Frankly, President Bush was trying to reign in Fannie and Freddie by his actions. There is nothing wrong with expanding home ownership in America. The problem was with the Democrats passing laws that required banks to provide loans to people with no income..no downpayment..no jobs!!
“The problem was with the Democrats passing laws that required banks to provide loans to people with no income..no downpayment..no jobs!!”
Bush AGREED with them and ENCOURAGED it.
“Many of the partners today, many of the people here today, many of the business leaders here today are creating a market for the mortgages where Section 8 vouchers are a source of the payment. And that’s good”...
- GWBush