Why is this relevant today? Because I want to make sure that conservatives don't give Romney the kind of pass they gave Bush when he governed like a liberal. If conservative had criticized Bush's liberal policies when they were happening -- instead of treating him like a deity along with "that magnificent bastard" Rove, -- we might never have had the recession, and Obama might never have been elected.
I’M CALLING BULLSH**T.
The ‘Housing Bubble’ was in trouble long before this. Or have YOU already forgotten that the massive mortgage frauds were already unhinging the system by this time?
The problem wasn’t helping people get homes. The problem was government FORCING banks to loan money to people who shouldn’t have had one in the first place, BASED ON RACE, not credit!
Or have YOU already forgotten “Red-Lining”, and all that other crap?
After checking your posting History, I SMELL TROLL....
Sorry buddy, but I am a veteran. If I choose to use my VA loan with 100% financing, you bet your a@# I am going to use it.
IIRC, this started under Clinton with the “Community Reinvestment Act” (CRA).
It pretty much forced banks to make housing loans to folks that would never, ever have qualified otherwise.
Those folks, naturally, had trouble keeping their mortgages up to date and thus the trouble began.
This was not good policy but a tiny part of the problem that led to the housing bubble bursting. The bubble was bing built for a decade previous to this decision. Bush had a core ,estate that home ownership growth created an ownership society. True in principle, but using bad policy to expand home ownership doesn’t accomplish the goal he laid out. The ‘affordable housing’ efforts of the left to push people who could not qualify otherwise as the bigger issue.
Idiocy. The banks weren’t allowed to see if a person could REPAY the loans....NINJA loans....NO INCOME, NO JOB, NO PROBLEM!!!
How soon people forget Bush’s ‘ownership society’ which grew the mortgage problem. He was forgiven so much because of the R after his name: the Patriot Act, the TSA, pushing amnesty for illegals, calling those who wanted secure borders vigilantes, TARP, flooding the country will ‘guest workers’, creating Homeland Security via EO, no child left behind ...
Whether R or D, we need to be so vigilant.
Darnit; missed another IBTZ!
You are wasting bandwidth.
Bush isn’t the problem.
Obama is the problem.
I’ll go even further than this, and state the government backed mortgages are the problem.
Our government should not be in the housing business, save for housing defense personnel on bases and ambassadors overseas.
I have no problem accepting the fact that Bush continued a doomed policy that was in place before he became president.
Let’s just make sure that we admit where it started:http://theaffordablemortgagedepression.com/2010/03/11/origin-of-the-housing-bubble-the-national-homeownership-strategy.aspx
http://www.huduser.org/publications/txt/hdbrf2.txt
We also need to make sure to admit the Democrats basically told us there was NO bubble, and they haven’t repealed anything that, according to them, supposedly caused the problem i.e. GLB-act.
Baby Bush was up to his neck with inflating the housing bubble. He was behind it 100%.
http://www.youtube.com/watch?v=GkAtUq0OJ68
The Bush years were an utter disaster.
Listen to Bush’s speech, were he demanded home loans for totally unqualified minorities.
http://www.youtube.com/watch?v=MqR15H0gNBU
The question has now been answered. I recall Bush campaigning for "the ownership society" and pushing to reduce down payments. he didnt start the bubble inflating but he sure gave it a healthy boost.
What’s the bills number?