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Zero-down mortgage initiative by Bush is hit
Boston Globe ^ | October 5, 2004 | Chris Reidy

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 ...


TOPICS: Business/Economy; Extended News; Government
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To: WilliamIII

Darnit; missed another IBTZ!


21 posted on 06/10/2012 8:44:16 AM PDT by carriage_hill (All libs & most dems think that life is just a sponge bath, with a happy ending.)
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To: RWGinger

These are inconvenient facts, too politically-incorrect for the Kos Mafia, or the MSNBC Klux Klan to acknowledge, let alone even consider.

Are you a Thought Criminal? Should I report you to ATTACK WATCH!?


22 posted on 06/10/2012 8:46:16 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: Admin Moderator; tcrlaf
Photobucket

Excellent work, y'all!!! :o)

23 posted on 06/10/2012 8:47:14 AM PDT by smoothsailing
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To: MHGinTN

If you can’t admit that President Bush was a big government RINO, how are you ever going to elect a conservative?

Bush was totally guilty on this issue. He was responsible for illegal aliens buying houses, too.

Let’s get real, for once.


24 posted on 06/10/2012 8:48:31 AM PDT by donna (Mitt quote: ...gay couples raising kids. That's the American way...)
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To: WilliamIII
I got a no down payment VA loan in 1982. They made sure I had a job and a good work history. They also wouldn't let me buy a house that was beyond my ability to pay. If you use these factors to provide a mortgage, zero-down would not be a big problem.

Banks lending money to people who didn't meet this criteria and then selling the mortgage to Fannie Mae is one of the things that contributed to the housing fiasco.

25 posted on 06/10/2012 8:51:02 AM PDT by Starstruck
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To: donna

No one denies that.
Bush made a career of disarming the Democrats by adopting their ‘Big Sticks’, making them his own, then taking the credit for it.
(DEAR GOD, how they HATED HIM for doing that!)

But to lay the blame for an already EXISTING problem, that he tried to address, and was called a RACIST for, is just wrong, and you know it.


26 posted on 06/10/2012 8:53:18 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: tcrlaf

Listen to big government talk and weep:

Home Ownership and President Bush
http://www.youtube.com/watch?v=kNqQx7sjoS8


27 posted on 06/10/2012 8:54:52 AM PDT by donna (Mitt quote: ...gay couples raising kids. That's the American way...)
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To: WilliamIII
....and pfffftt he wuz gone....

Image Hosted by ImageShack.us

28 posted on 06/10/2012 8:55:07 AM PDT by Delta 21 (Oh Crap !! Did I say that out loud ??!??)
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To: tcrlaf

Well, the guys a troll, but there is SOME truth in it.

Probably the most unsustainable part of the housing bubble was subsidized mortgages for minorities, black in particular. That was mostly under the CRA (Community Reinvestment Act), which was first put into place by Jimmy Carter, and then put on steroids by Bill Clinton.

The Congressional Black Caucus played an important part, along with Barney Frank and Chris Dodd. They rotated in and out of congress and Fannie Mae and Freddie Mac.

Curiously, the only known time that Obama ever practiced law was in Chicago, where he sued various banks and forced them to give out substandard loans in black neighborhoods.

Bush actually tried to back away from this. But the Democrats in congress resisted, and as was too often the case, Bush gave in and went along with them. The Democrats were the chief guilty party, but Bush did little or nothing to restrain spending in this and other areas. Of course, Bush was not the only one; numerous RINOs were only too happy to play the game of corrupt spending with the Democrat enablers.

So, Obama actually had a hand in creating this mess. But Bush bears some guilt for not doing enough to put an end to it. He had his strong points, but controlling spending and facing down corrupt Democrats and RINOs was not one of them.


29 posted on 06/10/2012 8:56:21 AM PDT by Cicero (Marcus Tullius)
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To: donna

Read #25 which posted right after your apologia


30 posted on 06/10/2012 8:58:10 AM PDT by MHGinTN (Being deceived can be cured.)
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To: tcrlaf

Oh yes PLEASE, thank you
I will await their attack on me for posting facts.
:)


31 posted on 06/10/2012 9:01:00 AM PDT by RWGinger (Simpl)
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To: Bruinator
Veterans always had special rules in the mortgage home loan origination department where I worked.

The government guaranteed your loans differently than the general public because of your service.

The problem is, the government doesn't have the money to do that for all citizens, nor should it. You are special.

32 posted on 06/10/2012 9:02:33 AM PDT by donna (Mitt quote: ...gay couples raising kids. That's the American way...)
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To: Cicero

“But Bush bears some guilt for not doing enough to put an end to it.”

Where Bush failed was in not standing up to the Media Spin on this issue, controlled by the Democrats.

He had the same issues with the wars, too. The “R’s” were, and still are, terrified of looking bad, or mean, in the media.

He failed to use the “Bully Pulpit”, and didn’t think it was useful to waste time countering the lies of the Left, until it was too late.


33 posted on 06/10/2012 9:02:33 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: YankeeReb

The entire notion of expanded home ownership as a social engineering goal was and is laughably cart-before-the-horse. It is a means of building wealth and achieving individual economic stability ... if you pay down the note, don’t buy more than you can honestly afford and stay put to the point of owning the home outright, then continue to live in that primary residence to derive the economic benifit of actual ownership.

This we did not encourage, at all. Instead, we ended up with further social engineering enabling individuals with no documentation whatsoever to acquire very costly properties with no skin in the game, no incentive to stick with the mortgage through periodic adversities. This led to inflated prices, strawman buyers and fraud galore. It also led to the price collapse we’ve experienced, thus laying bare even greater malfeasance and fraud further up the food chain in the inancial world, worldwide.

And so here we are.

Governments aided and abetted above and beyond CRA because they were profiting too, from Freddie and Fannie right on down to counties and municipalities, which experienced a boom in tax receipts so long as the game of musical chairs continued. Builders, mortgage brokers and real estate agents were just as guilty themselves. There were private sector bad actors.

It was a feeding frenzy, fed by cheap money and fraud. To claim that the whole mess rests at the feet of President George W. Bush is highly disingenuous to the point of being a politically motivated lie.

He did, however, go along with it and even expand it, so he’s not innocent, either.


34 posted on 06/10/2012 9:03:16 AM PDT by RegulatorCountry
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To: MHGinTN

LOL! Very good. See my post #32.


35 posted on 06/10/2012 9:04:59 AM PDT by donna (Mitt quote: ...gay couples raising kids. That's the American way...)
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To: WilliamIII

You are wasting bandwidth.

Bush isn’t the problem.

Obama is the problem.


36 posted on 06/10/2012 9:06:49 AM PDT by Iron Munro (John Adams: 'Two ways to enslave a country. One is by the sword, the other is by debt')
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To: RegulatorCountry

“Governments aided and abetted above and beyond CRA because they were profiting too, from Freddie and Fannie”

Connected Democrats pocketed HUNDREDS OF MILLIONS OF DOLLARS by cooking the books at Fannie to hide the huge losses they were taking, Circa 1999-2002. Fannie and Freddie were sending Millions to ACORN HOUSING, that was being used to support Democrat Campaigns.

Connected Democrats were using Fannie and Freddie as a personal piggy-bank to fund vote-buying projects, etc.

All of that is too politically-incorrect to remember in today’s Orwellian DoubleThink media world. BUT FR NEVER FORGETS.....


37 posted on 06/10/2012 9:09:26 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: RegulatorCountry

And all that foreign investment and rental units ruined neighborhoods. It filled neighborhoods with illegal aliens (in Arizona for sure) and people who did not maintain the properties. It also falsely sky rocketed property values.


38 posted on 06/10/2012 9:12:16 AM PDT by donna (Mitt quote: ...gay couples raising kids. That's the American way...)
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To: smoothsailing

LOL!


39 posted on 06/10/2012 9:12:34 AM PDT by carriage_hill (All libs & most dems think that life is just a sponge bath, with a happy ending.)
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To: RegulatorCountry

Interesting Video on Youtube, quoting Democrats own words, trying to cover-up the Fannie Book-keeping scandals that so many Democrats personally profited from.

The best part is Maxine Waters saying “We are trying to fix that isn’t broke. Fannie has done TREMENDOUSLY under the fine leadership of Mr. Franklin Raines!”
(oh, and if you doubt that, YOU MUST BE A RASSISS!!)

http://www.youtube.com/watch?v=vELjMuCkmvc


40 posted on 06/10/2012 9:16:42 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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