[raybbr]

thanks for that the question is would raising the per centage mean you couldn’t also regulate F&f?

Sure, but the goal was to increase the purchase of shaky loans.

(from the article: "Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income." "

Those were the same goals that Bush increased.

If you really want some good info on this go to "Ol' Dan Tucker's" page to see his links and info.

It's a real eye opener.

[Ol' Dan Tucker]

Those were the same goals that Bush increased.

I might add that Bush made two major changes:

1. He changed the banking regulations/laws so that banks could legally serve Mexican illegal aliens who had neither a Social Security number or valid US identification.

A provision hidden inside the PATRIOT Act allowed banks and lending institutions to accept the Mexican Matricula Consular card as valid ID and they could use the IRS ITIN in lieu of a SSN.

2. Banks who served the 'low income market' (guess who they're talking about?) would receive credit under the CRA.

Once these changes were made, banks put their reps in all the Mexican Consulates to explain to Mexican illegal aliens how they could take advantage of the US banks' goods and services (checking/savings accounts, credit cards, auto, home and business loans, etc.) while they waited in line for their Matricula Consular card.

The others before him were bad, but Bush is the one who really broke the back of the US economy.

[rabscuttle385]

Sure, but the goal was to increase the purchase of shaky loans.

"Increasing homeownership, particularly among minorities, is a priority for the Bush Administration," said HUD Secretary Mel Martinez. (01/27/2003) (georgewbush-whitehouse.archives.gov)

In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. (08/09/2004) (georgewbush-whitehouse.archives.gov)

In June, President Bush announced an aggressive homeownership agenda to dismantle barriers to homeownership by providing down payment assistance, increasing the supply of affordable homes, increasing support for self-help homeownership programs, and simplifying the homebuying process and increasing education. The President also issued "America's Homeownership Challenge" to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by taking concrete steps to tear down the barriers to homeownership that face minority families. The Bush Administration is working to increase homeownership among minority Americans through a number of new and expanded initiatives, as well as through ongoing programs administered by HUD and other federal departments..." (10/15/2001) (georgewbush-whitehouse.archives.gov)

S. 811: American Dream Downpayment Act (govtrack.us)

Note that the S.811, which provided tax-free "down payment" grant assistance using your tax dollars, was written, sponsored, and supported entirely by Republicans!

The establishment (both Dems and Republicans, including statist "conservatives" like Santorum and Sessions, both of whom were sponsors of S.811) really screwed the pooch this time around.