Posted on 05/01/2009 8:51:06 PM PDT by sickoflibs
GWB 2002 Speech :”More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. That’s a home ownership gap; a gap that we got to work together to close. And by the end of this decade we’ll increase the number of minority homeowners (future Obama voters ) by 5.5 million families. “
“One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers. Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) . You don’t have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else (till those adjustable rates go up). “
video at : economic crisis president bush mortgage speech
It did not take that much IQ (I knew it) to know that far too many of them were not home buyers in the manner of generations of home buyers.
In fact the Bush administration targeted rural home ownership for agriculture workers -- IMO that meant large numbers of "undocumented" workers as well as citizens and legal residents.
This in no way absolves the Rat Party (formerly the traditional, patriotic Democratic Party) of massive non-, mis-, and malfeasance.
That is not exactly the way I see it. GWB thought he could buy love. But there was a theory about this they were telling republicans that home ownership creates conservatives, ownership society. That backfired beyond belief. He turned the country side into suburbs and democrat.
Bush I gave us Clinton;
Bush II gave us Obama.
And they’re all “free traitors.”
Bush 1 wasn’t a man of conviction. He was pro-choice before he jumped on the ballot with Reagan. He was all about whatever it took to get elected so that his ego and agenda would be filled.
Both bush 1 and bush 2 make me ill. They set conservatives back 30 - 40 years.
Same here but I would take "compassionate conservatism" back in a heart beat right about now.
The Great American Mortgage Scam & The Latino Community
The way I look at it was GWB was a tool for democrats to destroy our freedoms.
I don’t quite understand your statement. GWB thought he could buy love?
Home ownership equals conservatives?
GWB turned the country into suburban Democrats?
Really?
Don't forget the huge push for amnesty.
General give-aways, as his popularity went down, this bigger the spending. Every year was bigger bill
RE Home ownership equals conservatives?. GWB turned the country into suburban Democrats
They were on TV talking about a home ownership society and how people turn responsible when they own house, from being irresponsible when they rent apartments. Newt used to get on TV and say this. But the woods just got paved over for houses and liberals moved out into them. Now most vote democrat
“good capital” — LOL
http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020618-1.html
(snip)
And so, therefore, I’ve called — yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I’m proud to report that Fannie Mae has heard the call and, as I understand, it’s about $440 billion over a period of time. They’ve used their influence to create that much capital available for the type of home buyer we’re talking about here. It’s in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.
A sore point with me too but that other list was things he actually got done early because he really wanted them. BTW : Bush said in an interview he regrets not getting amnesty when he was still popular. Not kidding
HUD Statement on Record Homeownership Rates in 2002
Census Bureau data released on January 27, 2003 show that there are more homeowners in America than at any time in history. The 2002 annual homeownership rate was 67.9 percent, up 0.1 percent from the previous record posted in 2001. And, in the fourth quarter of 2002, a new all-time national homeownership record was set at 68.3 percent, up 0.3 percent from both the third quarter of 2002 and the fourth quarter of 2001.
"Increasing homeownership, particularly among minorities, is a priority for the Bush Administration," said HUD Secretary Mel Martinez. "The increase in new homeowners, announced today, demonstrates that we are moving in the right direction towards reaching our goal of adding 5.5 million new homeowners by the end of the decade."
Homeownership also increased for minorities to a record high of 49.9 percent in 2002, an increase of 0.8 percent. Last year President Bush announced "America's Homeownership Challenge," calling on the housing industry to help increase minority homeownership. The result was the Blueprint for the American Dream Partnership, an unprecedented public-private partnership to increase minority homeownership by helping to educate homebuyers, increase the supply of affordable housing, offer down-payment assistance and provide flexible financing options that help people realize the American Dream.
Last week, the Administration announced several 2004 budget proposals aimed at increasing the production of affordable housing, combating regulatory barriers, and helping more low-income, minority families become homeowners. These proposals include: $113 million increase for the Department's HOME Investment Partnerships Program, which will boost the supply of housing that is affordable to low-income families, as well as an additional $200 million for the American Dream Downpayment Fund to help low- to moderate-income families become first-time homeowners and an added $2 million for research to help reduce regulatory barriers to affordable housing. Additionally, HUD is requesting an additional $10 million toward housing counseling to assist thousands more low-income individuals and families to find and maintain homes.
Thats ok though. Cuz this is America, doggone it. And 5 years of working two jobs is going to pay off. Real soon.
Greenspan was printing lots of money then like the fed is now. That made up money was the capital he talks about, and selling the loans overseas(we all paid in higher prices later.). But 'capital' sounded SO capitalistic unlike 'made up money'. No wonder capitalist is a bad name now, with him using it then.
politicians need money and votes,Bush did what a politician does... Hindsight is wonderful
Sounds like the “American Dream” for homebuilders and lenders, all backed up by bailouts for the foreseeable losses.
I know you have a point. Are you a single Mom? What are you getting at? didnt they get a special tax credit even if they paid little or no taxes?
RE :”politicians need money and votes,Bush did what a politician does... Hindsight is wonderful”
I know that is EXACTLY what he was doing and say it here all the time. you are more honest than most, I done expect perfection, but if you ask for our (conservatives trust) and lead us off cliff, after getting re-elected, I am mad!!
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation
Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership opportunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeownership rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.
Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, ...
the link is dead, but here are some exercpts from a speech in 2002 I posted:
President Reiterates Goal on Homeownership
6/2002 Remarks by the President on Homeownership Department of Housing and Urban Development Washington, D.C.
We are here in Washington, D.C. to address problems. So I’ve set this goal for the country. We want 5.5 million more homeowners by 2010 — million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it’s going to mean we’re going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.
I’m going to do my part by setting the goal, by reminding people of the goal, by heralding the goal, and by calling people into action, both the federal level, state level, local level, and in the private sector. (Applause.)
And so what are the barriers that we can deal with here in Washington? Well, probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say that’s too high, I’m not buying. They may have the desire to buy, but they don’t have the wherewithal to handle the down payment. We can deal with that. And so I’ve asked Congress to fully fund an American Dream down payment fund which will help a low-income family to qualify to buy, to buy. (Applause.)
We believe when this fund is fully funded and properly administered, which it will be under the Bush administration, that over 40,000 families a year — 40,000 families a year — will be able to realize the dream we want them to be able to realize, and that’s owning their own home. (Applause.)
The second barrier to ownership is the lack of affordable housing. There are neighborhoods in America where you just can’t find a house that’s affordable to purchase, and we need to deal with that problem. The best way to do so, I think, is to set up a single family affordable housing tax credit to the tune of $2.4 billion over the next five years to encourage affordable single family housing in inner-city America. (Applause.)
The third problem is the fact that the rules are too complex. People get discouraged by the fine print on the contracts. They take a look and say, well, I’m not so sure I want to sign this. There’s too many words. (Laughter.) There’s too many pitfalls. So one of the things that the Secretary is going to do is he’s going to simplify the closing documents and all the documents that have to deal with homeownership.
And it seems like to us that it makes sense to have a outreach program, an education program that explains the whys and wherefores of buying a house, to make it easier for people to not only understand the legal implications and ramifications, but to make it easier to understand how to get a good loan.
Finally, we want to make sure the Section 8 homeownership program is fully implemented. This is a program that provides vouchers for first-time home buyers which they can use for down payments and/or mortgage payments. (Applause.)
And so, therefore, I’ve called — yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I’m proud to report that Fannie Mae has heard the call and, as I understand, it’s about $440 billion over a period of time. They’ve used their influence to create that much capital available for the type of home buyer we’re talking about here. It’s in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.
Much of the mortgage meltdown can be attributed to illegals who were given mortgages without proof of employment/citizenship, etc. If they could breathe and scratch out the name of one of their aliases, they got a mortgage. Many times they flipped the house over and over among family members, then absconded to Mexico with bags full of cash, leaving banks and taxpayers holding the bag.
Husband And Wife Plead Guilty To Massive Florida Straw Buyer Scheme ("God's children here for a better life")
Posted by Staff Reporter 06/02/08
Juan and Rachael Torrens pled guilty to conspiracy charges in connection with their participation in a recent multi-million dollar mortgage fraud scheme in South Florida. The defendants acknowledged as part of their guilty plea that their scheme produced over $15,000,000 in fraudulent loans, and resulted in losses of over $5,000,000 to various lenders. With Juan and Rachael Torrens‘ guilty pleas, 15 of the original 31 defendants charged have pled guilty.
As previously reported by Mortgage Fraud Blog, defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (”Amsouth”) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in this massive mortgage fraud scheme.
The scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, Florida, and in the City of Marco Island.
All except Katherine Harris have already pled guilty, and are awaiting sentence. The Indictment also charges defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rordriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire fraud for their participation in this mortgage fraud scheme. To date, guilty pleas have been entered by defendants Aurelio Pozo, Oscar Barreiro, Carlos Morales, Damaris Jimenez, Mario Blanco, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Moises Llorens, Gladys Lens, and Roger Rosario.
According to the Indictment, Juan Torrens would identify sellers of residential properties who were willing to overstate the true selling price of their properties. Daniel Ramos and Juan Torrens would then recruit and pay the straw buyer defendants to pose as buyers and ostensibly participate in the purchase of the selected properties. Defendants Rachael Torrens and Juan Torrens would prepare fraudulent mortgage loan applications for the straw purchasers that included false employment verifications, pay stubs, income and funds on deposit, and IRS Forms W-2.
Thereafter, to support the overstated sales prices on the properties and the fraudulent mortgage applications, defendant Alonso A. Muxo would prepare fraudulent appraisals attesting to the inflated property values dictated by Juan Torrens. Roger Rosario, an employee of Regions Bank, assisted the fraud by providing, on at least one occasion, a fraudulent verification of deposit in connection with a mortgage loan application for one of the straw buyer defendants.
To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s, which falsely stated that the straw buyers brought their own funds to the clTo: Moonman62; sickoflibsosings. Once the mortgage applications were approved, the lenders would wire the loan proceeds to the title company, Floridian Home Title, for closing.
At closing, Amsouth, a company owned and controlled by Juan Torrens, would receive a credit for the difference between the inflated price and the actual selling price of the property. Defendants Juan and Rachael Torrens would make the payments on the mortgage loans to maintain the loans afloat until the properties could be resold again, often to another straw buyer. When the Torrenses failed to make payments on the loans, some properties went into foreclosure, resulting in substantial losses to the lending institutions (and taxpayers).
http://www.mortgagefraudblog.com/index.php/weblog/comments/husband_and_wife_plead_guilty_to_massive_florida_straw_buyer_scheme/
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.