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Thread: GW Bush and the subprime meltdown.

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    Champ saltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your time saltydawg's Avatar
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    GW Bush and the subprime meltdown.

    WH Conference on increasing miniority home ownership, GW Bush speech on Oct 22, 2002, George Washington University.

    THE PRESIDENT: Ö. I appreciate your attendance to this very important conference. You see, we want everybody in America to own their own home. Thatís what we want. This is ó an ownership society is a compassionate society.
    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 because few than half of the Hispanics and half the African Americans own the home. Thatís a homeownership gap. Itís a ó itís a gap that weíve got to work together to close for the good of our country, for the sake of a more hopeful future.
    Weíve got to work to knock down the barriers that have created a homeownership gap.
    I set an ambitious goal. Itís one that I believe we can achieve. Itís a clear goal, that by the end of this decade weíll increase the number of minority homeowners by at least 5.5 million families. (Applause.) Ö And itís going to require a strong commitment from those of you involved in the housing industry. Ö
    I appreciate so very much the home owners who are with us today, the Arias family, newly arrived from Peru. They live in Baltimore. Thanks to the Association of Real Estate Brokers, the help of some good folks in Baltimore, they figured out how to purchase their own home. Imagine to be coming to our country without a home, with a simple dream. And now theyíre on stage here at this conference being one of the new home owners in the greatest land on the face of the Earth. I appreciate the Arias family coming. (Applause.)
    Weíve got the Horton family from Little Rock, Arkansas, here today. Ö They were helped by HUD, they were helped by Freddie Mac. Ö
    Finally, Kim Berry from New York is here. Sheís a single mom. Youíre not going to believe this, but her son is 18 years old. (Laughter.) She barely looked like she was 18 to me. And being a single mom is the hardest job in America. And the idea of this fine American working hard to provide for her child, at the same time working hard to realize her dream, which is owning a home on Long Island, is really a special tribute to the character of this particular person and to the character of a lot of Americans. So weíre honored to have you here, Kim, and thanks for being such a good mom and a fine American. (Applause.)
    I told Mel Martinez I was serious about this initiativeÖ And the good news is, Mel Martinez believes it and means it, as well. Heís doing a fine job of running HUD, and Iím glad he has joined my Cabinet. (Applause.)
    And I picked a pretty spunky deputy, as well, Alphonso Jackson ó my fellow Texan. (Applause.) I call him A.J. Ö
    I see Rosario Marin, whoís the Treasurer of the United States. Rosario used to be a mayor. Thank you for coming, Madam Mayor. (Applause.) She understands how important housing is. Ö
    All of us here in America should believe, and I think we do, that we should be, as I mentioned, a nation of owners. Owning something is freedom, as far as Iím concerned. Itís part of a free society. And ownership of a home helps bring stability to neighborhoods. You own your home in a neighborhood, you have more interest in how your neighborhood feels, looks, whether itís safe or not. It brings pride to people, itís a part of an asset-based to society. It helps people build up their own individual portfolio, provides an opportunity, if need be, for a mom or a dad to leave something to their child. Itís a part of ó itís of being a ó itís a part of ó an important part of America.
    Homeownership is also an important part of our economic vitality. If ó when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America; Ö
    Low interest rates, low inflation are very important foundations for economic growth. The idea of encouraging new homeownership and the money that will be circulated as a result of people purchasing homes will mean people are more likely to find a job in America. This project not only is good for the soul of the country, itís good for the pocketbook of the country, as well.
    To open up the doors of homeownership there are some barriers, and I want to talk about four that need to be overcome. First, down payments. A lot of folks canít make a down payment. They may be qualified. They may desire to buy a home, but they donít have the money to make a down payment. I think if you were to talk to a lot of families that are desirous to have a home, they would tell you that the down payment is the hurdle that they canít cross. And one way to address that is to have the federal government participate.
    And so weíve called upon Congress to set up whatís called the American Dream Down Payment Fund, which will provide financial grants to local governments to help first-time home buyers who qualify to make the down payment on their home. If a down payment is a problem, thereís a way we can address that. And when Congress funds the program, this should help 200,000 new families over the next five years become first-time home buyers.
    Secondly, affordable housing is a problem in many neighborhoods, particularly inner-city neighborhoods. Ö Iím doing is proposing a single-family affordable housing credit to encourage the construction of single-family homes in neighborhoods where affordable housing is scarce. (Applause.)
    Over the next five years the initiative will provide home builders and therefore home buyers with ó home builders with $2 billion in tax credits to bring affordable homes and therefore provide an additional supply for home buyers. Ö
    And weíve got to set priorities. And one of the key priorities is going to be inner-city America. Ö
    Another obstacle to minority homeownership is the lack of information. You know, getting into your own home can be complicated. It can be a difficult process. I had that very same problem. (Laughter and applause.)
    Every home buyer has responsibilities and rights that need to be understood clearly. And yet, when you look at some of the contracts, thereís a lot of small print. And you can imagine somebody newly arrived from Peru looking at all that print, and saying, Iím not sure I can possibly understand that. Why do I want to buy a home? Thereís an educational process that needs to go on, not only to explain the contract, explain obligation, but also to explain financing options, to help people understand the complexities of a homeownership market, and also at the same time to protect people from unscrupulous lenders, people who would take advantage of a good-hearted soul who is trying to realize their dream.
    Homeownership education is critical. And so today, Iím pleased to announce that through Melís office, weíre going to distribute $35 million in 2003 to more than 100 national, state and local organizations that promote homeownership through buyer education. (Applause.)
    And, of course, one of the larger obstacles to minority homeownership is financing, is the ability to have their dream financed. Right now, we have a program that all of you are familiar with, maybe our fellow Americans are, and thatís what they call a Section 8 housing program, that provides billions of dollars in vouchers to help low-income Americans with their rent. It encourages leasing. We think itís important that we use those vouchers, that federal money to help low-income Americans go from being somebody who leases to somebody who owns; that we use the Section 8 program to not only help with down payment, but to help with continuing monthly mortgage payments after theyíre into their new home. It is a ó it is a way to help us meet this dream of 5.5 million additional families owning their home.
    Iím also going to encourage the lending industry to develop a mortgage market so that this script, these vouchers, can regularly be used as a source of payment to provide more capital to lenders, who can then help more families move from rental housing into houses of their own. Ö
    Last June, I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what Iím talking about, Iím talking about your bankers and your brokers and developers, as well as members of faith-based community and community programs. And the response to the home owners challenge has been very strong and very gratifying. Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities.
    Representatives of the real estate and homebuilding industries, through their nationwide networks or affiliates, are committed to broadening homeownership. They made the commitment to help meet the national goal we set.
    Freddie Mae ó Fannie Mae and Freddie Mac ó I see the heads who are here; I want to thank you all for coming ó (laughter) ó have committed to provide more money for lenders. Theyíve committed to help meet the shortage of capital available for minority home buyers.
    Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin [Raines], I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem. Itís the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin told me at the meeting where we kicked this office, he said, I promise you we will help, and he has, like many others in this room have done.
    Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for homeownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for homeownership loans. Ö
    Thereís all kinds of ways that we can work together to meet the goal. Corporate America has a responsibility to work to make America a compassionate place. Corporate America has responded. As an example ó only one of many examples ó the good folks at Sears and Roebuck have responded by making a five-year, $100 million commitment to making homeownership and home maintenance possible for millions of Americans. Ö
    The non-profit groups are bringing homeownership to some of our most troubled communities. Ö
    The other thing Kirbyjon told me, which I really appreciate, is you donít have to have a lousy home for first-time home buyers. If 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. And I know Kirbyjon. He is what I call a social entrepreneur who is using his platform as a Methodist preacher to improve the neighborhood and the community in which he lives.
    And so is Luis Cortes, who represents Nueva Esperanza in Philadelphia. I went to see Luis in the inner-city Philadelphia. Ö But he also understood that a homeownership program is incredibly important to revitalize this neighborhood that a lot of folks had already quit on. Ö
    Again, I want to tell you, this is an initiative ó as Mel will tell you, itís an initiative that we take very seriously. Ö Thank you for coming. May God bless your vision. May God bless America. (Applause.)

    "It should be pretty clear by now, to most, that Romney is just an empty suit with no plan or internal vision and nothing more then a rubber stamp for the corporatist oligarchy behind current right-wing politics."----Sarah Palin





  2. #2
    Champ saltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your time saltydawg's Avatar
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    Re: GW Bush and the subprime meltdown.

    By Thomas A. Fogarty, USA TODAY Jan. 20, 2004
    In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
    In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the “most significant FHA initiative in more than a decade.” It would lead to 150,000 first-time owners annually, he said.
    "It should be pretty clear by now, to most, that Romney is just an empty suit with no plan or internal vision and nothing more then a rubber stamp for the corporatist oligarchy behind current right-wing politics."----Sarah Palin





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    Re: GW Bush and the subprime meltdown.

    When Republicans and Democrats are in race to see who can be the most progressive, the country is clearly screwed.
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  4. #4
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    Re: GW Bush and the subprime meltdown.

    Quote Originally Posted by Guisslapp View Post
    When Republicans and Democrats are in race to see who can be the most progressive, the country is clearly screwed.
    But don't you see, just because Bush did it, it makes it ok for salty to justify any/everything the democrats try to "accomplish."

  5. #5
    Champ saltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your timesaltydawg Ultimate jerk and not worth your time saltydawg's Avatar
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    Re: GW Bush and the subprime meltdown.

    Quote Originally Posted by atobulldog View Post
    But don't you see, just because Bush did it, it makes it ok for salty to justify any/everything the democrats try to "accomplish."
    No, I'm NOT trying to justify the Democrats, just pointing out why we are in the economic mess we are in today. Guiss made a good point. I wish to God that the Republicans had not licked the boots of GWB but instead had followed the Goldwater policy of fiscal responsibility.
    "It should be pretty clear by now, to most, that Romney is just an empty suit with no plan or internal vision and nothing more then a rubber stamp for the corporatist oligarchy behind current right-wing politics."----Sarah Palin





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    Re: GW Bush and the subprime meltdown.

    Ok, you are not trying to justify it, just giving Obama a pass on everything. How much longer does the "I'm the new guy" card last? Mine in my current role lasted about 6 months. With him being hyped as much as he is and with a super majority, surely he could handle some responsibility.

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    Re: GW Bush and the subprime meltdown.

    Don't even get me started on this mess. It is well-documented Salty, you just have to search for the truth. This stuff goes back to Jimmy Carter. Every President, Congress, and the FED played a big role in the collapse of the American economy. It's as if it were planned.

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    Re: GW Bush and the subprime meltdown.

    Quote Originally Posted by T_Won View Post
    Don't even get me started on this mess. It is well-documented Salty, you just have to search for the truth. This stuff goes back to Jimmy Carter. Every President, Congress, and the FED played a big role in the collapse of the American economy. It's as if it were planned.
    Carter and demo congress layed the foundation with changes in policies that would relax qualifying standards for mortgagees. But, it had no teeth, no way to be enforced.

    In 1996, as part of his "promise everything to get re-elected," Clinton took the Carter policy and provided the enabling policy language.

    Throughout 2002 led by demos Waters, Dodd, Schumer, Frank... congress held hearings on the UNfairness of housing and bank lending policies. With the midterm elections looming in Nov, 2002, the national Repub Party urged Bush to jump on that bandwagon, join the chorus, and say: Hey! we care about minorities enjoying the American dream of home ownership too. Thus that Oct. 2002 speech. Note: there was NO executive order(s) connected to it. In other words, it was a speech....and nothing more.

    Throughout 2003 and into 2004, those same demos, now joined by the great one hisself: senator obama.....the push continued to relax standards. Finally, Fannie and Freddie had their policies changed which allowed the backing of mortgages of applicants that did NOT meet the previous requirements. That, and nothing else, spurred the mortgage meltdown, as banks and others, knew they could make loans to crappy applicants and be made whole. In fact, thanks directly to Barney Frank (House) and Chris Dodd (Senate) F and F started paying "origination fees" for new mortgages. That busted the dam.....

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    Re: GW Bush and the subprime meltdown.

    I will add, I do fault Bush and too many Repubs for staying on the sideline watching this mess develop. Too many Repubs had friends and backers who were bankers and mortgagers and who were getting filthy rich doing this. It was a complete failure by national leadership....both parties.

    Now, just as NOT everyone deserves to own a home cuz they are shitheads and lack the wherewithall to handle the responsibilty, NOT everyone deserves a good healthplan. Cuz, they are still shitheads, will screw it up and drag down the whole system with them.

    But! oh, how can such a great nation not extend healthplans to everyone?

    They said the EXACT same thing about home ownership and look what that got us.

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    Re: GW Bush and the subprime meltdown.

    What is really interesting is that at the same time the government was pushing for low-income homeownership, the FED was lowering interest rates on mortgages... encouraging the housing bubble. These people are either incredibly stupid or incredibly evil.

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    Re: GW Bush and the subprime meltdown.

    Quote Originally Posted by dawg80 View Post
    But! oh, how can such a great nation not extend healthplans to everyone?

    They said the EXACT same thing about home ownership and look what that got us.
    I choose to think they are incredibly stupid.

    I think it was Margaret Thatcher who said that Socialism is great until you run out of other people's money.

    Why can't these morons study history? That's why I tend to think they are evil.

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    Re: GW Bush and the subprime meltdown.

    One other thing: To this day, Obama will tell you that Capitalism is to blame for this. He will tell you that the mortgage companies were intentionally misleading their clients and not reading through the documents and explaining the terms of the mortgages to them.... "predatory lending", he calls it. There may have been some of that, but the blame still lays at the government's feet for pressuring the mortgage companies to get these folks in a house. Who cares if they won't be able to afford it when the interest rate resets.... by God (or by Government rather), they derserve a house!

    Obama is either stupid, uninformed, or lying.

  13. #13
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    Re: GW Bush and the subprime meltdown.

    This was not a failure of capitalism. This was a failure of a mixed economy where a government used economic incentives to distort real risk.
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    Re: GW Bush and the subprime meltdown.

    Quote Originally Posted by Guisslapp View Post
    This was not a failure of capitalism. This was a failure of a mixed economy where a government used economic incentives to distort real risk.
    So is the President of the United States stupid, uninformed, or lying?

  15. #15
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    Re: GW Bush and the subprime meltdown.

    Quote Originally Posted by T_Won View Post
    So is the President of the United States stupid, uninformed, or lying?
    Yes.

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