Posted on 09/30/2008 6:55:09 AM PDT by RDasher
Unbelievable video of Bush promoting zero down loans for minorities....
I’ll go along with setting long term capital gains to zero but not short term. Short term gains at zero would just churn the market.
Fair enough. I respectfully disagree, though.
Barney Frank and George W. Bush are allies in this.
They always have been.
Anti-matrícula proposal defeated; financial institutions can continue accepting consular ID's:
In a vote of 222 to 177, the U.S. House of Representatives passed a bipartisan amendment, H.Amdt. 754, introduced by Reps. Michael Oxley (R-OH), Barney Frank (D-MA), Jim Kolbe (R-AZ), Ed Pastor (D-AZ), and Rubén Hinojosa (D-TX) to strike the so-called Culberson amendment that would have prohibited the Treasury Dept. from implementing regulations that allow financial institutions to accept matrícula consular identification cards as part of a valid customer identification program under the USA PATRIOT Act...
In countering Culberson’s allegations that the FBI and the Justice Dept. were opposed to the bipartisan amendment to preserve the use of matrícula consular cards, Bachus presented a letter for the record written by Deputy Atty. Gen. James B. Comey and addressed to Speaker of the House Dennis Hastert. The letter, dated Sept. 14, 2004, stated:
The Department of Justice fully supports the Administration’s current policy under the USA PATRIOT Act that requires banks and other financial institutions to establish reasonable procedures for the identification and verification of new account holders, which is set forth in regulations of the Department of the Treasury. Therefore the [Justice] Department supports the Oxley-Frank-Kolbe amendment to H.R. 5025 that preserves these regulations. . . . The Department of Justice, including the FBI, continue[s] to work closely with the Treasury Department on this and other issues related to halting all financing of terrorists.
In the final roll call vote, 49 Republicans supported the Oxley-Frank-Kolbe-Pastor-Hinojosa amendment and 16 Democrats opposed it. This legislative victory was a joint effort by financial institutions, immigrants’ rights groups, consumer groups, and many others who worked in coalition to defeat, once again, efforts to limit the acceptance of consular ID cards by banks, credit unions, thrifts, and other financial entities.
I don't have problems making down payments or getting credit. But it looks like the banks will have difficulty EXTENDING credit thanks to Bush and the Dems.
Yes and no
Barney was against regulatory oversight Bush was not
Bush and Barney both supported the overall policy
But in any case Bush’s policies were a disaster
Because Bush, unlike the Democrats, pushed proposals for oversight of Fannie Mae and Freddie Mac so that these types of loans would go to worthy buyers.
Sen. Wayne Allard [R-CO]
Sen. Samuel Brownback [R-KS]
Sen. Conrad Burns [R-MT]
Sen. Ben Campbell [R-CO]
Sen. Michael Crapo [R-ID]
Sen. Michael Enzi [R-WY]
Sen. Charles Hagel [R-NE]
Sen. Lisa Murkowski [R-AK]
Sen. Richard Santorum [R-PA]
Sen. Jefferson Sessions [R-AL]
From the House: http://72.14.205.104/search?q=cache:v95iYrrHG-QJ:financialservices.house.gov/media/pdf/hr108164.pdf+%22american+dream+downpayment+act%22house+of+representatives&hl=en&ct=clnk&cd=1&gl=us
The only dissenting view came from........wait for it.......Ron Paul,on page 16.
On this, we're in complete agreement.
Where did Bush get these incredibly wrong-headed ideas?
Why did he think that people who don’t have a down payment are qualified to own a house? I can’t walk into Best Buy today with no credit and take home a 50 inch hdtv. People who can’t afford the down payment will not be invested (literally and emotionally) in their homes and won’t care about them or the payments.
He gives an example of how “hard” the fine print on the mortgage is for someone who just popped over the border (he says “Peru” but we know what he means). Why should we be subsidizing home ownership for poor Mexicans with phony consular cards??
What difference does it make what color people’s skins are re home ownership? People in power should stop thinking that someone with darker skin is too stupid to earn his keep. It’s patronizing and racist.
Anyone who considers millions of Mexican illegal aliens with no down payments worthy buyers is insane or corrupt.
I missed that. Where did he consider that as a worthy buyer?
And not a Democrap in sight.
Republicans standing with Bush to give American tax dollars directly to millions of Mexican illegal aliens.
Oh,the Dems were there,hand in hand with the Republicans.
“George Bush was eight more years of Bill Clinton”
Rush to judgement.
George Bush was eight more years of Bill Clinton....if you subtract the Monica Lewinsky scandal and the pathetic response to terrorist attacks on American assets in Kenya, Tanzania, USS Cole, New York World Trade Center etc.
So he was Clintonesque in matters not related to SEX and NATIONAL DEFENSE.
Is that 1 out of 3?
I like the tagline anyway....but its a little hyperbolic, IMHO.
Both parties should be fired!
You asked. Here goes:
On February 16, 2001, just 3 weeks after his inauguration, Bush met with Vicente Fox to discuss the terms of the Partnership for Prosperity Agreement (with Mexico). (See: Partnership for Prosperity Agreement (with Mexico))
The P4P agreement was signed on September 6, 2001.
On October 26, 2001, Bush signed the USA Patriot Act of 2001 into law. Contained in section 326(b) was the provision that allowed US banks to accept the Mexican Matricula Consular card as valid ID for opening a bank account.
Congress sent a request for opinion to Bush's Treasury Dept. about 326(b). Bush's Treasury responded back that the Matricula Consular card would be an acceptable form of ID to open a bank account.
Note that no Mexican banks accept their own government's Matricula Consular card as valid ID for opening a bank account because the bearer's identity is all but untraceable. In contrast, thanks to Bush's Treasury Dept., almost all US banks accept it.
On June 17, 2002, Bush held a press conference. In this press conference he said that by 2010 he wanted to see 5.5 million new 'minority' home owners.
He called on Fannie Mae and Freddie Mac to increase commitments to the 'minority' market by $440 billion. (See: President Calls for Expanding Opporunities to Home Ownership)
Here's how he described the minorities:
Three-quarters of white America owns their homes. Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does.
In response to the mandate contained in the P4P agreement, the New Alliance Task Force was formed in May 2003. (See: New Alliance Task Force)
The NATF is a broad-based coalition of 62 members, including the FDIC, Mexican Consulate, 34 banks, community-based organizations, federal bank regulatory agencies, government agencies, and representatives from the secondary market and private mortgage insurance (PMI) companies.
Their goal was to open the Mexican illegal alien market to US banks and visa-versa using low-cost remittances as the bait. As Bush's 2002 speeches show he was talking about hundreds of billions of tax dollars to directly benefit millions of Mexican illegal aliens.
The NATF was organized into four working groups that were tasked with the following goals:
In 2004, Wells Fargo reported that they had signed up 400,000 new Matricula Consular accounts and at the time were opening up 22,000 new accounts a month. Keep in mind this is just Wells Fargo and that sub-prime lending would not reach its peak until 2005-2006.
The IRS says they've issued over 11 million ITINs since its inception. Mexico says they've issued over 5 million Matricula Consular cards.
But, none of this would be workable if ICE was deporting the banks' new customers. Once again, Bush swung into action, hobbling border and interior enforcement.
Worksite arrests of illegal aliens fell some 97 percent, from 2,859 in 1999 to 159 in 2004. Investigations targeting employers of illegal immigrants fell more than 70 percent, from 7,637 in 1997 to 2,194 in 2003. Arrests on job sites fell—precipitously, from 17,554 in 1997 to 445 in 2003. Fines levied for immigration-law violations fell from 778 in 1997 to 124 in 2003. Notices of intent to fine employers fell from 865 in 1997 to just 3 in 2004.
When the USA Patriot Act came up for renewal in 2004, some republicans wanted to remove the provision that allowed banks to accept Matricula Consular ID as the consular ID is unreliable.
Barney Frank (D-MA) swung into action, with some of his democrap friends to protect it:
Anti-matrícula proposal defeated; financial institutions can continue accepting consular ID's:
In a vote of 222 to 177, the U.S. House of Representatives passed a bipartisan amendment, H.Amdt. 754, introduced by Reps. Michael Oxley (R-OH), Barney Frank (D-MA), Jim Kolbe (R-AZ), Ed Pastor (D-AZ), and Rubén Hinojosa (D-TX) to strike the so-called Culberson amendment that would have prohibited the Treasury Dept. from implementing regulations that allow financial institutions to accept matrícula consular identification cards as part of a valid customer identification program under the USA PATRIOT Act...
In countering Culberson’s allegations that the FBI and the Justice Dept. were opposed to the bipartisan amendment to preserve the use of matrícula consular cards, Bachus presented a letter for the record written by Deputy Atty. Gen. James B. Comey and addressed to Speaker of the House Dennis Hastert. The letter, dated Sept. 14, 2004, stated:
The Department of Justice fully supports the Administration’s current policy under the USA PATRIOT Act that requires banks and other financial institutions to establish reasonable procedures for the identification and verification of new account holders, which is set forth in regulations of the Department of the Treasury. Therefore the [Justice] Department supports the Oxley-Frank-Kolbe amendment to H.R. 5025 that preserves these regulations. . . . The Department of Justice, including the FBI, continue[s] to work closely with the Treasury Department on this and other issues related to halting all financing of terrorists.
In the final roll call vote, 49 Republicans supported the Oxley-Frank-Kolbe-Pastor-Hinojosa amendment and 16 Democrats opposed it. This legislative victory was a joint effort by financial institutions, immigrants’ rights groups, consumer groups, and many others who worked in coalition to defeat, once again, efforts to limit the acceptance of consular ID cards by banks, credit unions, thrifts, and other financial entities.
As you can see, Bush has been helping Mexican illegal aliens since he took office in 2001 and he has never wavered in his active support of them.
I didn't see a full sponsor list for this bill. Were there demos on it as well as the repubs?
"Realtors applaud the Bush administration and Reps. Mike Oxley (R-Ohio), Barney Frank (D-Mass.), Bob Ney (R-Ohio) and Maxine Waters (D-Calif.) for their outstanding leadership and commitment to helping more families achieve the American dream of homeownership through the American Dream Downpayment Act," said NAR President Cathy Whatley, owner of Buck & Buck Inc. in Jacksonville, Fla."
http://findarticles.com/p/articles/mi_m0EIN/is_/ai_108406465
Harry Reid,Nancy Pelosi,and Joe Biden also voted FOR this bill.
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