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Speaker Hastert Touts Law Closing the Homeownership Gap for Minorities
releases.usnewswire.com ^

Posted on 10/01/2003 4:10:41 PM PDT by chance33_98

Speaker Hastert Touts Law Closing the Homeownership Gap for Minorities

10/1/03 5:46:00 PM

--------------------------------------------------------------------------------

To: National Desk

Contact: Pete Jeffries, John Feehery or Charles Chamberlayne, 202-225-2800, all of the Office of Speaker J. Dennis Hastert; Web: http://www.speaker.gov

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."


TOPICS: Business/Economy; Extended News; Government
KEYWORDS: americandream; handouts; hastert; hr1276; hud; spending

1 posted on 10/01/2003 4:10:42 PM PDT by chance33_98
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To: chance33_98
As Speaker, I'm proud the U.S. House is passing..

Legalized theft...

2 posted on 10/01/2003 4:12:16 PM PDT by TomServo ("Upon further review, the refs find that Cody is dead. The play stands -- Cody is dead.")
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To: chance33_98
And of course, since Americans are familiar with economics and the laws of supply and demand, they will instantly see that subsidizing down payments will increase the costs of home ownership. (/sarcasm)

Just another example of pandering, socialism, and downright ignorance from our elected leaders.

3 posted on 10/01/2003 4:14:03 PM PDT by Lizavetta
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To: chance33_98
This really burns me up. My family's tax dollars are going to help other people buy houses, just because they are "minorities". My husband and I have been married for 10 years, and just last year were able to buy our first house (and we are NOT young). It was difficult to do, since we were paying hubby's huge student loans from medical school on top of high taxes. And now, we're helping someone else buy homes. Just makes me feel all warm and fuzzy to be able to help...

When we got a pitch for money from the Republican Congressional Committe, I sent back the solicitation with no check, but included my feelings on a number of issues, this one included, on which I believe the Republicans are selling us out.
4 posted on 10/01/2003 4:15:52 PM PDT by .38sw
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To: chance33_98
More RINO socialism. I think we're done for.
5 posted on 10/01/2003 4:19:44 PM PDT by onedoug
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To: chance33_98
It aint easy being black and accepting all these freebies.

Affirmative Action, Being able to enter college with low scores, now house downpayments . I want to be equal they have passed me by, obviously they are more equal than me.
6 posted on 10/01/2003 4:21:31 PM PDT by sgtbono2002 (I aint wrong, I aint sorry , and I am probably going to do it again.)
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To: onedoug
After the recall election, I believe I'll register myself out of the Republican party. I registered out of the Democrat party ten years ago - I guess it's time for another change. I think I'll have to register as an independent.
7 posted on 10/01/2003 4:24:36 PM PDT by .38sw
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To: chance33_98
Gee whiz...

I claim myself as a minority and form a special interst group since I am a Hetero-Anglo-Canadian-American...

A special group of Hetero, Non French speaking, White Canadian males living in the United States of America, paying taxes to the American government...

Yeah thats the ticket...gimme gimme gimme

What a joke !
8 posted on 10/01/2003 4:25:14 PM PDT by MD_Willington_1976
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To: chance33_98
Free Money for Africa, Free Drugs for Granny, Free Money for Houses. The Republicans are friggin Communist enslavers.
9 posted on 10/01/2003 4:26:28 PM PDT by AdamSelene235 (I always shoot for the moon......sometimes I hit London.- Von Braun)
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To: chance33_98
This makes me want to throw up.
10 posted on 10/01/2003 4:29:07 PM PDT by republicofdavis
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To: chance33_98
Let's see...

Grant: $5,000 * 40,000 leaches = $200,000,000

Homes: $50,000 * 13,000 soon to be rat-traps(homes) = $650,000,000 (Very conservative estimate of cost)

Total: $850,000,000

Knowing how these things work, let's round it off to a nice even number, say... $1,000,000,000. That's 1 BILLION. But, then again, who's counting?

Is this a one-time deal? An annual deal?

Make them earn it just like everyone else. No one has a RIGHT to home ownership.

Damn, why was I born male, white and smart?

11 posted on 10/01/2003 4:29:41 PM PDT by fuquadukie (This tag line available for rent or sale. Cheap. Any typos are a result of publik edukashn.)
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To: chance33_98
Disgusting.
12 posted on 10/01/2003 4:32:03 PM PDT by dennisw (G_d is at war with Amalek for all generations)
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To: chance33_98
OPen to illegal immigrants? Open to legal black/hispanic immigrants who just got off the boat?

They get $5000 and the people I know don't?
13 posted on 10/01/2003 4:36:32 PM PDT by dennisw (G_d is at war with Amalek for all generations)
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To: MD_Willington_1976
No sh*t Sherlock! I'm a minority too--I'm a dumb*ss taxpayer who bought a house with my own money.

Folks, the solution is painful, but obvious. Vote against all RINOs, even if it returns control to the thieves from the left--it will hurt for a couple of years, BUT then the stupid party will run conservatives for office.

ALSO, this was a VOICE VOTE, which means the pubbies are chickensh*ts!!!
14 posted on 10/01/2003 4:39:56 PM PDT by Founding Father
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To: Founding Father
I was being facetious...I have never asked for a handout and do not expect any...I was raised to pay my own way, if I cant afford it, I dont buy it...and sure as hell don't ask for someone else to pay for me...
15 posted on 10/01/2003 4:48:48 PM PDT by MD_Willington_1976
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To: chance33_98
How's this for creative writing 101...

"While more than two-thirds of all Americans own their home, less than half of all African-American and Hispanic families do not.

so....more than 50 percent of all AA's & Hispanics DO own their own homes?

It's for low-income, first-time buyers, then they specifically mention blacks & hispanics ?

so... how is this giveway to only 40,000 familes going make any meaningful increase in these percentages ?

At least Jesse James used a gun....
16 posted on 10/01/2003 4:49:34 PM PDT by stylin19a (is it vietnam yet ?)
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To: chance33_98
The recipients will greatly appreciate this program.....

.......and still vote Democratic.

17 posted on 10/01/2003 4:50:48 PM PDT by Republic If You Can Keep It
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To: chance33_98
OK, will somebody explain to me why it is so damned important to own a home? The federal government has subsidized it like hell since the 1940s and in my 27 years it seems as if there is some politician every few weeks or so talking about the importance of "increasing homeownership." Are landlords really that bad? I've never had any problem with mine. --- Clemenza, Proud renter since 1994.
18 posted on 10/01/2003 5:04:34 PM PDT by Clemenza (East side, West side, all around the town. Tripping the light fantastic on the sidewalks of New York)
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To: dennisw
And you wonder why there are so many "first time homeowners" from the Carribbean in Broward County.
19 posted on 10/01/2003 5:05:40 PM PDT by Clemenza (East side, West side, all around the town. Tripping the light fantastic on the sidewalks of New York)
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To: chance33_98
Hey Denny, it Ain't your money.
20 posted on 10/01/2003 5:12:48 PM PDT by c-b 1
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To: chance33_98
..."building these homes will create 33,000 new jobs"

GOP touting creation of jobs via tax-payer monies. What a sorry state of affairs :(

21 posted on 10/01/2003 5:15:53 PM PDT by jungleboy
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To: stylin19a
It is called stealing money from you, and using it to buy votes.
22 posted on 10/01/2003 5:16:15 PM PDT by c-b 1
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To: Clemenza
Because it creates "wage slaves." Must make the mortgage, you know.

"I owe my soul to the company store..."

23 posted on 10/01/2003 5:22:08 PM PDT by patton (I wish we could all look at the evil of abortion with the pure, honest heart of a child.)
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To: onedoug
More RINO socialism.

bttt

24 posted on 10/01/2003 5:22:54 PM PDT by skeeter (Fac ut vivas)
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To: jungleboy; ffusco
GOP touting creation of jobs via tax-payer monies. What a sorry state of affairs :(

Yeah at least Caeser built some outstanding aqueducts which still functioned into the 19th century with HIS public money, instead of plastic tract homes that will become run-down crack houses in ten years.

25 posted on 10/01/2003 5:25:28 PM PDT by Clemenza (East side, West side, all around the town. Tripping the light fantastic on the sidewalks of New York)
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To: chance33_98
He and the Republican Party will take the credit
the taxpayers get the bill...
SOP
Buy the votes with the workers money

From those according to their abilities to those according to their needs
K. Marx
26 posted on 10/01/2003 5:39:25 PM PDT by joesnuffy (Moderate Islam Is For Dilettantes)
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To: chance33_98
Hastert and his cohorts ought to pass a bill which would provide a pair of balls to each of them in the hopes of standing up to their Democratic socialist opponents.
27 posted on 10/01/2003 6:13:21 PM PDT by F16Fighter
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To: chance33_98
This is a good program for everyone in the long run. Don't forget that we taxpayers are already paying for subsidised housing for low income folks.

Homeowners are typically more involved in their communities.

The long term economic benifits are potentially huge, or would that be hugh?

In 1975 I purchased a home and received a $2k tax credit as part of a special incentive program designed to boost the housing industry. Fresh out of the Army, I could not hace afforded it w/o that.

Take a closer look, the housing industry is one of the main engines of our economy.

Course, I could be wrong....

28 posted on 10/01/2003 6:24:31 PM PDT by There's millions of'em (Bill Clinton was a great Democrat President)
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To: onedoug
More RINO socialism. I think we're done for.

I've known we were done for for quite a while. There's only one way to step up to the tyranny we are staring at. And the people don't have the courage, the brains, or the know how. Lenin, Satlin and Marx would be proud.

29 posted on 10/01/2003 6:40:38 PM PDT by YoungKentuckyConservative
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To: fuquadukie
Damn, why was I born male, white and smart?

It's difficult to be happy in America and be all three. Now, can you make yourself male, white, ANGRY and ready to FIGHT? That's the kind of American we need. Smart is only half the battle, as G.I. Joe would say.

30 posted on 10/01/2003 6:41:51 PM PDT by YoungKentuckyConservative
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To: Founding Father
Folks, the solution is painful, but obvious. Vote against all RINOs, even if it returns control to the thieves from the left--it will hurt for a couple of years, BUT then the stupid party will run conservatives for office.

There will be no more conservatives in America. The succession is complete. Read your Communist Manifesto. They've got us right where they want us. And for anyone who wishes to respons by calling me a "nut", perhaps you should read the book "None Dare Call It A Conspiracy". That sums it up.

31 posted on 10/01/2003 6:43:00 PM PDT by YoungKentuckyConservative
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To: Clemenza
OK, will somebody explain to me why it is so damned important to own a home? The federal government has subsidized it like hell since the 1940s and in my 27 years it seems as if there is some politician every few weeks or so talking about the importance of "increasing homeownership." Are landlords really that bad? I've never had any problem with mine. --- Clemenza, Proud renter since 1994.

It isn't really about owning property. It's about the government having control and direct investment in our ownership of property. The chief goal of the Communist Movement is to strip all notion of private property from the proletariat and transfer it to the government. That's what the plan is. Call me crazy, but not until you've done your own research. Check the Communist Manifesto. Check the Naked Truth. Read "None Dare Call It A Conspiracy" and then start analyzing the stories you read based on what you've researched.

32 posted on 10/01/2003 6:44:45 PM PDT by YoungKentuckyConservative
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To: chance33_98
American Dream Downpayment Act (H.R. 1276) that will provide $5,000 each to low-income, first time home buyers.

WHAT THE F#$% ????? I'm sitting here busting my chops sweating bullets on interest rates and buying a house and some scumbag representative is going to just give away FREE freakin $$$$$$ so minorities get what I just went through for FREE ?????????????????????

Let them pay for it with their blood sweat and tears like the REST OF THE US does !!!!!!!!

33 posted on 10/01/2003 6:48:34 PM PDT by Centurion2000 (Virtue untested is innocence)
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To: Clemenza
OK, will somebody explain to me why it is so damned important to own a home?

It very important to the government that you become a home debtor not a home owner. It makes people more passive and obedient. It also funnels money into Government Sponsored Mortgage cartels like Fannie and Freddie who in turn provide funding for Congress Critters to get re-elected.

Grok?

34 posted on 10/01/2003 6:48:37 PM PDT by AdamSelene235 (I always shoot for the moon......sometimes I hit London.- Von Braun)
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To: .38sw
"When we got a pitch for money from the Republican Congressional Committee, I sent back the solicitation with no check, but included my feelings on a number of issues, this one included, on which I believe the Republicans are selling us out."

Good for you!!! I do the same thing. I get several of these solicitations every single week and every single week I send them back with comments everywhere. A couple of times I sent back (along with the solicitation with a great big $0 FOR YOU on it) a large sheaf of articles I had printed out about illegal immigration and the terrible things it is doing to our country. I absolutely refuse to give them money when they are selling us out and my daughter's and granddaughter's futures too.
35 posted on 10/01/2003 8:26:51 PM PDT by vikingcelt
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To: c-b 1
What they do not seem to understand and what they will never understand is that IT IS NOT THEIR MONEY TO GIVE!!!
36 posted on 10/01/2003 8:32:12 PM PDT by vikingcelt
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To: There's millions of'em
Course, I could be wrong....

You are, big time.

Apparently Hastert & Co. haven't bothered to check with Freddie Mac and Fannie Mae. Foreclosures on lower-income housing units are at an all time HIGH to the point they have to change the rules. Manufactured housing, touted as an alternative to low-income apartment rentals, is being slaughtered because so many are getting reposessed its hurting the NEW manufactured housing industry. To make matters worse, they don't pay the exhorbitant property taxes many homeowners do! In Michigan, they pay a paltry $50 year. Homeowners get soaked.

Habitat for Humanity, while well-intentioned, has a high foreclosure rate. To make matters worse, in the western states some minorities have been discovered stripping the houses for copper, fixtures, etc., to subsidize their alcoholism.

Buying a house is hard, expensive work, both before and AFTER the closing papers are signed.

Speaking of papers, I could've used that $5,000 to pay my $3200 damn closing fees on a house that will net the township a hefty tax windfall.

37 posted on 10/01/2003 8:36:14 PM PDT by Kieri
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To: .38sw
I agree. My wife and I own rental units, and this will make it harder to rent them because people will be buying their own houses with our money, instead of renting. And what you say about college loans...when we run credit checks on prospective tenants, we run into an inordinately high number of college loans which are going unpaid. So, now I see you, who paid off the college loan, get treated far more harshly than the dead beats who will receive the free downpayment and closing costs. Katherine Harris didn't think this one through.
38 posted on 10/01/2003 8:39:24 PM PDT by stickywillie
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To: YoungKentuckyConservative
At least there is more "private property" available in the northern and eastern states. The following map is out of date because it doesn't include the Clinton-era land grab of the late 1990's. There are many people in western states that can't sell the home/land they are currently own to an individual.

California's governor Davis just ran an ad with people applauding a $1 million+ purchase of land from developers with state money to "preserve it." - - LOL...and meanwhile the fair housing leagues (representing the "poor") are protesting high housing costs.


39 posted on 10/01/2003 10:14:34 PM PDT by Susannah (Arnold Schwarzenegger is not the Terminator....he's the Kindergarden Cop!)
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To: Clemenza
In Segovia, Spain the aquaduct is still providing municipal water.In Rome many fountains are using portions of the old aquaducts.
40 posted on 10/02/2003 6:53:09 AM PDT by ffusco (Maecilius Fuscus,Governor of Longovicium , Manchester, England. 238-244 AD)
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To: Kieri
OK, I take it you are not in favor of this program :)

I totally agree with your statement: "Buying a house is hard, expensive work, both before and AFTER the closing papers are signed .

I also agree that there may be higher failure rates in this program. But, there will certainly be many successes. I guess the key question is: what is the minimum rate of success needed to have this program be a success?

I agree with all your comments about the current foreclosure rates, manufactured housing, taxes and criminal actions of "some minorities". But, without quantification these comments only identify current problems and do not guarantee failure of this program.

The program, as I understand it, is a simple financial assistance. Not much different than the VA loan program that provided for 100% home loans under certain conditions.

So, it should be interesting to see how this program works over the next several years. I wouldn't be surprised to see it expanded significantly if it shows promise.

Besides, I also view it as a masterful move against the liberals and all their failed welfare programs.

41 posted on 10/02/2003 7:45:22 AM PDT by There's millions of'em (Bill Clinton was a great Democrat President)
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To: stickywillie
when we run credit checks on prospective tenants, we run into an inordinately high number of college loans which are going unpaid.

Both my husband and I were raised to be responsible, and that includes paying our financial obligations. I'm shocked by people who get student loans (many of them govenment guaranteed, meaning that you and I pay for them) and don't pay them back. So not only are we footing the bill for the deadbeats not paying their student loans back, we are also help others buy their homes! No wonder I've been feeling taken advantage of...

42 posted on 10/02/2003 2:52:16 PM PDT by .38sw
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To: .38sw
former students who are delinquent on their college loans can not recieve a tax refund. I wonder if the Gubmint is going to look at student loan status when providing this help in buying houses?
43 posted on 10/02/2003 6:31:03 PM PDT by stickywillie
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