Replies

Your being naive.

Gov’t central planners had their hand in this. Pres. Bush wanted 5.5 Mil more homeowners. Well, he got it. We are all homeowners now.

‘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.’
http://www.whitehouse.gov/news/releases/2002/06/20020618-1.html

‘And so we’ve called upon Congress to set up what’s called the American Dream Down Payment Fund, which will provide financial grants to local governments to help first-time home buyers who qualify to make the down payment on their home. If a down payment is a problem, there’s a way we can address that. And when Congress funds the program, this should help 200,000 new families over the next five years become first-time home buyers.

More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That’s a homeownership gap. It’s a — it’s a gap that we’ve got to work together to close for the good of our country, for the sake of a more hopeful future. We’ve got to work to knock down the barriers that have created a homeownership gap.

I set an ambitious goal. It’s one that I believe we can achieve. It’s a clear goal, that by the end of this decade we’ll increase the number of minority homeowners by at least 5.5 million families. (Applause.)’
http://www.whitehouse.gov/news/releases/2002/10/20021015-7.html

“Your being naive.”

I frequently am.

“Gov’t central planners had their hand in this. Pres. Bush wanted 5.5 Mil more homeowners. Well, he got it. We are all homeowners now.”

So its Bush’s fault? Bush’s fault that banks voluntarily made bad loans? Bush’s fault that they knowingly accepted fraudulent information?

BDS is what you got.

"Gov’t central planners had their hand in this. Pres. Bush wanted 5.5 Mil more homeowners. Well, he got it. We are all homeowners now."

In FY2007, Congress appropriated $24,750,000 for ADDI.

Previously, Congress appropriated $74,513,000 in FY2003 and $86,984 in FY2004, $49,600,000 in FY2005 and $24,750,000 in FY2006

Seems ADDI turned out to be chicken feed in relation to the current crisis.