You mean the Republican controlled House?? Really? How could Democrats block anything there? You see Republicans blocking any bills when Pelosi was Speaker? You see Pelosi 'blocking' any House bills now? You understand how House rules work?
Apparently Bush got his 'Fannie and Freddie loans for minorities with bad credit' policy through:
GWB 2002 Speech :”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). “
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
The RINO leader Bush had to get those illegals into those new homes, jobs, credit historyor not.
Illegals got high-end mortgages---with no job proofs, no proof of income like Americans had to pony up. If they could breathe and write an X, the illegal got the money. But the sly illegals would flip the houses at higher and higher prices over and over to family members---duping the banks for huge amounts every time---til the last illegal absconded leaving the banks (we the taxpayers) holding the bag.
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BUSH: "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."
REFERENCE Franklin Raines Letter to Shareholders ---- 2003 Fannie Mae Annual Report
Excerpt ...Ten years ago the typical conforming mortgage required a down payment of 10-20%, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3-5% down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...
In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early.
Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative). After four of the strongest years in housing and mortgage finance history, we’ve already surpassed the top-line goals of this commitment. But our work is far from complete.
So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle America’s toughest housing challenges. Our new commitment has three main goals.
First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.
Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.
Third, we will increase the supply of affordable housing and support community development activities in at least 1,000 neighborhoods across the country through our American Communities Fund, and through targeted investments like Low-Income Housing Tax Credits that help finance affordable rental housing.
It is because of initiatives like our Trillion Dollar Commitment and our American Dream Commitment that we have exceeded our HUD affordable housing goals for ten consecutive years.
And Bush made no attempt to communicate with voters and get them to put pressure on the dems. Says to me he had little respect for the people who elected him to office.