Skip to comments.President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
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. Thats a home ownership gap; a gap that we got to work together to close. And by the end of this decade well 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 dont 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
Schiff is talking about when Republicans govern. There is a world of empirical facts we can examine. They did govern in a fiscally conservative manner from 1994-1997. This caused them to lose power in 1998. This caused compassionate conservatism.
Its not complicated and we can learn from these mistakes.
perhaps you and schiff both think that world is only 5 years old.
We have Bush’s stated positions. You made a good early start by posting a speech by Bush. I posted 17 different stances Bush made to prevent mortgage abuse. That is germane and significant.
I have no values and only loyalty.
That is a shame. It would be good if I had values.
For a moment I thought your claim was without merit or substance, but then I noticed it was IN ALL CAPS. THEN I REALIZED YOU MUST BE CORRECT.
Parenthesis were clever~
You're targeting the wrong person. 1) I'm not a purist and 2) I worked hard along with the SBVFT to expose the evil of John Kerry that probably won GWB the election.
I also bit my tongue about GWB for EIGHT LONG YEARS. So, if you don't like a little honest retrospective now, stuff it!
Are there any other known political advocates of reforming mortgage application processes?
I have identified one— George W. Bush.
Can you identify others?
Hey— good for you. You did some research and figured out how Congress backed out of the reforms advocated by Bush.
That’s good and I have no problem with that.
Nonetheless, it does not change the comprehensive reforms advocated by the Bush administration. I have never denied that the Republican Congress refused to implement them— as was the case in 2005.
Nonetheless, I also recognize that Fannie Mae, AIG and others made their most substantial donations to democrats to keep this machine going even stronger in 2007.
There is no attempt on my part to change history and your Shelby component only adds to the story I have already told. It does not contradict it.
Now you are making me sad.
I have repeatedly recognized the higher quality of your arguments compared to sickoflibs. There is no need to be so touchy about it.
I am not surprised to read of your role in Swift Boat vets. That is a great example of how a small group of determined people can literally win an election.
In the hundreds of pro Bush posts I have made, I have never begrudged anyone constructing better alternatives for the future. Bush was better than mcCAin in 2000, he was better that Gore in the general, Bush was better than kerry in 2004, McCain was alot worse than Bush in 2008 but better than Obama.
Make your arguments and make them well.
You pull your weight. You are specific. I don’t want GWB being left holding the bag on all known political problems.
La Raza, LULAC, and the NAACP.
They all appreciated GWB's "reforms" to eliminate those "barriers" to mortgage lending... like the barrier of having any money, or having lousy credit history. HURRAY for Prez Bush!
Oh, yeah... and the builders and lenders loved it too. More customers!
And the illegal aliens loved it too... construction jobs and free houses!
laraza lulac and naacp
You know that those groups opposed the reforms and sided with Barney Frank.
You disappoint me with this argument.
Those groups want anyone to get a loan and they hope the loans never get paid back.
That is not the Bush administration position. This is not pie in the sky. Study the 17 arguments I presented on the internet in fuller context. The same reforms had already been implemented in Texas. These probelms were highly isolated geographically.
Yes the builders loved it— I have no problem with that. I do have a problem with illegal aliens buying houses.
It was a great strategy to get past an election at any cost. Boom the economy to no end w stimulus, when it crashes we can depend on Bush-bots like lone-bush-bot to blame it on everyone else but Bush. Take the credit, pass the blame. Except voters wouldnt buy it. I wonder why?
lone-bush-bot has no principles, only loyalty.
WASHINGTON, Oct. 1 /U.S. Newswire/ -- The National Association of Realtors(r) hailed the U.S. House of Representatives for passing legislation today that would provide $400 million in grants over the next two years to help 80,000 low-income families pay downpayment and closing costs on their first homes.
The American Dream Downpayment Act, H.R. 1276, is one of NAR's top legislative priorities this Congress. The bill was introduced earlier this year by U.S. Rep. Katherine Harris (R-Fla.). U.S. Sen. Wayne Allard (R-Colo.) has introduced companion legislation, S. 811, in the Senate.
NAR also commended President George W. Bush and U.S. Housing and Urban Development (HUD) Secretary Mel Martinez for first proposing the idea for the legislation as part of the administration's commitment to help low-income and minority families achieve the American dream of the homeownership.
"Realtors applaud the Bush administration and Reps. Mike Oxley (R- Ohio), Barney Frank (D-Mass.), Bob Ney (R-Ohio) and Maxine Waters (D- Calif.) for their outstanding leadership and commitment to helping more families achieve the American dream of homeownership through the American Dream Downpayment Act," said NAR President Cathy Whatley, owner of Buck & Buck Inc. in Jacksonville, Fla. "NAR is thrilled to support legislation that would reduce two of the biggest barriers to homeownership -- downpayment and closing costs -- for 40,000 families a year. Although our homeownership rate is at a record high, one out of seven American families still faces critical housing needs. The American Dream Downpayment Act is a tremendous program that would not only create thousands of housing opportunities but also help sustain the housing market, which has been the pillar of our economy."
The bill would provide an average of $5,000 in downpayment and closing cost assistance to help first-time homebuyers with annual incomes that do not exceed 80 percent of the area median income. Grants would be made to state and local governments through HUD's HOME Investment Partnership program. The initiative is one of many discussed at last week's National Summit on Housing Opportunities convened by NAR.
The National Association of Realtors(r), "The Voice for Real Estate," is America's largest trade association, representing over 950,000 members involved in all aspects of the residential and commercial real estate industries.
It also helped fund their campaigns. Lots of back scratchin'.
LOL. I’m not touchy. I’m just tired of your mundane “you must be an Obama supporter” crap that you hurl at anyone who looks at the history objectively and without your partisan glasses.
GWB will not be left “holding the bag for all known political problems” but unless we are honest about who is causing those problems, we’ll never be able to fix them.
As I said before, I’m from the “government is not my friend” camp. It is not a matter of which candidate is worse — it is a matter of opposing all of them when they are wrong and supporting them when they are right. We see far too little of the latter from any of the charlatans we have in D.C. or our state capitols.
LOL. I have.
Unfortunately for you, your arguments go "up in smoke" pretty quickly the further you look.
Speaker Hastert Touts Law Closing the Homeownership Gap for Minorities
Posted on Wednesday, October 01, 2003 4:10:41 PM by chance33_98
WASHINGTON, Oct. 1 /U.S. Newswire/ -- Today, Speaker J. Dennis Hastert (R-Ill.) and U.S. Department of Housing and Urban Development Secretary Mel Martinez joined House Republicans to tout the passage of the American Dream Downpayment Act (H.R. 1276) that will provide $5,000 each to low-income, first time home buyers. The bill, which was approved by the House by a voice vote, will provide $200 million in grant funds to help 40,000 low-income families with the down payment and expensive closing costs in buying a home.
Following the event, the Speaker released the following statement:
"As Speaker, I'm proud the U.S. House is passing this bill to help working families, like Mrs. Susie Dixon who joins us today. Essential to all families, like Susie's, is trying to achieve the American Dream of homeownership. This long overdue initiative provides assistance through $5,000 grants to low income, first-time homebuyers across the country to help with exceedingly difficult down payment and closing costs.
"While more than two-thirds of all Americans own their home, less than half of all African-American and Hispanic families do not. By passing this bill, the Republican House is working with President Bush to close this homeownership gap.
"Also very important is the fact that this bill will help construct 13,000 new homes. According to the Department of Housing and Urban Development, building these homes will create 33,000 new jobs - what a much-needed shot in the arm to our nation's economic recovery and improvement of our local communities. That's a win-win situation for minority homeowners and American workers.
"By passing the American Dream Down Payment Act, we will help empower every community. We will help lift up our African-American and Hispanic Communities. As House Republicans, we recognize the significance this initiative will have to help families already owning a home, but more importantly, how it will help close the homeownership gap for those still trying to achieve this part of the American Dream."
“The speech has no negative content”
Oh yeah, the part praising Fannie Mae’s Franklin Raines for ladling out taxpayer money was especially good. As was the entire premise of the American Dream Downpayment Initiative, where taxpayers were put on the hook to provide ‘free’ down payments for Dubya’s favorite minorities.
How could any of us be so blind to Bush’s genius? Without those ‘free’ down payments we would have been deprived of tens of thousands of additional sub-prime candidates to further balloon the housing bubble. Yes, the ADDI was pure genius.
Not being prone to hero-worshipping politicians I’m always amazed at the ability of some to rationalize away the behavior of their heroes.
Wait a minute. How can Fannie and Freddie have "profits" when they get billions in bailouts? I have also heard about banks getting huge bailouts that they did not pay back, claim they have "profits." Sounds like accounting sophistry to me.
Lone-bush bots argument is that Bush wouldn't get reforms through a Republican congress. But we know from great research here that Bush managed to get home-loans to poor bad credit minorities with NO downpayments. So he could get some stuff through a republican congress. He got Iraq invasion vote through. Perhaps he could have said the deadbeats buying houses, his goal, had WMDS to get the republicans congress to pass those reforms you claim.
Note lone-bush-bots logic, its not Bush's fault, it;s Obamas, it's republicans, its anyone who asked him to do whatever he did. Lone bot has fixed no standards by which to judge Obama on.
This is exactly how I feel. Last year during election there were swarms of lone-bush-bots, egged on by talk radio. The message was, “ It's either Obama or not Obama, choose your side ”, If you asked “ But what about Republicans ...? ”, the reply was “ Are you a Marxist? ” exactly as lone-bush-bot is doing now. This attitude gives republicans a complete pass by a shrinking pool of supporters who call everyone else stupid or marxist. (as some of talk radio do.)
Levin and Hannity both told listeners to go door to door to get out the McCain vote (how could we do this??), and Hannity predicted a McCain win.