloanapplicantssimilarlysituated. This action is broughtasaclassactionpursuanttoRule23(b)(2)andRule23(b)(3) of the FederalRules of CivilProcedure.(b) The classconsists of allAfrican-Americanswhofiledapplicationsforhomeloanstocitibankandwererejectedonor after July6,1992becausetheyareAfrican-Americanand/or2because the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocatedwaspredominantlyAfrican-American.(c) The class is sonumerousthatjoinder of allpersons is impracticable.PlaintiffsareinformedandbelievethatmanyhomeloanapplicationstoDefendantbyAfrican-Americanswereillegallyrejected.Oninformationandbelief,Defendantrejected the homeloanapplications of manydozens of African-Americanapplicantsbecause of theirraceorcolor,and/orbecause of the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocated.(d)Plaintiffswillfairlyandadequatelyprotect the interests of allclassmembers,astheyaremembers of the classandtheirclaimsaretypical of the claims of allclassmembers.Plaintiffsareincensedby the treatmenttheyhavereceivedandwillaggressivelypursuetheiraswellas the class'sinterests.Plaintiffs'interestsinobtaininginjunctivereliefandmonetarydamagesfor the violations of the above-mentionedfederalstatutesareconsistentwithandnotantagonistictothose of anypersonwithin the class.(e) The commonquestions of lawandfactinclude:(i)whetherDefendanthadapolicy,practiceorproceduretorejecthomeloanapplicationson the basis of the applicants'raceoron the basis of the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocated;(ii)whether the conductallegedherein is inviolation of Title42U.S.C.§§1981and1982;42U.S.C.§3605and15U.S.C.3§1691(a);and(iii)whetherPlaintiffsareentitledtoanaward of actual,compensatoryorpunitivedamages.(f) The wrongfulconductallegedhereinhasbeentakengenerallyagainstallmembers of the classinthatAfrican-Americanhomeloanapplicantshavehadtheirloanapplicationsrejectedon the basis of theirraceorcolor,orbecause of the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocated,orboth,pursuantto the policies,practicesorprocedures of Defendant.(g) The commonquestions of factandlawpredominateoverquestionsaffectingonlyindividualclassmembers.(h)Aclassaction is superiortootheravailablemethodsfor the fairandefficientadjudication of the controversyinthat:(i)amUltiplicity of suitswithconsequentburdenon the courtsandDefendantshouldbeavoided;and(ii)itwouldbeundulyburdensomeforallclassmemberstointerveneasparties-plaintiffsin this action. THE FACTSMs.Buycks-Roberson9.OnoraboutApril4,1992,PlaintiffSelmaBuycks-Robersonappliedforahomeloan of approximately$43,700fromcitibank.10. The purpose of the loanwastorefinanceanexistingmortgage of approximately$43,500onMs.Buycks-Roberson'shome,locatedat2057South25thAvenueinBroadview,Illinois.11. The propertythatMs.Buycks-Robersonattemptedtorefinance is locatedinaneighborhoodinwhich the African-4Americanrepresentation is growingandcurrentlyconstitutesoverfiftypercent(50%) of thatneighborhood'spopulation.12.Ms.Buycks-Robersonprovidedtocitibankextensivefinancialdocumentationconcerningherfinancialabilityand the property,includingdocumentsshowingannualincome of over$47,000.13.OnoraboutApril28,1992,Ms.Buycks-RobersonreceivedfromDefendantcitibankaletterthatinformedherthathermortgageloanapplicationhadbeendeniedbecause of delinquentcreditobligationsandotheradversecredit.14.OnJune19,1992,Ms.'Buycks-Robersonreappliedfor the homeloan,andagainprovidedtocitibankextensivefinancial.documentationconcerningherannualincome,financialabilityandadditionalinformationconcerninghercreditworthiness.15.Onor after July10,1992,Ms.Buycks-Robersonreceivedfromcitibankaletterthatinformedherthathermortgageloanapplicationhadbeendeniedbecauseher"income[did]notsupport the amount of creditrequested."16.Ms.Buycks-Robersonwasqualifiedtoreceive the loanshesoughtfromcitibank.Ms.Brooks17.OnoraboutNovember25,1993,PlaintiffReneeBrooksappliedforahomeloan of approximately$95,000fromcitibank.18.Ms.BrooksprovidedCitibankwithalldocumentationthatCitibankrequired.519. The purpose of the loanwastorefinanceanexistingmortgage of approximately$95,000onMs.Brooks'scondominium,locatedat5000SouthCornellStreetinChicago,Illinois.20. The propertythatMs.Brooksattemptedtorefinance is locatedinaneighborhoodinwhichthere is asignificantAfrican-Americanpopulation.21.OnoraboutMarch8,1994,Ms.Brooks'sapplicationforahomeloanwasdeniedon the groundsthatshehadinadequatecollateral,andon the groundsthatshehadsubmittedanincompleteapplication.22.Ms.Brookswasqualifiedtoreceive the homeloanshesoughtfrom'citibank.Mr.Roberson23.OnoraboutJuly9,1993,PlaintiffCalvinRobersonappliedforahomeloan of approximately$43,000fromcitibank.24. The purpose of the loanwastorefinanceanexistingmortgage of approximately$43,000onMr.Roberson'shome,locatedat2847West85thStreetinChicago,Illinois.25. The propertywhichMr.Robersonattemptedtorefinance is loc~tedinaneighborhoodinwhich the African-Americanrepresentation is growing.26.Mr.Robersonprovidedcitibankwithalldocumentationthatcitibankrequested,includingdocumentsshowinganannualincome of approximately$69,000fromhismanagementpositionatAT&T,and the equityinhishomevaluedatapproximately$75,000.Mr.Robersonalsoprovided"documentationshowingadditionalliquidassetswellinexcess of the amount of the loanrequested.6Mr.Roberson'sincomewasmorethansufficienttoenablehimtomeethiscreditobligations.27.'OnoraboutJuly9,1993,Mr.Robersonreceivedaletterfrom'citibank,denyinghisapplicationforrefinancingon the groundsthatitwas"incomplete,"andon the groundsthatDefendantcitibankdidnot"make this type of loan.".28.Mr.Robersonwasqualifiedtoreceive the loanhesoughtfromcitibank.COUNTIEQUALCREDIT ... TelefaxNo.DanaCarreraNo.94C4094JUdgecastilloPlaintiffsDefendant.vs.SelmaS.BUYCKS-ROBERSON,)ReneeBROOKSandCalvinROBERSON)onbehalf of themselvesand)otherssimilarlysituated,))))))))))))CITIBANKFEDERALSAVINGSBANK,IN THE UNITED STATES DISTRICTCOURTFOR THE NORTHERNDISTRICT OF ILLINOISEASTERNDIVISIONSECONDAMENDEDCOMPLAINTPlaintiffsSelmaS.Buycks-Roberson,ReneeBrooksandCalvinR.Roberson,onbehalf of themselvesandotherssimilarlysituated,byandthroughtheirattorneys,make this SecondAmendedComplaintagainstDefendant,citibankFederalSavingsBank("Citibank").NATURE OF THE ACTION1. This is acivilactionbroughtbySelmaS.Buycks-Roberson,ReneeBrooksandCalvinR.Robersononbehalf of themselvesandallotherAfrican-Americanswhosehomeloanapplicationstocitibankoriginatedfrom the Chicagometropolitanareaandwhoseapplicationswererejectedbecause of theirraceorcolororbecause of the racialcomposition of the neighborhoodinwhichtheirpropertieswerelocated. This actionseeksinjunctivereliefandmonetarydamagesforviolations of 42u.S.C.§§1981and1982;42U.S.C.§3605and15U.S.C.§169l(a).JURISDICTIONANDVENUE2.Jurisdiction of this courtarisesunder28U.S.C.§1343(a)(4),42U.S.C.§3613(a)(1)(A)and15U.S.C.§1691e(f).3.Venue is properin the NorthernDistrict of Illinoissincesome of the actsandtransactionscomplained of occurredin this district. THE PARTIES4.PlaintiffSelmaS.Buycks-Roberson is anAfrican-Americancitizen of the united States whoresidesinBroadview,Illinois.5.PlaintiffReneeBrooks is anAfrican-Americancitizen of the united States whoresidesinChicago,Illinois.6.PlaintiffCalvinR.Roberson is anAfrican-Americancitizen of the united States whoresidesinChicago,Illinois.7.Defendantcitibank is afederalsavingsbankthatoffersresidentialmortgageloans("homeloans").CLASSACTIONSALLEGATIONS8.(a)Plaintiffsarecitibankhomeloanapplicants;theybring this actiononbehalf of themselvesandallotherAfrican-Americanhomeloanapplicantssimilarlysituated. This action is broughtasaclassactionpursuanttoRule23(b)(2)andRule23(b)(3) of the FederalRules of CivilProcedure.(b) The classconsists of allAfrican-Americanswhofiledapplicationsforhomeloanstocitibankandwererejectedonor after July6,1992becausetheyareAfrican-Americanand/or2because the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocatedwaspredominantlyAfrican-American.(c) The class is sonumerousthatjoinder of allpersons is impracticable.PlaintiffsareinformedandbelievethatmanyhomeloanapplicationstoDefendantbyAfrican-Americanswereillegallyrejected.Oninformationandbelief,Defendantrejected the homeloanapplications of manydozens of African-Americanapplicantsbecause of theirraceorcolor,and/orbecause of the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocated.(d)Plaintiffswillfairlyandadequatelyprotect the interests of allclassmembers,astheyaremembers of the classandtheirclaimsaretypical of the claims of allclassmembers.Plaintiffsareincensedby the treatmenttheyhavereceivedandwillaggressivelypursuetheiraswellas the class'sinterests.Plaintiffs'interestsinobtaininginjunctivereliefandmonetarydamagesfor the violations of the above-mentionedfederalstatutesareconsistentwithandnotantagonistictothose of anypersonwithin the class.(e) The commonquestions of lawandfactinclude:(i)whetherDefendanthadapolicy,practiceorproceduretorejecthomeloanapplicationson the basis of the applicants'raceoron the basis of the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocated;(ii)whether the conductallegedherein is inviolation of Title42U.S.C.§§1981and1982;42U.S.C.§3605and15U.S.C.3§1691(a);and(iii)whetherPlaintiffsareentitledtoanaward of actual,compensatoryorpunitivedamages.(f) The wrongfulconductallegedhereinhasbeentakengenerallyagainstallmembers of the classinthatAfrican-Americanhomeloanapplicantshavehadtheirloanapplicationsrejectedon the basis of theirraceorcolor,orbecause of the racialcomposition of the neighborhoodsinwhichtheirpropertieswerelocated,orboth,pursuantto the policies,practicesorprocedures of Defendant.(g) The commonquestions of factandlawpredominateoverquestionsaffectingonlyindividualclassmembers.(h)Aclassaction is superiortootheravailablemethodsfor the fairandefficientadjudication of the controversyinthat:(i)amUltiplicity of suitswithconsequentburdenon the courtsandDefendantshouldbeavoided;and(ii)itwouldbeundulyburdensomeforallclassmemberstointerveneasparties-plaintiffsin this action. THE FACTSMs.Buycks-Roberson9.OnoraboutApril4,1992,PlaintiffSelmaBuycks-Robersonappliedforahomeloan of approximately$43,700fromcitibank.10. The purpose of the loanwastorefinanceanexistingmortgage of approximately$43,500onMs.Buycks-Roberson'shome,locatedat2057South25thAvenueinBroadview,Illinois.11. The propertythatMs.Buycks-Robersonattemptedtorefinance is locatedinaneighborhoodinwhich the African-4Americanrepresentation is growingandcurrentlyconstitutesoverfiftypercent(50%) of thatneighborhood'spopulation.12.Ms.Buycks-Robersonprovidedtocitibankextensivefinancialdocumentationconcerningherfinancialabilityand the property,includingdocumentsshowingannualincome of over$47,000.13.OnoraboutApril28,1992,Ms.Buycks-RobersonreceivedfromDefendantcitibankaletterthatinformedherthathermortgageloanapplicationhadbeendeniedbecause of delinquentcreditobligationsandotheradversecredit.14.OnJune19,1992,Ms.'Buycks-Robersonreappliedfor the homeloan,andagainprovidedtocitibankextensivefinancial.documentationconcerningherannualincome,financialabilityandadditionalinformationconcerninghercreditworthiness.15.Onor after July10,1992,Ms.Buycks-Robersonreceivedfromcitibankaletterthatinformedherthathermortgageloanapplicationhadbeendeniedbecauseher"income[did]notsupport the amount of creditrequested."16.Ms.Buycks-Robersonwasqualifiedtoreceive the loanshesoughtfromcitibank.Ms.Brooks17.OnoraboutNovember25,1993,PlaintiffReneeBrooksappliedforahomeloan of approximately$95,000fromcitibank.18.Ms.BrooksprovidedCitibankwithalldocumentationthatCitibankrequired.519. The purpose of the loanwastorefinanceanexistingmortgage of approximately$95,000onMs.Brooks'scondominium,locatedat5000SouthCornellStreetinChicago,Illinois.20. The propertythatMs.Brooksattemptedtorefinance is locatedinaneighborhoodinwhichthere is asignificantAfrican-Americanpopulation.21.OnoraboutMarch8,1994,Ms.Brooks'sapplicationforahomeloanwasdeniedon the groundsthatshehadinadequatecollateral,andon the groundsthatshehadsubmittedanincompleteapplication.22.Ms.Brookswasqualifiedtoreceive the homeloanshesoughtfrom'citibank.Mr.Roberson23.OnoraboutJuly9,1993,PlaintiffCalvinRobersonappliedforahomeloan of approximately$43,000fromcitibank.24. The purpose of the loanwastorefinanceanexistingmortgage of approximately$43,000onMr.Roberson'shome,locatedat2847West85thStreetinChicago,Illinois.25. The propertywhichMr.Robersonattemptedtorefinance is loc~tedinaneighborhoodinwhich the African-Americanrepresentation is growing.26.Mr.Robersonprovidedcitibankwithalldocumentationthatcitibankrequested,includingdocumentsshowinganannualincome of approximately$69,000fromhismanagementpositionatAT&T,and the equityinhishomevaluedatapproximately$75,000.Mr.Robersonalsoprovided"documentationshowingadditionalliquidassetswellinexcess of the amount of the loanrequested.6Mr.Roberson'sincomewasmorethansufficienttoenablehimtomeethiscreditobligations.27.'OnoraboutJuly9,1993,Mr.Robersonreceivedaletterfrom'citibank,denyinghisapplicationforrefinancingon the groundsthatitwas"incomplete,"andon the groundsthatDefendantcitibankdidnot"make this type of loan.".28.Mr.Robersonwasqualifiedtoreceive the loanhesoughtfromcitibank.COUNTIEQUALCREDIT ... COUNTIIICIVILRIGHTS39.Plaintiffsadoptandreallege~~1through28 of this complaintandincorporatethembyreferenceas~39 of CountIII.40.CountIII is broughtpursuantto the ThirteenthAmendment of the united states Constitutiontoredress the deprivation&apos ;of rights,privilegesandimmunitiessecuredthereby.CountIII is alsobroughtpursuantto42U.S.C.§§1981and1982tosecure the right of Plaintiffstomakeandenforcecontractson the samebasisthatsuchrightsareenjoyedbywhitecitizens,andtoenforce the right of Plaintiffstoinherit,purchase,lease,sell,hold,andconv~yrealandpersonalpropertyon the samebasisaswhitecitizens.41.Defendant,on the basis of raceandcolor,hasdeprivedPlaintiffs of the fullandequalenjoyment of goods,services,facilities,privileges,advantages,andaccommodations,including the righttoenforcecon~ractsandtohaveinterestinproperty,asareenjoyedbywhitecitizens.Defendant'srefusaltoprovidePlaintiffahomeloanwasintentionalandwillfulwith the purposeandintent of deprivingPlaintiff of herconstitutionalrighttofreelypurchasepropertywithoutregardtorace.42.Asadirectandproximateresult of the wrongfulactsby the Defendant,Plaintiffshavesufferedactualdamagesandwillcontinuetosufferdamagesfrom the humiliationand.embarrassmentcausedby the Defendant'srefusaltodealwiththembecause of theirraceorcolor,and the deprivationbyDefendant of Plaintiffs'constitutionalandstatutoryrightsfreelytoobtainhomeloanswithoutregardtorace.1043.Because of the Defendant'smaliciousrefusaltodealwithPlaintiffsanditspolicy of discriminationagainstPlaintiffsbecause of raceorcolor,Plaintiffsclaimpunitiveorexemplarydamages.WHEREFORE,PlaintiffsaskjUdgmentagainstDefendantfor:(a)Actualdamagesinanamounttobeprovedattrial;(b)Compensatorydamagesinanamounttobeprovedattrial;(c)Punitivedamages;(d)Appropriateinjunctiverelief;(e)Reasonableattorneys'feesandcosts of suit;and(f)Furtherreliefas this Courtdeemsjustandproper.SELMAS.BUYCKS-ROBERSON;...

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