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Downpayment Aid OK'd for Poor Families
AP ^
| 10/1/2003
| JIM ABRAMS
Posted on 10/02/2003 5:52:38 AM PDT by JohnGalt
Posted on Wed, Oct. 01, 2003
Downpayment Aid OK'd for Poor Families JIM ABRAMS Associated Press
WASHINGTON - Up to 40,000 low-income families will get financial help in making downpayments on their first homes under legislation passed Wednesday by the House.
The American Dream Downpayment Act, passed by voice vote, is an administration-backed initiative aimed at helping families, particularly in minority communities, who are able to meet monthly mortgage payments but don't have funds for the downpayment and closing costs associated with home loans.
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.
The bill, said Rep. Katherine Harris, R-Fla., the chief sponsor in the House, "empowers tens of thousands of low-income Americans to overcome this striking inequality in our land of opportunity."
Supporters said children of homeowners do better in school and have higher high-school graduation rates than the children of renters, and that this new group of homeowners would boost the U.S. economy.
The program, to be administered by the Home Investment Partnerships Program in the Housing and Urban Development Department, provides $200 million a year over the next two years in grants to state and local governments. Each low-income family would be given an average of $5,000 to be used toward downpayment and closing costs on a first home.
"Normally this bill would be thought of as a liberal bill," said Rep. Maxine Waters, D-Calif. "Democrats have been advocating for a long time for these kinds of expenditures to deal with the housing crisis in America."
The bill must still be considered by the Senate.
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TOPICS: Breaking News; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: americandream; biggovernment; debt; handouts; housing; republicans; welfare
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To: JohnGalt
Saved for later reading.
But I need to add: I was in a Mexican restaurant and picked up a Spanish language newspaper to read while waiting for dinner. Yes I am fluent in Spanish and French.
According to the article, and accompanying photos with Federal officials, this program was being publicized as something to be taken advantage of by undocumented immigrant families, AKA illegal immigrants.
61
posted on
10/02/2003 11:11:59 AM PDT
by
Publius6961
(californians are as dumb as a sack of rocks.)
To: JohnGalt
Just wait until we get some Republicans in the White House and Congress! That'll fix things.
To: JohnGalt
Man it just keeps getting crazier and crazier. I must be living in bizarro world where good is bad and bad is good. If I can only get back to earth where people used to have common sense.
63
posted on
10/02/2003 11:29:58 AM PDT
by
sasafras
(sasafras (The road to hell is paved with good intentions))
To: JohnGalt
I worked so hard to buy my first home, didn't make big dollars had four children but drove an older car skimped on entertainment, shopped for bargains, ate cheaply but the day escrow closed on my house was so satisfying because I had worked so hard to get it. I predict alot of foreclosures in the future. If you don't work for it you don't appreciate it. Along with all the additional expenses of home ownership, such as repairs, taxes etc. Are taxpayers going to be expected to handle this for them also?
64
posted on
10/02/2003 11:49:18 AM PDT
by
MontanaBeth
(American Made)
To: JohnGalt
This is only the beginning in this country of the forced redistribution of wealth - a key tenet of Communism. How do you like it so far?
65
posted on
10/02/2003 11:50:16 AM PDT
by
TexasRepublic
(Liberal = Socialist = Communist)
To: JohnGalt
AAAAAAAAAAARRRRRRGH!
Tell me again the difference between Republicans and Democrats.
Go to h#ll, GOP!
66
posted on
10/02/2003 12:14:53 PM PDT
by
A Navy Vet
(government is the problem, not the solution!)
To: Kozak
Fannie Mae and Freddie Mac are private entities whose loans are GUARANTEED by the Feds read TAXPAYERS That's false. But the problem is so large, it is assumed they will be bailed by the Feds. Thing is, they are too big to fail and too big to bail.
67
posted on
10/02/2003 2:47:07 PM PDT
by
AdamSelene235
(I always shoot for the moon......sometimes I hit London.- Von Braun)
To: JohnGalt
Yeah, well.....
I am certain that every one here will agree that this is a very bad idea. Assuming that the Senate and the White House will not be able to resist this opportunity to buy votes with our money and this abomination passes into law, what can we do about it?
Come Nov. '04 we will have a choice: bad, or worse.
Assuming that conservatives either stay home or vote third party and we wind up with "Worse", how can we best ride out the collapse of our economy and, possibly, our government? What would be the best course of action for land/home owners (Meaning those of us with no mortgage)
It looks pretty grim to me, or am I missing something?
68
posted on
10/02/2003 2:58:44 PM PDT
by
Chuckster
("If honor were profitable, everybody would be honorable." Sir Thomas More)
To: AdamSelene235
Federal National Mortgage Association (Fannie Mae) A publicly owned, government-sponsored corporation chartered in 1938 to purchase mortgages from lenders and resell them to investors. Known by the nickname Fannie Mae, it packages mortgages backed by the Federal Housing Administration, but also sells some nongovernment-backed mortgages.
69
posted on
10/02/2003 4:55:04 PM PDT
by
Kozak
(Anti Shahada: " There is no God named Allah, and Muhammed is his False Prophet")
To: Kozak
From Fannie's website:
Fannie Mae debt securities, together with interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.
70
posted on
10/02/2003 7:52:32 PM PDT
by
AdamSelene235
(I always shoot for the moon......sometimes I hit London.- Von Braun)
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