Bush seeks to increase minority homeownership

USA Today ^ | 1-20-04 | Thomas Fogarty

[Salvation]

In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.

In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.

[Salvation]

For your information.

[joesnuffy]

This is for minorities only????

[steve50]

Oh boy. Free houses for the new immigrants. And when it goes bust, guess who gets to bail out the bad loans.

[Salvation]

I don't know.......just found this article, that's all. (After seeing the other headline>)

[Salvation]

Bush to Propose No Money Down FHA Home Loans

[Salvation]

Let alone possible homes for the possible terrorists!

[alnick]

This is for minorities only????

Seriously doubt it. It makes for a sensational headline, though.

[petercooper]

Poor people can't afford houses, simply because they are poor. That is not my problem. Let them work hard like everyone else. Damn this socialist president!

[Salvation]

**It makes for a sensational headline, though.**

And we know that USAToday would never slant anything! </sarcasm off

[cyncooper]

Not being able to save enough for a down-payment does not equal "blemished" credit, as stated in the article. I did not see that the proposal is for those with bad credit or even blemished credit, but those without credit or simply no nest egg to use for a down-payment. But I did see the assertion made...Are FHA loans available for those with "impaired" or "blemished" credit? This addresses the down-payment issue only as far as I can see.

[meowmeow]

How nice. I had to work two jobs for a year to save up for my house. I guess the key word here is WORK.

[DumpsterDiver]

I'm giving you 2 demerits for not putting up a Barf Alert warning.

My wallet and I are not amused!

[Stu Cohen]

Home ownership has always seemed a misnomer to me. You still have to pay rent for the rest of your life.

Real estate seems interesting as an investment vehicle (buy low, sell high) ... but if you quit making your payments, from what I understand, the property is "taken". And if from what I understand, as the value of the property appreciates, your rent increases. Or if you make an improvements that increase the value of the property, the rent increases.

What kind of warped view "ownership" is this? Nobody "owns" a home. I guess the right to sell the property to someone else who will take over the rental payments if where that term comes into play, but it's not like it's ever completely paid for.

[chachacha]

Has it ever dawned on white American you are irrelevant?

You are being used!

1. When's the last time you heard a politician say they needed or wanted your vote? They only fight for the minority vote.

You fall in line just like the black community does. 2. How many times have you heard that without the white vote the dirt bag won't win.

All elections and politicians beg for the minority vote. Just watch GWB he'll show you!

It's soon time white America wakes up.

YOU ARE IRRELEVANT

[shiva]

As one of our freepers says:

Just Damn!

[DumpsterDiver]

What kind of warped view "ownership" is this? Nobody "owns" a home.

Ownership of property ceased to exist when property taxes began being collected. I'm just hoping to eventually either sell and make some sort of a profit, or else get a reverse mortgage in a few years. I don't really care what happens to the house afer I croak.

[alnick]

How nice. I had to work two jobs for a year to save up for my house. I guess the key word here is WORK.

You have a great advantage over someone who puts up a zero percent down payment -- equity.

[Owen]

It's not a bad plan. It's great politics and costs the government nothing, and as is mentioned, it is compensated for by increased closing costs.

Never ever forget that key statistic that single women, blacks and Hispanics were (something like) 25% of the votes in 1990, 33% in 2000 and will be 40% in 2008. The growth in that segment is inexorable. The Republicans are losing those votes by 2:1 (65/35) and if something isn't done about it, total Democrat control of all branches of government is *inevitable*.

Bush is doing very well in seeking to make inroads into that group while remaining right of center philosophically. Tax cuts and PBA tell the tale. Note on other threads, btw, that Bush's domestic discretionary spending (% of GDP) is *less* than Ronald Reagan's was in the same year of their presidencies.

[henderson field]

To increase home-buying opportunities for minorities or anyone else you have to lower or at least stabillize housing prices. What drives housing prices, and has since 1965, is not low interest rates but population growth, the main cause of which is immigration. Immigrants are taking the dream of home ownership away from millions of Americas and, until immigration - both legal and illegal - is stopped, there will be no affordable housing.

[alnick]

We have a homestead exemption in Louisiana, so for low to moderately priced homes, there is no or very little property tax. There can be true home ownership then, especially with the low interest rates we have now. It's conceivable for a person to own a home after 10 or 15 years of payments, with only a small payment of property tax. Also, senior citizens, in my parish anyway, are exempt from property tax. I don't know if that applies to any home or just moderately and low priced ones.