So, in 2001 Bush was calling for stronger oversight of FM/FM, but in 2001 he signed the P4P agreement, then in 2002 he called for FM/FM to increase spending by $400 billion and called on Congress to fund the American Dream Downpayment Act and in 2003 he created the NATF to allow FM/FM to buy the sub-prime loans of millions of Mexican illegal aliens and then in 2004 signed both the American Dream Downpayment Act?
While he may have 'called' for more oversight, his actions were those of someone who says one thing and does another.
What on my FR home page, in your opinion, is innuendo?
I do know that President Bush did not order banks to begin issuing sub-prime mortgages. The actual practice began during the Clinton years.
You've got it backwards. The banks weren't doing Clinton's and Bush's bidding. Clinton and Bush were doing the banks' bidding.
Many bankers were heeding Bush/Greenspan warnings to curtail sub primes...
Source, please.
“So, in 2001 Bush was calling for stronger oversight of FM/FM, but in 2001 he signed the P4P agreement, then in 2002 he called for FM/FM to increase spending by $400 billion and called on Congress to fund the American Dream Downpayment Act and in 2003 he created the NATF to allow FM/FM to buy the sub-prime loans of millions of Mexican illegal aliens and then in 2004 signed both the American Dream Downpayment Act?”
Two answers here.
You try and make this sound like W did all of this only for “illegal Aliens or Mexicans” (innuendo). I can tell you personally that this is not true. My wife and I were beneficiaries of the American Dream Down Payment act. There was also state down payment assistance as at the time. I’m not black, and I’m not Hispanic. A lot of the people I know had their down payment reduced, or eliminated, and were able to buy houses. They are still paying for them or sold them over the years, and none were foreclosed. Over all this added strength to the economy.
I’m glad you have always had every dime you needed when you needed it. For us to have saved for the down payment we would be buying it about now. 12 years of throwing away money on rent, and raising our daughter in an apartment.
So tell me why this was a bad thing.
The second point, I guess asking FM/FM to buy those mortgages might not have been the best idea, but letting those banks fail, that close to the economic damage of 911 would have been a good idea? We were standing on pretty wobbly legs back then in case you don’t remember.
By the way, what is NATF, I find no reference to this anywhere on the web. Are you really implying that all the sub prime bought by FM/FM were illegals that year? Millions? All those illegals bought houses with sub prime mortgages in the 2 years Bush had been President?
So you do admit that the sub-primes began during the Clinton years. You can’t lay all of this at Bush’s feet.
The source about the banks is my memory. Sorry. I remember reading stories in The Charlotte Observer (Charlotte is/was the second largest banking center in the US), and it’s a pay site, and it costs more to go back into the archives. I clearly remember the attack stories about First Union, Wachovia, and Bank of America / Nations Bank trying to scale back sub primes because of increases in foreclosures.
I clearly remember a hit piece on a bank foreclosing be because this woman refused to pay a $30 per month increase in monthly payment that she signed for in closing. She had a new car, new furniture, highest cable package available, etc., but wouldn’t give up a cup of coffee a day to keep her house. According to the paper, it was the bank’s fault.
I was a Sunday paper. the wife and I read it in bed every Sunday, and she fussed at me for yelling at the paper.
Again sorry. Best I can do on that.
Bush wasn’t perfect, he clearly made mistakes, but he inherited most of the sub-prime problem.