[sazerac]

Critics of Bush's zero down payment plan speculated at the time that it could cost taxpayers as much as half a billion dollars in defaults. This is hardly half a trillion. A lot of the funding for this plan came out of HUD's regular yearly budget.

Bush reduced the minimum HUD down payment from 3% to 0%.

Those red areas mapped are the places with the highest concentrations of legal immigrants and blacks. Do we have any evidence that illegals got funding for houses?

The vast amount of defaults were not poor people.

I know two families who took advantage of Bush's zero down and they have improved their lives and paid every penny they owe every month.

Homelessness decreased 30% from 2005 - 2007.

Is there any evidence that Bush's plan actually cost in the end? Bush was pushing for closer oversight of Fannie and Freddie. It was greedy bankers that caused this mess.

[publana]

The zero down payment does help get people into homes that will pay for them. In 1982, we bought our home with a VA loan and zero down. We would have had to wait years and years to save 20%. I was exceedingly grateful for a $0 down option.

[Ol' Dan Tucker]

Do we have any evidence that illegals got funding for houses?

See my post #98

The vast amount of defaults were not poor people.

Source, please? (other than anectdotal)

Is there any evidence that Bush's plan actually cost in the end? Bush was pushing for closer oversight of Fannie and Freddie. It was greedy bankers that caused this mess.

Um, the collapse of the subprime industry?

Seriously, yes, there is evidence. Here's a glimpse:

Mortgages to Illegal Immigrants Come Under Fire

Bush was calling for oversight at the same time he was asking Fannie and Freddie to increase their commitments to the 'minority' market by $440 billion and 5.5 million new 'minority' home owners. (See: President Calls for Expanding Opportunities to Home Ownership)

Bush's Partnership for Prosperity Agreement (with Mexico) and New Alliance Task Force was aimed directly at Mexican illegal aliens, not American minorities. (See: Partnership for Prosperity Agreement (with Mexico))

That's why the USA Patriot Act of 2001 contained a provision in section 326(b) to allow banks to accept Mexican Matricula Consular cards to be used as ID to open an account. US citizens and legal residents don't need consular ID.

More even more info, see: Illegal Immigration and the Mortgage Mess

[syriacus]

Bush was pushing for closer oversight of Fannie and Freddie.

Bush was pushing for closer oversight of Fannie and Freddie...more than five years ago....

Congress twiddled its thumbs while the US burned