President Reiterates Goal on Homeownership (June 18, 2002.)

White House ^ | June 18, 2002 | George W. Bush

[penelopesire]

Thanks for helping to straighten out some of the democrat created myths! This ‘speech’ is making the rounds on all of the left-wing blogs and at some point, you have to wonder why?

It’s a deflection created by democrats and used by democrats because that’s all they have! That it keeps getting posted on FR is outrageous imho! Every other day..it pops up! (eye roll)

[ChessExpert]

Bush is a moderate Republican. McCain is a moderate Republican. He may surprise us favorably, or unfavorably.

We are still learning about Barack Hussein Obama (BHO). We know that he is a left-wing Democrat. We know that BHO is comfortable with the Chicago and Cook County political machines.

BHO has spent about half of his one partial Senate term, running for President. He has no substantive legislative achievement.

BHO is currently attacking the first Amendment in PA and MO. He is opposed to the 2nd Amendment.

BHO says that “as a Christian, he opposes abortion.” Yet as a legislator, he supports infanticide. He says he wants to reduce our taxes, but he wants to repeal the Bush tax cuts and increase additional taxes. He says he is Christian, but he was Muslim, and he has never discussed his conversion. He says he wanted regulation of Fannie Mae, but his influence was to get us into this mess. He says he has military answers, but tried to stop the successful military surge. He says William Ayers was mainstream, but he was a terrorist who has never repented. BHO has claimed to be a uniter, but has attacked President Bush irresponsibly throughout his campaign. BHO claims that maverick McCain is Bush’s 3rd term - absurd on the face of it. BHO claimed to be a reformer, but always plays ball with corrupt Democratic political machines.

Although we are still learning who BHO really is. He is not what he proclaims himself to be. We know he will be bad for America, but we don’t yet know how bad.

[apollo861]

Sounds like Gov. Palin’s bridge to nowhere...? (or is this a bad analogy)
A seemingly good idea is later recognised to have many flaws.. and thus, you go against it..
So.. Bush was wrong in that, and then he corrected his thinking. Nothing bad about that, really..

[Anima Mundi]

How odd that this speech is making the round on lefty blogs. Are they trying to say they agree with “W”? You’d think they would avoid that like the plague. Are they now saying they were wrong and he is compassionate and cares about the poor? Nothing about this helps them since their premise is that he is a moron, fool, Nazi. It would be like digging up a Hitler speech where he agrees with your side and spreading it around. Are they truly this stupid, to say, “See, this person I call a moron agrees with ME?” My hopes to try to at least neutralize all of my crazy lib family members dim in this light.

[Anima Mundi]

With no skin in the game you are not a “home owner”, rather you are a renter with benefits of tax deduction.

Dear Government Critters:
PLEASE, I beg you to stop loving us. We’ll get love from our friends, neighbors and family. If you love us much more, we fear you will love us to death. Let us be grown ups. Our mommies did okay and we can figure this out. It is nice that you “mean well” and that helping makes you feel good about yourselves, but please, please stop it.

[penelopesire]

You would think so... but it is being posted as a talking point that they are not to ‘blame’...Bush is. Then they run all over the internet posting this stuff on conservative blogs to divide and conquer the republican base. That’s my theory anyway.

[Brilliant]

It’s better than the Dems did. They were in denial until just days before the Fannie takeover. In fact, they were trying to insert housing subsidies into the rescue bill.

[edzo4]

BTW it wasnt Bush it was Clinton...

“Fannie Mae Eases Credit To Aid Mortgage Lending,”
September 30, 1999 Steven A. Holmes
New York Times

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

‘’Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements,’’ said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ‘’Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.’’

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

‘’From the perspective of many people, including me, this is another thrift industry growing up around us,’’ said Peter Wallison a resident fellow at the American Enterprise Institute. ‘’If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’’