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President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
youtube/twit273 ^ | September 24, 2008 | sickoflibs

Posted on 05/01/2009 8:51:06 PM PDT by sickoflibs

GWB 2002 Speech :”More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. That’s a home ownership gap; a gap that we got to work together to close. And by the end of this decade we’ll increase the number of minority homeowners (future Obama voters ) by 5.5 million families. “

“One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers. Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) . You don’t have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else (till those adjustable rates go up). “

video at : economic crisis president bush mortgage speech


TOPICS: Business/Economy; Government; Philosophy; Politics/Elections
KEYWORDS: 2002; bush; housingbubble; mortgagecrisis; mortgages; schifflist
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1 posted on 05/01/2009 8:51:06 PM PDT by sickoflibs
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To: sickoflibs

I have had my disagreement with the President. The “compassionate” part of his conservatism we could have done without.


2 posted on 05/01/2009 8:54:28 PM PDT by libh8er
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To: libh8er

disagreementS.


3 posted on 05/01/2009 8:55:03 PM PDT by libh8er
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To: sickoflibs

The basic problem seems to be the people that don’t deserve the help seem to hate the people that give them a hand, perverse as that may be. The moral of the story? Don’t give them a hand. They will only hate you for it. Make one set of rules and apply it to everyone.


4 posted on 05/01/2009 8:55:18 PM PDT by yldstrk (My heros have always been cowboys--Reagan and Bush)
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To: Harrius Magnus; mojitojoe; Pelham; mom2twinsn2; LongLiveTheRepublic; ConservativeOrBust; ...

The Bush defenders seem to forget how well he worked with democrats, This initiative moved democrats out into the counties to vote democrat, like here in Maryland.


5 posted on 05/01/2009 8:56:14 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs

Yes. The Clinton Administration leveraged the Community Reinvestment Act to woo black voters; the GW Bush Administration did the same thing to bring Hispanics into the fold. There are swaths of developments in California’s central valley, from Fresno to Stockton and beyond, which stand in deserted testament to the implosion of this strategy.


6 posted on 05/01/2009 8:57:09 PM PDT by RightOnTheLeftCoast (1st call: Abbas. 1st interview: Al Arabiya. 1st energy decision: halt drilling in UT. Arabs 1st!)
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To: sickoflibs

O but it isn’t his fault. The mean ole Dems were driving tacks through his toenails and forcing him to alter restrictions to allow the less fortunate to buy homes.

{snicker}


7 posted on 05/01/2009 8:57:16 PM PDT by TomGuy
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To: Cheetahcat

Couldnt resist


8 posted on 05/01/2009 8:57:33 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: yldstrk
Biting the hand that feeds. But they do it without realizing it because all they hear from their politicians is that the hand that feeds them is really the hand that has taken away from them.
9 posted on 05/01/2009 8:58:09 PM PDT by libh8er
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To: yldstrk
Make one set of rules and apply it to everyone.

The rule I live by, equal rights not special rights!!

10 posted on 05/01/2009 8:58:40 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: TomGuy

Barney did it!!


11 posted on 05/01/2009 8:59:13 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: sickoflibs

And what has to infuriate you even more is when President Bush said this 17 times:

** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (”Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market’s] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
In 2005— Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

More... Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.


12 posted on 05/01/2009 8:59:42 PM PDT by lonestar67 ("I love my country a lot more than I love politics," President George W. Bush)
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To: RightOnTheLeftCoast

NO, the republicans attached the CRA to the repeal of Glass-Steagall, to get democrat support and votes. There was no voter that I know of that demanded the republicans do something so stupid. But the money boys on K street did were all for it.


13 posted on 05/01/2009 9:02:50 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: RightOnTheLeftCoast
the GW Bush Administration did the same thing to bring Hispanics into the fold

I look at the real estate listings for my town of 14k frequently. I look at the public county record to see who owns many of them. Many are owned by banks and financial institutions. That tends to indicate the properties are foreclosures. The public record also shows the names of previous owners.

Care to guess how many were Hispanic names just prior to the financial institutions becoming 'owners'?
14 posted on 05/01/2009 9:05:14 PM PDT by TomGuy
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To: sickoflibs

Here ya go.

http://www.youtube.com/watch?v=eW9viaJatpo


15 posted on 05/01/2009 9:06:28 PM PDT by dragnet2
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To: PhilCollins; spintreebob; trumandogz; Huck; lakertaker; dools007; KDD; ken21; ...

In case I missed you, this was very inspiring.


16 posted on 05/01/2009 9:06:45 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs

George W. Bush is a meathead.


17 posted on 05/01/2009 9:08:26 PM PDT by boycott
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To: lonestar67
And what has to infuriate you even more is when President Bush said this 17 times:

I have posted many times:
Bush I gave us Clinton;
Bush II gave us Obama.
And there are still many loyalists who will be stumping for Jeb for 2012.


18 posted on 05/01/2009 9:09:46 PM PDT by TomGuy
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To: yldstrk

It is interesting when I read what you wrote. In family situations it works much the same way. Once you help them they resent or even hate you. The help most often does not change their lives because they have not changed their behavior.
Not surprising that this translates the same on a national scale.


19 posted on 05/01/2009 9:11:35 PM PDT by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: lonestar67

A problem with your timeline. It was HIS congress till 2007 and by 2007 it was too late. Now he managed to get his priorities done like minority homeownership and Invading Iraq, but somehow didnt get this reform through republican congress??


20 posted on 05/01/2009 9:11:42 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs
Yes, I remember this and President Bush's pride that there were more home owners than ever.

It did not take that much IQ (I knew it) to know that far too many of them were not home buyers in the manner of generations of home buyers.

In fact the Bush administration targeted rural home ownership for agriculture workers -- IMO that meant large numbers of "undocumented" workers as well as citizens and legal residents.

This in no way absolves the Rat Party (formerly the traditional, patriotic Democratic Party) of massive non-, mis-, and malfeasance.

21 posted on 05/01/2009 9:13:54 PM PDT by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: antceecee; yldstrk

That is not exactly the way I see it. GWB thought he could buy love. But there was a theory about this they were telling republicans that home ownership creates conservatives, ownership society. That backfired beyond belief. He turned the country side into suburbs and democrat.


22 posted on 05/01/2009 9:15:26 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: TomGuy

Bush I gave us Clinton;
Bush II gave us Obama.


And they’re all “free traitors.”

Bush 1 wasn’t a man of conviction. He was pro-choice before he jumped on the ballot with Reagan. He was all about whatever it took to get elected so that his ego and agenda would be filled.

Both bush 1 and bush 2 make me ill. They set conservatives back 30 - 40 years.


23 posted on 05/01/2009 9:20:52 PM PDT by boycott
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To: libh8er
I have had my disagreement with the President. The “compassionate” part of his conservatism we could have done without.

Same here but I would take "compassionate conservatism" back in a heart beat right about now.

24 posted on 05/01/2009 9:23:56 PM PDT by Las Vegas Ron (I'd rather the world hate us then laugh at us)
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To: WilliamofCarmichael
"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."

The Great American Mortgage Scam & The Latino Community

The way I look at it was GWB was a tool for democrats to destroy our freedoms.

25 posted on 05/01/2009 9:27:27 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs

I don’t quite understand your statement. GWB thought he could buy love?
Home ownership equals conservatives?
GWB turned the country into suburban Democrats?

Really?


26 posted on 05/01/2009 9:29:43 PM PDT by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: sickoflibs
Now he managed to get his priorities done like minority homeownership and Invading Iraq, but somehow didnt get this reform through republican congress??

Don't forget the huge push for amnesty.

27 posted on 05/01/2009 9:34:32 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: antceecee
RE “GWB thought he could buy love?

General give-aways, as his popularity went down, this bigger the spending. Every year was bigger bill

RE Home ownership equals conservatives?. GWB turned the country into suburban Democrats

They were on TV talking about a home ownership society and how people turn responsible when they own house, from being irresponsible when they rent apartments. Newt used to get on TV and say this. But the woods just got paved over for houses and liberals moved out into them. Now most vote democrat

28 posted on 05/01/2009 9:38:52 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: lonestar67; sickoflibs

“good capital” — LOL

http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020618-1.html

(snip)

And so, therefore, I’ve called — yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I’m proud to report that Fannie Mae has heard the call and, as I understand, it’s about $440 billion over a period of time. They’ve used their influence to create that much capital available for the type of home buyer we’re talking about here. It’s in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.


29 posted on 05/01/2009 9:40:18 PM PDT by calcowgirl (RECALL Abel Maldonado! - NO on Props 1A 1B 1C 1D 1E 1F)
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To: Moonman62
RE “Don't forget the huge push for amnesty”

A sore point with me too but that other list was things he actually got done early because he really wanted them. BTW : Bush said in an interview he regrets not getting amnesty when he was still popular. Not kidding

30 posted on 05/01/2009 9:41:49 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs
Homeownership Continues to Increase in 2002

HUD Statement on Record Homeownership Rates in 2002

Census Bureau data released on January 27, 2003 show that there are more homeowners in America than at any time in history. The 2002 annual homeownership rate was 67.9 percent, up 0.1 percent from the previous record posted in 2001. And, in the fourth quarter of 2002, a new all-time national homeownership record was set at 68.3 percent, up 0.3 percent from both the third quarter of 2002 and the fourth quarter of 2001.

"Increasing homeownership, particularly among minorities, is a priority for the Bush Administration," said HUD Secretary Mel Martinez. "The increase in new homeowners, announced today, demonstrates that we are moving in the right direction towards reaching our goal of adding 5.5 million new homeowners by the end of the decade."

Homeownership also increased for minorities to a record high of 49.9 percent in 2002, an increase of 0.8 percent. Last year President Bush announced "America's Homeownership Challenge," calling on the housing industry to help increase minority homeownership. The result was the Blueprint for the American Dream Partnership, an unprecedented public-private partnership to increase minority homeownership by helping to educate homebuyers, increase the supply of affordable housing, offer down-payment assistance and provide flexible financing options that help people realize the American Dream.

Last week, the Administration announced several 2004 budget proposals aimed at increasing the production of affordable housing, combating regulatory barriers, and helping more low-income, minority families become homeowners. These proposals include: $113 million increase for the Department's HOME Investment Partnerships Program, which will boost the supply of housing that is affordable to low-income families, as well as an additional $200 million for the American Dream Downpayment Fund to help low- to moderate-income families become first-time homeowners and an added $2 million for research to help reduce regulatory barriers to affordable housing. Additionally, HUD is requesting an additional $10 million toward housing counseling to assist thousands more low-income individuals and families to find and maintain homes.

31 posted on 05/01/2009 9:48:13 PM PDT by calcowgirl (RECALL Abel Maldonado! - NO on Props 1A 1B 1C 1D 1E 1F)
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To: sickoflibs
And like his tax cuts, single moms working their tails off to support a whole family, juggling two full time jobs.....Well, we got left of the loop.

Thats ok though. Cuz this is America, doggone it. And 5 years of working two jobs is going to pay off. Real soon.

32 posted on 05/01/2009 9:49:20 PM PDT by softengine (Betrayal and Hypocrisy play on both sides of the fence.......but no one will admit it.)
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To: calcowgirl
RE “We need more capital in the private markets for first-time, low-income buyers

Greenspan was printing lots of money then like the fed is now. That made up money was the capital he talks about, and selling the loans overseas(we all paid in higher prices later.). But 'capital' sounded SO capitalistic unlike 'made up money'. No wonder capitalist is a bad name now, with him using it then.

33 posted on 05/01/2009 9:51:50 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs

politicians need money and votes,Bush did what a politician does... Hindsight is wonderful


34 posted on 05/01/2009 9:52:48 PM PDT by woofie
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To: sickoflibs

Sounds like the “American Dream” for homebuilders and lenders, all backed up by bailouts for the foreseeable losses.


35 posted on 05/01/2009 9:55:01 PM PDT by calcowgirl (RECALL Abel Maldonado! - NO on Props 1A 1B 1C 1D 1E 1F)
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To: softengine
RE “single moms working their tails off to support a whole family, juggling two full time jobs...

I know you have a point. Are you a single Mom? What are you getting at? didnt they get a special tax credit even if they paid little or no taxes?

36 posted on 05/01/2009 9:55:16 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: woofie

RE :”politicians need money and votes,Bush did what a politician does... Hindsight is wonderful”

I know that is EXACTLY what he was doing and say it here all the time. you are more honest than most, I done expect perfection, but if you ask for our (conservatives trust) and lead us off cliff, after getting re-elected, I am mad!!


37 posted on 05/01/2009 10:00:58 PM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs
How cool is this? You can move from Section 8 housing to being a homeowner!
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation

Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.

The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership opportunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.

Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeownership rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.

Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation.

NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, ...

38 posted on 05/01/2009 10:01:26 PM PDT by calcowgirl (RECALL Abel Maldonado! - NO on Props 1A 1B 1C 1D 1E 1F)
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To: sickoflibs

the link is dead, but here are some exercpts from a speech in 2002 I posted:

President Reiterates Goal on Homeownership

6/2002 Remarks by the President on Homeownership Department of Housing and Urban Development Washington, D.C.

We are here in Washington, D.C. to address problems. So I’ve set this goal for the country. We want 5.5 million more homeowners by 2010 — million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it’s going to mean we’re going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.

I’m going to do my part by setting the goal, by reminding people of the goal, by heralding the goal, and by calling people into action, both the federal level, state level, local level, and in the private sector. (Applause.)

And so what are the barriers that we can deal with here in Washington? Well, probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say that’s too high, I’m not buying. They may have the desire to buy, but they don’t have the wherewithal to handle the down payment. We can deal with that. And so I’ve asked Congress to fully fund an American Dream down payment fund which will help a low-income family to qualify to buy, to buy. (Applause.)

We believe when this fund is fully funded and properly administered, which it will be under the Bush administration, that over 40,000 families a year — 40,000 families a year — will be able to realize the dream we want them to be able to realize, and that’s owning their own home. (Applause.)

The second barrier to ownership is the lack of affordable housing. There are neighborhoods in America where you just can’t find a house that’s affordable to purchase, and we need to deal with that problem. The best way to do so, I think, is to set up a single family affordable housing tax credit to the tune of $2.4 billion over the next five years to encourage affordable single family housing in inner-city America. (Applause.)

The third problem is the fact that the rules are too complex. People get discouraged by the fine print on the contracts. They take a look and say, well, I’m not so sure I want to sign this. There’s too many words. (Laughter.) There’s too many pitfalls. So one of the things that the Secretary is going to do is he’s going to simplify the closing documents and all the documents that have to deal with homeownership.

And it seems like to us that it makes sense to have a outreach program, an education program that explains the whys and wherefores of buying a house, to make it easier for people to not only understand the legal implications and ramifications, but to make it easier to understand how to get a good loan.

Finally, we want to make sure the Section 8 homeownership program is fully implemented. This is a program that provides vouchers for first-time home buyers which they can use for down payments and/or mortgage payments. (Applause.)

And so, therefore, I’ve called — yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I’m proud to report that Fannie Mae has heard the call and, as I understand, it’s about $440 billion over a period of time. They’ve used their influence to create that much capital available for the type of home buyer we’re talking about here. It’s in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.


39 posted on 05/01/2009 10:01:59 PM PDT by traviskicks (http://www.neoperspectives.com/Ron_Paul_2008.htm)
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To: Moonman62; sickoflibs
Don't forget the huge push for amnesty.

Much of the mortgage meltdown can be attributed to illegals who were given mortgages without proof of employment/citizenship, etc. If they could breathe and scratch out the name of one of their aliases, they got a mortgage. Many times they flipped the house over and over among family members, then absconded to Mexico with bags full of cash, leaving banks and taxpayers holding the bag.

Husband And Wife Plead Guilty To Massive Florida Straw Buyer Scheme ("God's children here for a better life")
Posted by Staff Reporter 06/02/08

Juan and Rachael Torrens pled guilty to conspiracy charges in connection with their participation in a recent multi-million dollar mortgage fraud scheme in South Florida. The defendants acknowledged as part of their guilty plea that their scheme produced over $15,000,000 in fraudulent loans, and resulted in losses of over $5,000,000 to various lenders. With Juan and Rachael Torrens‘ guilty pleas, 15 of the original 31 defendants charged have pled guilty.

As previously reported by Mortgage Fraud Blog, defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (”Amsouth”) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in this massive mortgage fraud scheme.

The scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, Florida, and in the City of Marco Island.

All except Katherine Harris have already pled guilty, and are awaiting sentence. The Indictment also charges defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rordriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire fraud for their participation in this mortgage fraud scheme. To date, guilty pleas have been entered by defendants Aurelio Pozo, Oscar Barreiro, Carlos Morales, Damaris Jimenez, Mario Blanco, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Moises Llorens, Gladys Lens, and Roger Rosario.

According to the Indictment, Juan Torrens would identify sellers of residential properties who were willing to overstate the true selling price of their properties. Daniel Ramos and Juan Torrens would then recruit and pay the straw buyer defendants to pose as buyers and ostensibly participate in the purchase of the selected properties. Defendants Rachael Torrens and Juan Torrens would prepare fraudulent mortgage loan applications for the straw purchasers that included false employment verifications, pay stubs, income and funds on deposit, and IRS Forms W-2.

Thereafter, to support the overstated sales prices on the properties and the fraudulent mortgage applications, defendant Alonso A. Muxo would prepare fraudulent appraisals attesting to the inflated property values dictated by Juan Torrens. Roger Rosario, an employee of Regions Bank, assisted the fraud by providing, on at least one occasion, a fraudulent verification of deposit in connection with a mortgage loan application for one of the straw buyer defendants.

To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s, which falsely stated that the straw buyers brought their own funds to the clTo: Moonman62; sickoflibsosings. Once the mortgage applications were approved, the lenders would wire the loan proceeds to the title company, Floridian Home Title, for closing.

At closing, Amsouth, a company owned and controlled by Juan Torrens, would receive a credit for the difference between the inflated price and the actual selling price of the property. Defendants Juan and Rachael Torrens would make the payments on the mortgage loans to maintain the loans afloat until the properties could be resold again, often to another straw buyer. When the Torrenses failed to make payments on the loans, some properties went into foreclosure, resulting in substantial losses to the lending institutions (and taxpayers).

http://www.mortgagefraudblog.com/index.php/weblog/comments/husband_and_wife_plead_guilty_to_massive_florida_straw_buyer_scheme/

40 posted on 05/01/2009 10:02:40 PM PDT by Liz (I was like Snow White, then I drifted. Mae West (on liberalism.)
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To: TomGuy

Jeb tried this in FL before W did it nationally. FL must have had some sucess back then ????


41 posted on 05/01/2009 10:23:22 PM PDT by chiller (almost speechless)
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To: Liz
straw buyers brought their own funds to the clTo: Moonman62; sickoflibsosings. Once the mortgage applications

oops. ;-)

42 posted on 05/01/2009 10:26:07 PM PDT by calcowgirl (RECALL Abel Maldonado! - NO on Props 1A 1B 1C 1D 1E 1F)
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To: sickoflibs; ex-Texan
Let's not also forget Goldman Sach's Paulson creating free tax funded billions for his very best selected friends, continued by Big Banking's replacement, tax cheating cohort Geithner.

'We are scamming soooo much money off the peons.'

43 posted on 05/01/2009 10:35:53 PM PDT by M. Espinola (Freedom is not 'free'.)
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To: sickoflibs
Bush said in an interview he regrets not getting amnesty when he was still popular. Not kidding

He was and is totally clueless as to why his popularity among Independents and Republicans began to nosedive. He was never popular with Dems. His stupid amnesty push and constant insults of those who'd supported him cost him his popularity among many who voted for him.

So, W, figure it out. You totally lied saying you opposed amnesty during the 2004 campaign, then conveniently forgot that and pushed and pushed and insulted and insulted. Try hard to figure out why your popularity plummeted.

44 posted on 05/01/2009 10:44:27 PM PDT by Will88
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To: sickoflibs

The comment I replied to was pretty much incoherent.
The ownership society was not and is not a bad idea... it’s an American idea. Demoncrats bastardized and utilized the idea to line their pockets... sorry, I don’t blame GW for that. I hold him responsible for many things, but not that....GW could not run for Prez again, what would he have to gain by politically expedient give aways?


45 posted on 05/01/2009 11:13:46 PM PDT by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: sickoflibs

Bush II was a total catastrophe.

We can thank two people more than anyone elese for Obama-in-the-White-House: Bush II and John McCain.

Considering the miserable job he and his father did, the frequent mentioning of Brother Jeb is alarming.


46 posted on 05/02/2009 4:05:05 AM PDT by ZULU (God guts and guns made America great. Non nobis, non nobis Domine, sed nomini tuo da gloriam.)
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To: TomGuy

Read my tagline...


47 posted on 05/02/2009 4:17:31 AM PDT by Boiling Pots (Barack Obama: The final turd George W. Bush laid on America)
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To: antceecee
RE “....GW could not run for Prez again, what would he have to gain by politically expedient give aways?

You mean like after the 2006 republican election loss when he announced it was a great opportunity to get amnesty passed through a democrat congress? That amnesty bill would had given SS payments to illegals, and scores of other legal benefits they cant get now. It gave them FICA credit for time they worked illegally too (Bush and McCain knew they had to be taken care of at retirement.) But borrowed money is no object when you have to save your legacy.

Why would Bush push his then? To restore his legacy, he was wounded and dangerous, TARP, Pelosi stimulus, remember he justified TARP by saying he didnt want Historians calling him Hoover, Even the Surge which he opposed previously on political grounds*we were winning, right? why surge?) he flipped because Iraq failure meant his personal failure in history books and he knew it,.

My favorite is his UAW bailout. Democrats wont try TARP or Auto bailout because its so popular, But they got Bush to do both citing compassion and he was hoping to save himself, but destroyed party.

48 posted on 05/02/2009 6:55:08 AM PDT by sickoflibs (Bush-bot/Obama /Pelosi,Theme : "A dollar borrowed or printed is a dollar earned!")
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To: sickoflibs

This makes it crystal clear. You support socialism and Barack Obama.

None of your claims make any sense.

Your best argument is that the Republican Congress could be blamed.

Duh!

That has been obvious to everyone who is actually a conservative. It is particularly acute in the Senate.

But to attempt as you have to deliberately deceive conservatives on these boards that Bush advocated giving loans to people who cannot make the payments is a flat out lie.

If Bush were a “tool” he would not have advocated for changing the laws 17 times. My notes are not mere speeches, these are direct consultations with Congress.

Who got more Black votes and Hispanic votes— McCain or Bush?

The correct answer is Bush. I am not here to encourage the permanent formation of socialism in America— which you clearly are.

You keep reducing Bush’s advocacy to mere motion of some hidden machine that makes Bush a socialist. You refuse to look at facts and evidence and you refuse to specify your conspiracy. That is self destructive to conservatism.

McCain bashed Bush to the hilt. That argument failed. That argument brought Obama to power.

The facts are not on your side.

You don’t want to directly challenge democrats, the President and the Media because you know it would be too hard. You want to play your “independent” card to lighten your rhetorical load with your democratic friends. You don’t support conservatism because you deny all aspects of Bush’s conservatism. You refuse to acknowledge good arguments and resort to your conspiracy hidden machine arguments.

Bush was dead on arguing for mortgage reform and spot on for directly confronting Congress about it. 2007 was not too late to stop the current crisis and makes the Democrats absolutely and exclusively the blame for the current crisis. This betrays your point of not supporting democrats.

You do support the democrats because you argue they could not have stopped the crisis in 2007.

That means that in February of 2009, Obama can stand unchallenged in the well of the Congress and say that he inheirited these problems and the same Democratic Congress who created these problems can stand up and give him a standing ovation!

That is the absurdity of the times we live in and the foolishness of your arguments. You are prepared to stand and cheer with the Democratic congress because you also in your own BDS way agree that the 2007 Democrats had NO capacity to adopt mortgage reform and prevent the current crisis.

How much are you paid?


49 posted on 05/02/2009 7:19:51 AM PDT by lonestar67 ("I love my country a lot more than I love politics," President George W. Bush)
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To: libh8er
I would have to agree with that.
Seems like his speech at that time was more about "strategery" than anything else.
50 posted on 05/02/2009 7:56:54 AM PDT by gimme1ibertee (For the sake of our Republic....RAISE HOLY HELL!)
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