All you have to do is google to see all these references to Bush promoting home-ownership to those minorities that couldnt afford it, or even read the contracts (probably many illegals too since those were the worst areas.) Then when it crashed these poor-bad credit minorities blamed Republicans and elected Democrats. Compassionate conservativism was a disaster.
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
Early in George W. Bush’s first administration, a home ownership initiative was introduced, sometimes referred to as the Blueprint for the American Dream, to close the homeownership gap by 5.5 million minority families. Along with this homeownership initiative, there were other policies implemented to dismantle barriers to homeownership in minority communities.” from :
The Great American Mortgage Scam & The Latino Community
Who is Bush or anyone else to give this country away lock stock and Barrel, Compassionate !!!!!!!!!!!!!!!!!!! How being compassionate for this Country for once and Not Mexicans, Muslims and everyone else who does NOT belong here.
"Early in George W. Bush’s first administration, a home ownership initiative was introduced, sometimes referred to as the Blueprint for the American Dream, to close the homeownership gap by 5.5 million minority families. Along with this homeownership initiative, there were other policies implemented to dismantle barriers to homeownership in minority communities. In December of 2003, President Bush signed into law, the American Dream Downpayment Act, which incorporated three steps to broaden the homeownership. The first rule was to warn buyers about mortgage costs up front so that they could make informed decisions about their purchase. Funds for home counseling services were doubled (some funds went to faith based groups to provide such counseling). The second rule was supposed to make it easier for home buyers to decipher closing costs, and the third rule was to make the paperwork for home loans easier to read."
Read what follows at your like to see what F&F did, which kind of ties in with:
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
and
How the Democrats Created the Financial Crisis: Kevin Hassett
So yes, Bush took steps to increase minority home ownership, but he didn't enact mandates/quotas to force banks to make those bad loans.
But, you and others did open my eyes to one thing. Bush took way too much initiative on this issue, rather than just letting the free market work. THAT, I disagree with.
BTW, I believe our problems started with the collapse of our auto industry in the 70's. It's easy to ignore now because we're used to seeing so many imports on the road, but there was a time when GM had about 60% of the US market to itself. Now, it's considered good news when all of the US makers have 50%. You can't lose a third of your home market by the 90's, and now over half, to imports without taking an economic hit. If the US auto industry wasn't bleeding American jobs, and if other industries hadn't lost so many jobs, then more people would have been able to make their payments and the mortgage problem may not have been as bad as it was.