Downpayment Aid OK'd for Poor Families

AP ^ | 10/1/2003 | JIM ABRAMS

[Moonman62]

The White House said the legislation would reduce a disparity in homeownership - three-fourths of non-minority Americans own their own homes but less than half of blacks, Hispanics and other minorities are homeowners.

So I guess they are going to discriminate against poor white people in order to make this come out the way they want.

[Phantom Lord]

It's bad enough that Washington was handing out more of my tax money in the form of "rebates" to people who don't pay any federal taxes.

This statement is false. Please make the correct statement in the future. People who don't pay any federal INCOME Taxes.

[Orangedog]

Having the GOP in control of the house, senate and white house has rocked the republican party to sleep. Does anyone think that if the GOP would have ran on the platform of $400 welfare checks and free home downpayments and closing costs, that they would have won the house and senate in 1994? Face it, folks...we've been had.

[Moonman62]

The White House said the legislation would reduce a disparity in homeownership - three-fourths of non-minority Americans own their own homes but less than half of blacks, Hispanics and other minorities are homeowners.

Now they won't have to sell their BMW's or their Lexus's in order to make a down payment.

[Phantom Lord]

I think my statement calling it welfare was pretty clear.

[OXENinFLA]

A FL congrassman last night stated the amount of money the DEMS have put forth in Amendments.....................$890 BILLION.


I'm going to post his remarks as soon as I find them in the record.

[Eagle Eye]

I missed it. I agree.

[Sinner6]

Yes there is, homes that are owner occupied appreiciate at a greater rate then non-owner occupied. Thus tax revenue increases.

[Lijahsbubbe]

Is this on top of section 8 rent subsidies

I believe so.

[Moonman62]

Having the GOP in control of the house, senate and white house has rocked the republican party to sleep.

Just look at the majority of comments on FR. There is nobody to hold them accountable.

[Orangedog]

This statement is false. Please make the correct statement in the future. People who don't pay any federal INCOME Taxes.

No, my statement was accurate. Thanks to the (un)earned income tax credit, poor people with kids that they couldn't afford in the first place are refunded all of their federal payroll (re: social security) taxes, and part of the employer contribution as well.

[JohnGalt]

I'd settle for these families going a year without vacations, cell phones and cable tv.

[Phantom Lord]

They still pay federal taxes. If they smoke, buy gasoline, have a phone, cable, etc... We pay federal taxes on at least a dozen items a day easily. Not to mention the hidden federal taxes that are not disclosed.

[Eagle Eye]

Nothing says that the homes that these people are getting subsidies for would not otherwise be owner occupied. It's not as if the homes involved are all presently being occupied and rented by the future purchasers. In most cases the tax revenue increase from increased property values is going to be spit in the ocean anyway. We're talking about neighborhoods where the purchasers cannot afford a down payment. The appreciation in these neighborhoods is rather limited.

[Lijahsbubbe]

Face it, folks...we've been had.

Republican, democrat, their killin' us.

Our Republican governor, Tim Pawlenty, is going to go on the road to push his plan of "super teachers." His idea of raising achievment levels in schools is to pay super teachers 100,000

A schoolboard in another area voted to buy all the kids in junior high laptops from Apple despite protests from parents. This from a school that threatened a levy because they had no money for books and threatened larger class sizes.

You're right, it's all for the children.

[Orangedog]

And those $400 welfare checks reduce even that tax burdon to just about zero. Figure in the costs to administer these hand-outs and it cancels out any kind of "contribution" that those people make to the tax base at the federal level.

[Lijahsbubbe]

Their = they're.

[JohnGalt]

Who are we kidding?

Just as likely, most of this money will go to a front company as 'new construction loans.' The developer will pay cash to the loan takers to just shut-up and forget about it and then go out of business.

The Soprano's had a great epsiode on these HUD scams.

[LTCJ]

The American Dream Downpayment Act, passed by voice vote, is an administration-backed initiative aimed at helping families

Well, isn't this fricking convenient? "Can't blame me." Well, I just took a voice vote and by overwhelming majority, the GOP can go to hell. I've had it with these selfserving bastards.

Having the GOP in control of the house, senate and white house has rocked the republican party to sleep.

I'm radpidly coming to the conclusion that conservatives are going to have to force a crisis within the GOP very, very soon if it is ever to recover. As it stands on 2 October 2003, there is nothing more useless than a comfortable Republican. If they won't fear the conservatives, let 'em fear the Democrats.

[Squawk 8888]

This is absurd- I don't know what the US market is like but here in Toronto there are real estate agents tripping over each other in the rush to offer low-downpayment, no-downpayment and rent-to-own deals. All without a nickel from the taxpayer.