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Bush's "Record of Achievement" for Home Ownership LOL!


terryowens_
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Expanding Home Ownership

"This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."

- President George W. Bush, December 16, 2003

The Accomplishments

Increasing Homeownership

* The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.

* The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.

* President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.

* The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.

* President Bush proposed a new Single Family Affordable Housing Tax Credit to increase the supply of affordable homes.

* The President has proposed to more than double funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities.

* The President proposed $2.7 billion in USDA home loan guarantees to support rural homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America.

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...and ironically enough those same members of congress that pushed the Administration to to enact lending laws to enable lower income folks to procure a mortgage are now slamming the Administration and those lenders for the foreclosures that some of those folks are going thru right now. Even though the bottom line is they probably shouldn't have been given mortgages to begin with. W just can't win.

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snake (12/6/2007)
Home ownership is up Incredibly in the last 7 years, and I salute Bush and anyone else responsible for our growing economy.

Cool. It's nice to finally see you give Clinton some credit. Bush also deserves credit. I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

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snake (12/7/2007)
charlestonchad (12/7/2007)
snake (12/6/2007)
Home ownership is up Incredibly in the last 7 years, and I salute Bush and anyone else responsible for our growing economy.

Cool. It's nice to finally see you give Clinton some credit. Bush also deserves credit. I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

As an investor, I'm buying as many as I can.

Snake, in America we call that slavery.

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charlestonchad (12/7/2007)
snake (12/7/2007)
charlestonchad (12/7/2007)
snake (12/6/2007)
Home ownership is up Incredibly in the last 7 years, and I salute Bush and anyone else responsible for our growing economy.

Cool. It's nice to finally see you give Clinton some credit. Bush also deserves credit. I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

As an investor, I'm buying as many as I can.

Snake, in America we call that slavery.

LOL!!

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  • 1 month later...
pencilpusher (1/18/2008)
snake (12/6/2007)
Home ownership is up Incredibly in the last 7 years, and I salute Bush and anyone else responsible for our growing economy.

What did it do during the Clinton years? Care to comment on that?

Since Snake gives credit to Bush for "our growing economy", does he now blame Bush for the slowdown and possible recession?

I bet not.

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Ramen (1/19/2008)
pencilpusher (1/18/2008)
snake (12/6/2007)
Home ownership is up Incredibly in the last 7 years, and I salute Bush and anyone else responsible for our growing economy.

What did it do during the Clinton years? Care to comment on that?

Since Snake gives credit to Bush for "our growing economy", does he now blame Bush for the slowdown and possible recession?

I bet not.

I think he realized he responded to a computer generated chart and shamefully left the thread.

But he cannot deny the upward spike during the "Clinton destroying America" years.

Nor what it was during the Ronnie RayGun years.

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Funny. There is no Bush, Clinton, Reagan, Kennedy or even Gingritch on my mortgage or paycheck. Im pretty sure that I bought my home and that I earn the income that pays for it. Oh well I guess the credit should go to the nations top diplomat and Commander in Chief.

Im still kind of foggy on the whole thing though. When I own my home outright and pay for my sons college tuition in 15 years should I tell him that its all thanks to Clinton or Bush?

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snake (12/6/2007)
Home ownership is up Incredibly in the last 7 years, and I salute Bush and anyone else responsible for our growing economy.

Snake, maybe you should pick up a stock index chart once in a while. We have given up all the gains from the entire year of 2007. The market is going backwards thanks to the hap hazard green light Bush gave to lenders.

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morphy (1/21/2008)
charlestonchad (12/7/2007)

I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

Laugh at the idiots.

Do we laugh at the idiot mortgage companies that go bankrupt because of predatory lending practices?

I bet we don't laugh at them. I bet we bail them out with taxpayer funds.

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Ramen (1/21/2008)

Do we laugh at the idiot mortgage companies that go bankrupt because of predatory lending practices?

I bet we don't laugh at them. I bet we bail them out with taxpayer funds.

Haha "Predatory" lending practices? No, but we laugh at the companies that gave out ARM's to people who were a) too poor to pay them off when the interest rates rose and B) too stupid to know to avoid an ARM.

If anything, five years ago we were being spamvertised by companies trying to convince people to refinance in order to get locked into fixed rate mortgages. If they had done that, then they would probably be ok.

The companies that gave out too much easy credit need to become bankrupt, and I seriously hope that we do not bail them out.

The people who stretched themselves way beyond their means with risky mortgages deserve to be forclosed on, and I hope that we do not bail them out.

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terryowens_ (12/6/2007)

Expanding Home Ownership

"This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."

- President George W. Bush, December 16, 2003

The Accomplishments

Increasing Homeownership

* The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.

* The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.

* President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.

* The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.

* President Bush proposed a new Single Family Affordable Housing Tax Credit to increase the supply of affordable homes.

* The President has proposed to more than double funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities.

* The President proposed $2.7 billion in USDA home loan guarantees to support rural homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America.

I'll tell you where it all failed. These mortgages should have been 30 year fixed mortgages, especially for first time homebuyers and those putting no money down. What kind of death trap were they trying to set, giving someone a 3 or 5 year arm, with no money down?

I don't blame Bush for that any more than I blame Congress or the idiots that approved the loans in the first place.

I do, however, disapprove of the bailouts. We'll see another round when the credit card market comes crashing down in a few months.

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Ramen (1/21/2008)
morphy (1/21/2008)
charlestonchad (12/7/2007)

I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

Laugh at the idiots.

Do we laugh at the idiot mortgage companies that go bankrupt because of predatory lending practices?

I bet we don't laugh at them. I bet we bail them out with taxpayer funds.

We already are, in the form of freezing rates for delinquent mortgages that have already reset.
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I'm not suprised to see the usual partisan hacks showing up here with their typical responses.

But if anyone is interested in the truth, the current home lending problems and plummeting dollar is the fault of both parties, especially those in congress. Yes, home ownership rose sharply under Clinton because the lending rules were revamped. But what most big government types in both parties will never understand is that low-income is not some kind of genetic disposition. Most people who are broke are so because they make decisions very typical of broke people. Giving them a mortgage does not make them suddenly responsible. Of course, the politicians could care less as long as they can point to graphs like the one shown above.

As for the dollar, you can blame our current administration and congress for refusing to trim spending while badgering the Federal reserve to keep producing "phantom dollars" by lowering the prime rate every time the Dow dips a few points. Say what you will about Ron Paul, but he is 100% correct on this. Both sides have interest in keeping economic indicators artificially inflated during an election year because a bad economy is the main reason for incumbents getting voted out.

Open your eyes, people. We're getting jacked up by both parties. Only the hopelessly blind partisans still think that they differ in any significant way.

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gritzblitz56 (1/21/2008)
I'm not suprised to see the usual partisan hacks showing up here with their typical responses.

But if anyone is interested in the truth, the current home lending problems and plummeting dollar is the fault of both parties, especially those in congress. Yes, home ownership rose sharply under Clinton because the lending rules were revamped. But what most big government types in both parties will never understand is that low-income is not some kind of genetic disposition. Most people who are broke are so because they make decisions very typical of broke people. Giving them a mortgage does not make them suddenly responsible. Of course, the politicians could care less as long as they can point to graphs like the one shown above.

As for the dollar, you can blame our current administration and congress for refusing to trim spending while badgering the Federal reserve to keep producing "phantom dollars" by lowering the prime rate every time the Dow dips a few points. Say what you will about Ron Paul, but he is 100% correct on this. Both sides have interest in keeping economic indicators artificially inflated during an election year because a bad economy is the main reason for incumbents getting voted out.

Open your eyes, people. We're getting jacked up by both parties. Only the hopelessly blind partisans still think that they differ in any significant way.

Truer words have never been spoken. Ben Bernanke was speaking to Congress on Thursday and talking about the economy and how to keep it out of a recession. Recessions are a necessary evil.
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morphy (1/21/2008)
Ramen (1/21/2008)

Do we laugh at the idiot mortgage companies that go bankrupt because of predatory lending practices?

I bet we don't laugh at them. I bet we bail them out with taxpayer funds.

Haha "Predatory" lending practices? No, but we laugh at the companies that gave out ARM's to people who were a) too poor to pay them off when the interest rates rose and B) too stupid to know to avoid an ARM.

If anything, five years ago we were being spamvertised by companies trying to convince people to refinance in order to get locked into fixed rate mortgages. If they had done that, then they would probably be ok.

The companies that gave out too much easy credit need to become bankrupt, and I seriously hope that we do not bail them out.

The people who stretched themselves way beyond their means with risky mortgages deserve to be forclosed on, and I hope that we do not bail them out.

That's the problem with the situation now entirely. Nobody wants to let the people who stretched themselves lose their houses and nobody wants to let the lending companies go bankrupt.

The taxpayers are going to fund the stupid decisions from both sides thanks to the politicians. GOPers are going to bail out the corporations because that's who gives them campaign money and Dems are going to bail out the homeowners because that's where they can get votes.

In the end, the people who made stupid decisions get tax money from the responsible citizens. Tell me again who should be laughing at whom.

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kicker23 (1/21/2008)
Ramen (1/21/2008)
morphy (1/21/2008)
charlestonchad (12/7/2007)

I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

Laugh at the idiots.

Do we laugh at the idiot mortgage companies that go bankrupt because of predatory lending practices?

I bet we don't laugh at them. I bet we bail them out with taxpayer funds.

We already are, in the form of freezing rates for delinquent mortgages that have already reset.

I don't mind a rate freeze because that doesn't come out of taxpayer money. I DO mind giving millions/billions of dollars to corporations (or homeowners) because they made stupid decisions.

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Ramen (1/21/2008)
kicker23 (1/21/2008)
Ramen (1/21/2008)
morphy (1/21/2008)
charlestonchad (12/7/2007)

I guess the only concern is what are we going to do with all of these people getting mortgages, but won't have the income to eventually pay them off?

Laugh at the idiots.

Do we laugh at the idiot mortgage companies that go bankrupt because of predatory lending practices?

I bet we don't laugh at them. I bet we bail them out with taxpayer funds.

We already are, in the form of freezing rates for delinquent mortgages that have already reset.

I don't mind a rate freeze because that doesn't come out of taxpayer money. I DO mind giving millions/billions of dollars to corporations (or homeowners) because they made stupid decisions.

Actually, we are funding the rate freeze. Those rates are being subsidized, because the company is losing money on what is called "interest rate risk." It is the risk of not being able to reinvest money at the higher rates. These companies are paying on loans they've made to fund the mortgages, and that has reset. The fact that they can't reset the mortages means they bear the burden, and the government is already comping them.
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