Providing Downpayment Assistance. The single biggest barrier to homeownership is accumulating funds for a downpayment. The President has proposed $200 million annually for the American Dream Downpayment Fund to help roughly 40,000 families a year with their downpayment and closing costs. In addition, the Administration has proposed the use of Section 8 funding to assist with downpayments, and provides downpayment assistance to low-income and minority homebuyers through the Community Development Financial Institutions (CDFI) Fund at the Department of Treasury.
Increasing the Supply of Affordable Homes. The President wants to dramatically increase the supply of homes available to low and moderate income families. The President has proposed the Single-Family Affordable Housing Tax Credit, which will provide approximately $2.4 billion to encourage the production of 200,000 affordable homes for sale to low and moderate income families. Today's homebuyers face a confusing and complicated process. President Bush wants to empower homebuyers by making it easier for them to understand the process and benefit from cost savings. Through the Homebuyer Bill of Rights, the Bush Administration is proposing to make the settlement process easier for all consumers when purchasing a home, thereby protecting homebuyers through increased competition and simplicity. Substantially increasing, by at least $440 billion, the financial commitment made by the government-sponsored enterprises involved in the secondary mortgage market specifically targeted toward the minority market Launching twenty-five different local initiatives across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities; Aggressively developing new mortgage products so that conventional market alternatives are available to combat the predatory loan products that are disproportionately targeted to minorities; Creating new mortgage products to meet the unique needs of recent immigrants; ----------- We're talking about Bush failing here, not congress. Remember? also: Freddie Mae — Fannie Mae and Freddie Mac — I see the heads who are here; I want to thank you all for coming — (laughter) — have committed to provide more money for lenders. They’ve 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. It’s 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. … There’s 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 — only one of many examples — 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. … The non-profit groups are bringing homeownership to some of our most troubled communities. … The other thing Kirbyjon told me, which I really appreciate, is you don’t 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. On Jun 9, 1:02 pm, Keith In Tampa <[email protected]> wrote: > Euwe, > > Spin. Pure and simple. Like many good intentioned laws and policies, this > one was clearly misplaced, and it lays solely with the Socialist/Elitists > who have broken the Democrat Party. > > Here is a video from 2004, which shows Congressman Barney Frank, (D. > Mass) Congresswoman > Maxine Waters, (D. Cal.); Congressman Lacey Clay, (D. Mo.); Congressman > Arthur Davis (D. Ala), Congressman Gregory Meeks, (D. N.Y.) as well as other > Democrats vehemently denying that there were any problem with Fannie Mae or > Freddie Mac in 2004. That Senator Obama's presidential campaign economic > advisor, and former Fannie Mae CEO Franklin Raines was doing, "An > outstanding job"; and that the regulators were the ones that were creating > the problem: > > http://www.youtube.com/watch?v=_MGT_cSi7Rs > > In 2004/early 2005, a Bill captioned, the "Federal Housing Enterprise > Regulatory Reform Act" of 2004/2005, sponsored by Republicans, .John McCain, > Elizabeth Dole, John Sununu, and Chuck Hagel, was put before the Congress. > The > Bill was blocked, by the Democrats in the Senate, and the majority of > Democrats in the House of Representatives. > > http://www.govtrack.us/congress/bill.xpd?bill=s109-190 > > The summary of the Bill, written by Congressional Services: > > *1/26/2005--Introduced.* > > *Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the > Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to > establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight > of the Department of Housing and Urban Development (HUD), an independent > Federal Housing Enterprise Regulatory Agency which shall have authority over > the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, > the Federal National Mortgage Association (Fannie Mae), and the Federal Home > Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing > Enterprise Board. Sets forth operating, administrative, and regulatory > provisions of the Agency,* *including provisions respecting: (1) assessment > authority; (2) authority to limit nonmission-related assets; (3) minimum and > critical capital levels; (4) risk-based capital test; (5) capital > classifications and undercapitalized enterprises; (6) enforcement actions > and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal > Home Loan Bank Act to establish the Federal Home Loan Bank Finance > Corporation. Transfers the functions of the Office of Finance of the Federal > Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks > from certain securities reporting requirements. Abolishes the Federal > Housing Finance Board.* > > ========= > > The Bush Administration called for Fannie Mae and Freddie Mac reforms > repeatedly, all to fall upon deaf ears by the Democrats. > > *"Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 > Alone... Dems Ignored Warnings"* > > http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-f... > > In 2003, the Bush Administration was encouraging and pushing the Congress to > reform Fannie Mae and Freddie Mac, all which fell upon deaf ears by the > Democrats, and, which is shown above in the video, the Democrats fought > change to Freddie and Fannie vociferously: > > http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credi... > > =========== > > Here is the statement that Congressman Davis, (the same Congressman Davis > who is strongly defending Freddie Mac and Fannie Mae in the above > video) released > to Sean Hannity on September 30, 2008: > > *"Like a lot of my Democratic colleagues I was too slow to appreciate the > recklessness of Fannie and Freddie. I defended their efforts to encourage > affordable homeownership when in retrospect I should have heeded the > concerns raised by their regulator in 2004. Frankly, I wish my Democratic > colleagues would admit when it comes to Fannie and Freddie, we were wrong. > By the way, I wish my Republican colleagues would admit that they missed the > early warning signs, that Wall Street deregulation was overheating the > securities market and promoting dangerously lax lending practices. When it > comes to the debacle in our capital markets, there is much blame to go > around for both sides."* > > http://www.foxnews.com/story/0,2933,431209,00.html > > ================== > > Have you figured it out yet? Are you having a hard time accepting and/or > understanding what transpired? Lets move on: > > ================= > > Although Congressman Davis's statement still acknowledges my point, and > should make every American stand up and take note, Congressman Davis's > statement goes on, in a partisan attempt to blame Republicans for not > tightening the regulatory scheme. > > If the Republicans can be blamed, it should be for not sounding the alarm > bells loud enough, over the fraud pepetrated by the Democrat Party's > socialist Agenda! > > It was in fact the Clinton Administration and Robert Rubin who were pushing > for the deregulation. > > Former Goldman Sachs partner Robert Rubin, who was President Clinton's > Treasury Secretary, in a 1995 speech and testimony to Congress, Rubin > advocated the Bill modifications to the Community Reinvestment Act, and > professed the Clinton Administration's intent to repeal the Glass-Steagall > Act: > > *"The banking industry is fundamentally different from what it was two > decades ago, let alone in 1933….[T]he industry has been transformed into a > global business of facilitating capital formation through diverse new > products, services and markets. U.S. banks generally engage in a broader > range of securities activities abroad than is permitted domestically… Even > domestically, the separation of investment banking and commercial banking > envisioned by Glass-Steagall has eroded significantly."* > > http://www.theminorityreportblog.com/story/pilgrim/2008/09/19/the_pla... > > By the mid 1990s, the Clinton Administration had in fact adopted a "quota > system" , and unabashedly favored expansion of, and the empowered use of > the "Community Reinvestment Act", believing that a governmental response to > economic problems in inner cities is generally more effective than a market > solution. > > Eugene Ludwig, President Clinton's Comptroller of the Currency and head of > the Office of the Comptroller and Currency, was a strong proponent of > expanding the reach of Community Reinvestment Act. Ludwig said in his > confirmation hearing that his first priority as Comptroller would be to > eliminate > > *"discrimination from our financial system, root and branch." * > > Ludwig told bankers, > > *"If you seize this issue as an opportunity, you will reap the benefits in > the form of new business and heightened respect from the press, the > Congress, and your communities."* (*See* the CATO Institute, a non-partisan > Libertarian Think-Tank, link provided below) > > With regard to the Community Reinvestment Act, Clinton Administration > Attorney General Janet Reno said, > > *"No loan is exempt, no bank is immune. For those who thumb their nose at > us, I promise vigorous enforcement."* > > http://209.85.165.104/search?q=cache:90IT4MK9474J:www.cato.org/pubs/r... > > Finally, there is really no dispute. Former President Clinton said on > September 26, 2008: > > *"I think the responsibility that the Democrats have, may rest more in > resisting any efforts by Republicans in the Congress, or by me when I was > president, to put some standards and tighten up a little on Fannie Mae and > Freddie Mac."* > > http://hosted.ap.org/dynamic/stories/M/MELTDOWN_ADS?SITE=DCUSN&SECTIO... > > There is no argument here. Our Nation was sold out by a socialist agenda > and greed by the Democrat Party, and we need the FBI involved in this. Let > the chips fall where they may. If a few Republicans fall, so be it, but > the likes of Barney Frank, Chris Dodd, Maxine Waters, and numerous other > Democrats who padded their pockets while giving out free housing on our tax > dollars to those who could not afford the mortgages, need to resign from the > Congress, and if criminal charges apply, well, again, let the chips fall > where they may. > > On Wed, Jun 9, 2010 at 1:33 PM, euwe <[email protected]> wrote: > > "Communiuty Reinvestment Act" > > ------------- > > Aggressively developing new mortgage products so that conventional > > market alternatives are available to combat the predatory loan > > products that are disproportionately targeted to minorities; > > Creating new mortgage products to meet the unique needs of recent > > immigrants; > > >http://www.policyalmanac.org/social_welfare/archive/wh_minority_housi... > > > a speech he gave to freddy and fanny and their closest friends. > > > ----------------------- > > > call for wilderness drilling, incentives for oil companies > > ----------- > > he failed here too. > > > ============== > > > How so? > > -------- > > Congress ignored his call to end incentives to oil companies and > > wilderness drilling. > > > On Jun 9, 10:01 am, Keith In Tampa <[email protected]> wrote: > > > On Tue, Jun 8, 2010 at 6:42 PM, euwe <[email protected]> wrote: > > > > deregulation of banks and oil drilling, > > > > *See* the "Democrats'/Socialist-Elitists'/Anti-American's" policy > > > called, > > > "Communiuty Reinvestment Act" which caused the whole economic debacle. > > > Attached is a post I wrote to Euwetopia (and PF) almost two years ago: > > > > --------------- > > > Bush participated and succeeded. > > > > ================== > > > > Euwe, > > > > You have your facts completely wrong, and are attempting to cover up the > > the > > > worst economic boondoggles in our Nation's History. The Bush > > Administration > > > called for Fannie Mae and Freddie Mac reforms repeatedly, all to fall > > upon > > > deaf ears by the Socialist-Elitist controlled Congress: > > > > *"Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 > > > Alone... Dems Ignored Warnings"* > > ... > > read more » -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
