laraza lulac and naacp
You know that those groups opposed the reforms and sided with Barney Frank.
You disappoint me with this argument.
Those groups want anyone to get a loan and they hope the loans never get paid back.
That is not the Bush administration position. This is not pie in the sky. Study the 17 arguments I presented on the internet in fuller context. The same reforms had already been implemented in Texas. These probelms were highly isolated geographically.
Yes the builders loved it— I have no problem with that. I do have a problem with illegal aliens buying houses.
WASHINGTON, Oct. 1 /U.S. Newswire/ -- The National Association of Realtors(r) hailed the U.S. House of Representatives for passing legislation today that would provide $400 million in grants over the next two years to help 80,000 low-income families pay downpayment and closing costs on their first homes.
The American Dream Downpayment Act, H.R. 1276, is one of NAR's top legislative priorities this Congress. The bill was introduced earlier this year by U.S. Rep. Katherine Harris (R-Fla.). U.S. Sen. Wayne Allard (R-Colo.) has introduced companion legislation, S. 811, in the Senate.
NAR also commended President George W. Bush and U.S. Housing and Urban Development (HUD) Secretary Mel Martinez for first proposing the idea for the legislation as part of the administration's commitment to help low-income and minority families achieve the American dream of the homeownership.
"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. "NAR is thrilled to support legislation that would reduce two of the biggest barriers to homeownership -- downpayment and closing costs -- for 40,000 families a year. Although our homeownership rate is at a record high, one out of seven American families still faces critical housing needs. The American Dream Downpayment Act is a tremendous program that would not only create thousands of housing opportunities but also help sustain the housing market, which has been the pillar of our economy."
The bill would provide an average of $5,000 in downpayment and closing cost assistance to help first-time homebuyers with annual incomes that do not exceed 80 percent of the area median income. Grants would be made to state and local governments through HUD's HOME Investment Partnership program. The initiative is one of many discussed at last week's National Summit on Housing Opportunities convened by NAR.
The National Association of Realtors(r), "The Voice for Real Estate," is America's largest trade association, representing over 950,000 members involved in all aspects of the residential and commercial real estate industries.
LOL. I have.
Unfortunately for you, your arguments go "up in smoke" pretty quickly the further you look.
http://www.freerepublic.com/focus/f-news/993293/postsSpeaker Hastert Touts Law Closing the Homeownership Gap for Minorities
Posted on Wednesday, October 01, 2003 4:10:41 PM by chance33_98WASHINGTON, Oct. 1 /U.S. Newswire/ -- Today, Speaker J. Dennis Hastert (R-Ill.) and U.S. Department of Housing and Urban Development Secretary Mel Martinez joined House Republicans to tout the passage of the American Dream Downpayment Act (H.R. 1276) that will provide $5,000 each to low-income, first time home buyers. The bill, which was approved by the House by a voice vote, will provide $200 million in grant funds to help 40,000 low-income families with the down payment and expensive closing costs in buying a home.
Following the event, the Speaker released the following statement:
"As Speaker, I'm proud the U.S. House is passing this bill to help working families, like Mrs. Susie Dixon who joins us today. Essential to all families, like Susie's, is trying to achieve the American Dream of homeownership. This long overdue initiative provides assistance through $5,000 grants to low income, first-time homebuyers across the country to help with exceedingly difficult down payment and closing costs.
"While more than two-thirds of all Americans own their home, less than half of all African-American and Hispanic families do not. By passing this bill, the Republican House is working with President Bush to close this homeownership gap.
"Also very important is the fact that this bill will help construct 13,000 new homes. According to the Department of Housing and Urban Development, building these homes will create 33,000 new jobs - what a much-needed shot in the arm to our nation's economic recovery and improvement of our local communities. That's a win-win situation for minority homeowners and American workers.
"By passing the American Dream Down Payment Act, we will help empower every community. We will help lift up our African-American and Hispanic Communities. As House Republicans, we recognize the significance this initiative will have to help families already owning a home, but more importantly, how it will help close the homeownership gap for those still trying to achieve this part of the American Dream."