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To: Blind Eye Jones; Ol' Dan Tucker
“Bush pushed for tax dollars to be used pay down payments on homes for minorities and illegals.” I doubt this. The Republicans tried to reform Fannie and Freddy but didn’t succeed. You can see some of the debate and procedural give and take on Youtube.

Don't doubt it. Read it.

In Bush's June 17, 2002 speech, he also called for the creation of the American Dream Down Payment Fund.

"And so here are some of the ways to address the issue. First, the single greatest barrier to first time homeownership is a high downpayment. It is really hard for many, many, low income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers' money to help a qualified, low income buyer make a downpayment. And that's important."

And, the 108th Congress (2003-2005) responded with the American Dream Downpayment Act:

"Amends the Cranston-Gonzalez National Affordable Housing Act to: (1) authorize the Secretary of Housing and Urban Development to make grants to State and local participating jurisdictions for downpayment assistance and related home repair to low-income, first-time home buyers; and (2) limit family assistance to the greater of six percent of the purchase price or $10,000. Requires a participating jurisdiction to include intended grant uses in its fiscal year comprehensive housing affordability strategy under such Act."

"Sets forth State and local jurisdiction allocation formulas. Permits fund reallocation."

"Requires the Comptroller General to report respecting the impact of such grants on a State-by-State basis."

"Terminates grant authority after December 31, 2007. Authorizes specified FY 2004 through 2007 appropriations."

"Makes the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 inapplicable to such assistance."


52 posted on 04/03/2011 10:21:36 AM PDT by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: raybbr
"This will use money, taxpayers' money to help a qualified, low income buyer make a downpayment. And that's important."

But look at what he says "a qualified, low income..." That tells me it wasn't just an irresponsible handout for votes. And I don't see anything about illegals.

53 posted on 04/03/2011 11:37:06 AM PDT by Blind Eye Jones
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