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
Fannie Mae and Freddie Mac set money aside every year, long before Bush became president, to help low income citizens get loans. This $440 billion is simply the amount that would be set aside over these particular years 2005 - 2009. This was not additional money for Bush's zero down Dream program.
The crisis we now have is a result of plummeting property values, not just sub prime interest rate loans. Property values have never gone down before.
Any losses that can be attributed to Bush, specifically, can only be attributed to minorities who were helped by his specific HUD Dream program. If oversight regulations were put into place as Bush wanted, there wouldn't be all these defaults and none of these loans to illegals.