Posted on 12/16/2015 5:37:30 PM PST by WilliamIII
Remarks by the President at Signing of the American Dream Downpayment Act:
" Thank you all. Thank you for coming. Thanks for the warm welcome. It's great to be back at the Department of Housing and Urban Development. This is not my first time here, nor will it be my last. (Applause.) I am here today because we are taking action to bring many thousands of Americans closer to owning a home. Our government is supporting homeownership because it is good for America, it is good for our families, it is good for our economy.
During the signing ceremony of S. 811, The American Dream Downpayment Act, President George W. Bush delivers remarks at the U.S. Department of Housing and Urban Development in Washington, D.C., Tuesday, Dec. 16, 2003. "One of the biggest hurdles to homeownership is getting money for a down payment," said President Bush. "This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream." White House photo by Paul Morse One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream. ...
"Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."
(Excerpt) Read more at georgewbush-whitehouse.archives.gov ...
Not just Bush. McCain and his flying monkeys were neck deep in the whole mess as well. Follow the $$$$$. Fact is, there were no real clean hands in either party, especially dems and those repugricrats that “crossed the aisle” on a regular basis.
How many high level officials in D.C. with close connections to Wall Street resigned in disgrace, were charged, or prosecuted for their involvement?
Ping
Justice is as rare as public pay phones in D.C. We need to fix it.
Bush was a compassionate conservative. That was his problem. He thought big government was wonderful, loving, sweet, dear and kind.
As Jesse Jackson said, stay outa da Booshes!
“The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that’s not right, and this country needs to do something about it.”
He makes Obama look like Calvin Coolidge.
Nada.
Which is neither compassionate, nor conservative.
Also, the Treasury Dept under Bush approved the acceptance of Mexican matricula consular cards as ID for bank accounts. Illegals could then get zero down, interest only nodoc mortgages.
And they made it even more difficult for lenders to foreclose.
Borrowers with bad credit records started falling down, then home loans bundled into tranches started failing, all like dominoes.
Some “homeowners” stayed on for months without making payments while the banks were forced to offer workouts no one expected to succeed, like serial bankruptcy filers.
With his experience, I don’t think a President Trump would have made such a (simultaneously) squishy and boneheaded decision.
Amazing. Americans must abide by every law, rule and regulation yet they’re able to commit large scale economic murder and retire in luxury, or even run for higher office.
It’s an incredible thing.
The bitter truth is, that most of those same crony dirtbags are still profiting from that same market, thanks to the bailout that they helped put into place.
In the Los Angeles area as recently as a couple of years ago, there were thousands of vacant foreclosures left over from when the bubble burst.
Homes that had been overpriced at $500k could be had for under $200k.
If you qualified, you could still get a down payment subsidy of between $20k and $100k.
I’m sure. While sipping margaritas on their yachts in the Bahamas.
Should have picked your own damn lettuce and veggies.
/sarc
Approving any mortgage without the borrower not putting up enough security be it a large down payment or collateral such as land is insane. Even then ability to pay should be a main consideration as it should in all lending. Lenders are not charities. If politicians wanted everyone to be able to own a house regardless of their earnings and ability to pay a mortgage then they should themselves have grabbed hammers and provided the funding from their own pockets. This should be Charity based ventures not governments extortion of lenders.
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