President Bush mortgage speech in 2002

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"More and more people own their homes in America today. Two thirds of all Americans own their homes, yet we have a problem here in America cause fewer than half of the Hispanics and half of the African Americans own their home. It's a home ownership gap. It's a gap that we've got to work together to close. And by the end of this decade, we'll increase the number of minority homeowners by at least five and a half million families. And of course one of the larger obstacles to minority home ownership is financing. Fannie Mae and Freddie Mac have committed to provide more money for lenders, have committed to help meet the shortage of capital available for minority homebuyers. Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for home ownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for home ownership loans. You don't have to have a lousy home for first time home buyers. You put your mind to it, the first time home buyer, the low income home buyer can have just as nice a house as anybody else."

--George W. Bush 2002

http://www.youtube.com/watch?v=eW9viaJatpo
 
Initaitives to promote widespread homeownership predate GWB. This stuff goes way back, and can be attributed to both d's and r's.
 
joemontana I agree with you but c'mon look at this sentence: "You don't have to have a lousy home for first time home buyers. You put your mind to it, the first time home buyer, the low income home buyer can have just as nice a house as anybody else." It is not all the Bush's admin's fault, but c'mon the low income home buyer can have just as nice a house as anybody else, how about you give people homes they have proven they will and can pay no matter their color or anything else. One of problems of this whole mess was the gov't trying to get everyone into a home for whatever reason.
 
You know how many people like Ritholtz and other analysts have produced data that showed that affordable, housing, CRA and other such plans had hardly anything to do with the bubble. It was the banks like JP Morgan that gave speculative buyers mortgages with no real proof of income.

Creating initiatives to give the lowest income people in society a place to live does not create an overnight bubble. I doubt people who never owned homes, all of a sudden were given millionaire dollar mansions by the GWB government.
 
s23dino

I'm def not absolving Bush. It's just that a lot of people want to put this on his shoulders, and there are lot of parties responsible in poltics - before you even get to the financial markets and the american consumer.
 
s23dino

I'm def not absolving Bush. It's just that a lot of people want to put this on his shoulders, and there are lot of parties responsible in poltics - before you even get to the financial markets and the american consumer.
 
s23dino

I'm def not absolving Bush. It's just that a lot of people want to put this on his shoulders, and there are lot of parties responsible in poltics - before you even get to the financial markets and the american consumer.
 
joemontana Wrote:
-------------------------------------------------------
> Initaitives to promote widespread homeownership
> predate GWB. This stuff goes way back, and can be
> attributed to both d's and r's.


yeah bud, but fannie may and freddie mac werent allowed to take subprime mortgages until 2003.


its these dogshit loans that are screwing us over, its only up until now that stupidity became acceptable.
 
Energy crisis?

Turn back the clocks!

Economic downturn?

Spend and don't let the enemies stop you from it!

Homes?

Lend em more money!
 
joemontana Wrote:
-------------------------------------------------------
> s23dino
>
> I'm def not absolving Bush. It's just that a lot
> of people want to put this on his shoulders, and
> there are lot of parties responsible in poltics -
> before you even get to the financial markets and
> the american consumer.


Agreed there is plenty of blame to go around, including Bush and congress. It was just one perfect storm of incompetence by Bush's administration and past admin, congress, financial markets and firms, and the American consumer. When I first started understanding what a CDO was back in 2005 when I started working with them I always wondered what the heck is going to happen if the default/foreclosure rates raise more then expected. I guess I found out....
 
GSEs were not prevented from taking on subprime before 2002. They simply decided to in 2002.



Edited 2 time(s). Last edit at Sunday, December 7, 2008 at 11:50PM by kkent.
 
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