Replies

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.