The legal term is 'illegal alien'. 'Illegal immigrant' is the PC term used by democrats or other criminal-coddlers. There's a reason why illegal aliens were not allowed into the US banking and financial system before 2001.
Fannie Mae and Freddie Mac set money aside every year, long before Bush became president, to help low income citizens get loans. This $440 billion is simply the amount that would be set aside over these particular years 2005 - 2009. This was not additional money for Bush's zero down Dream program.
Citizens. Not illegal aliens.
I never said the $440 billion was a part of Bush's American Dream Downpayment Fund. Bush's American Dream Downpayment Fund was a separate appropriation of up to $200 million dollars per year between FY2004 and FY2007 for a total of $800 million. IOW, it was in addition to the $440 billion Bush called for in 2002.
The crisis we now have is a result of plummeting property values, not just sub prime interest rate loans. Property values have never gone down before.
Did all property values across the country drop by the same amount? If not, then which areas did the values drop the most? Why did these areas drop in value?
Any losses that can be attributed to Bush, specifically, can only be attributed to minorities who were helped by his specific HUD Dream program.
Do you have a source for this assertion and exactly which minority groups you're describing and in which areas of the country this occurred?
If oversight regulations were put into place as Bush wanted, there wouldn't be all these defaults and none of these loans to illegals.
The Republicans have been in charge of the government for most of Bush's time in office. Do you have any links to actions the Republican-controlled House and Senate took to implement Bush's wishes?
Even if the Repubicans were blocked by the Democrats, there still should be some proof of what they tried to do, right?
This article shows that Fannie Mae's "American Dream" program began in 2000, not 2004. So it was not Bush's "American Dream" program. It was Clinton's and Fannie Mae's.
In spring 2000 Fannie Mae pledged 2 trillion over several years for minorities and low income people. The goal was to get 5 million more minorities into homes. By 2004, Fannie Mae had already lent out the whole 2 trillion dollars - about 6 years ahead of time. So they had to pledge more money to the program. This is the $440 billion Bush seems to be taking credit for.
All Bush ever did was take half of HUD's regular yearly budget and give half of it to his zero down "American Dream" program. This cost 200 million a year and only 6% default. He stopped his program in July 2007 but a bipartisan congress wants to vote it back in. He had nothing to do with the lending crisis. Congress approved his budget for this.
http://fhaloanadvice.com/h.-r.-6694-passes-out-of-committee/
The republican bill to oversee Fannie Mae took 4 years to pass congress, senate, president. It finally passed in 2007 only because there was a crisis.