THANKS! I had forgotten that. There was some sick theory that if a person (or family) “owned” their home, they would instantly become MUCH MORE RESPONSIBLE citizens.
Like you, I remember saying “huh” and cringing at that theory. It made NO SENSE, in part because they were never going to “own” their home anyway - they’d just replace rent with mortgage payments.
I agree, Bush was a DISASTER in many, many, areas (although he was a very nice guy in person) and it’s good to see Trump making that point.
traditional lending standards evolved due to experience and reality: people who don’t have skin in the game - i e a down payment - are credit risks.
Bush pooh-poohed that, and advocated having government step in and cover the down payment for people who couldn’t qualify under traditional lending standards.
Unfortunately, I believe this is happening again, both from the feds and various state governments. Politicians can’t stop buying votes with tax money - it’s in their DNA, and not just Democrat politicians, either.
Katrina piled some fuel on that fire. Before the hurricane hit a local newsman was doing research on the HUD abuse in the 9th, the high rents, unavailable loans for most. All the corruption involved the political family of the man who started HUD in the Carter adm.
All that information was moot when area was flooded. I remember cheering when Bush/gop passed the legislation enabling these victimized people (many with middle class income) would be able to bypass the real estate cartel and buy their own home. Unfortunately as the democrats usually do they manipulated around the intent of the law. That family’s name LANDRAU CORRUPT TO THE BONE