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The GWB administration took (increasing home ownership, credit for the resulting housing boom, and stock market boom, which turned out to be phony paper value bubbles based on debt. All the so-called increase in tax revenue was based on consumer and national debt based on paper values. That is why he gets blamed, for taking credit before it goes bad. Democrats had an interest in screwing up the economy, because they knew this.

N-i-c-e take.

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POSTED FOR YOUR REFERENCE

Fannie Mae CEO Franklin Raines Letter to Shareholders----2003 Fannie Mae Annual Report

Excerpt ...Ten years ago......the typical conforming mortgage required a down payment of 10 to 20 percent, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3 to 5 percent down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...

In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early.

Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative). After four of the strongest years in housing and mortgage finance history, we’ve already surpassed the top-line goals of this commitment. But our work is far from complete.

So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle America’s toughest housing challenges. Our new commitment has three main goals.

First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.

Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.

Third, we will increase the supply of affordable housing and support community development activities in at least 1,000 neighborhoods across the country through our American Communities Fund, and through targeted investments like Low-Income Housing Tax Credits that help finance affordable rental housing.

It is because of initiatives like our Trillion Dollar Commitment and our American Dream Commitment that we have exceeded our HUD affordable housing goals for ten consecutive years. EXCERPT

RE “later raised to $700 billion in response to President Bush’s Minority Home-ownership Initiative”

Thanks Liz! You are gold!

There was a republican theory at the time that home ownership creates an ownership society and turns democrats to republicans. It turns out that it just moves the democrats into the republican suburbs where they elect tax raising democrats and blame GWB for the taxes. That is what happened where I live in the past 8 years of housing development. If the homeowners need help to stay in their homes they couldnt afford , that’s a winning strategy for democrats. Why should I blame them? They know how to win, our side is an expert at losing, short a Sept 11.

This was not the only thing GWB took credit for that went sour. His bi-partision energy bill 2005-2006 that mandated ethanol just raised gas prices. After he gave a speech taking credit for energy independence that the public took as a promise for lower prices. Guess who was going to get the blame for that!