Skip to comments.Zero-down mortgage initiative by Bush is hit
Posted on 06/10/2012 8:10:22 AM PDT by WilliamIII
President Bush's weekend campaign promise that he will push legislation allowing for no money down on some federally insured mortgages could cost taxpayers as much as $500 million over four years because of a higher rate of defaults, according to the Congressional Budget Office.
The election-year idea may appeal to those who can't save as fast as home prices are rising. But some financial planners warn that increasingly common no- and low-down-payment programs can be ruinous for some consumers -- especially if home values decline.
If housing prices fall, consumers with little or no money of their own invested in the home are more vulnerable to ending up with mortgages larger than the value of the house.
(Excerpt) Read more at boston.com ...
Wow Its nice when the whole crowd gets together
Ok, I’ll leave you alone. You are too emotional about this to discuss it without tossing insults.
When did a president never veto a spending bill that put America into trillions of dollars of debt? Why, GW, of course. Not once in the first six years of his presidency did he veto a bill that spent too much money.
He didn't have to be a dictator - just be responsible and be honest.
“Cant trust markets to house people. Must use the power of Government to HELP the people. Markets enrich the rich, government HELPS people.
That is the core belief of all statists.”
I don’t know who is crazier, those who worship the market or those who worship the government.
The problem was indeed ‘helping people get homes’. Bush doesn’t get all the blame, but he contributed to it and it hit the critical point on his watch.
He occasionally made some noise about the Democrat-run Fannie and Freddie needing ‘reform’, but he didn’t deal with the larger issue and he helped to make it worse.
Hey! Is that benburch?
Bush: By the end of this decade we will increase home ownership by at least 5.5 million minorities...dismantle barriers for home ownership
Bush: You dont have to have a lousy home for first time home buyers, you can have as nice of home as anyone else!
Bush's speech pushing home ownership for millions of unqualified minorities..
What’s the bills number?
The sad part is, if you look at the actual timeline (instead of posting BS from YouTube), Bush 43 tried to warn us about Fannie and Freddie. So did Greenspan. Heck, so did McCain (imagine that!).
No one wanted to listen. Now, folks simply want to score political points. To prove how "conservative" they are. LOL
Check out the hand-wringing on this thread.
That quote was from LtG Russel Honore.
Im sorry if I hurt your feelings by saying you sound like a victim of BDS
Welcome back, WmIII! Some of us missed you.
What about it? Home values dropping and equity lost is collateral damage, along with cookie cutter homes made of low standard materials (thanks to the 1994 NHS) instantly losing value that those homes will never see again.
It’s supply and demand; false demand created by gov’t policy which finally caves leaves over supply.
He is after all the BDS KING
So? I understand that.
The point of my post is I continue to see an evolving theme that Bush is almost exclusively guilty in the housing collapse. This is not the case. I have no qualms with addressing Bush’s “compassionate conservative” role whatsoever— or even lay a small share of the blame to the GOP for becoming the “me-too” party since the New Deal.
It's all government interference and unintended consequences. Those second mortgages were sold as tax deductible.
I think he was right.
And it was also like an anti-education campaign to the public. Thereafter, people somehow believed it was foolish to NOT spend their equity!