Hey Euwe, I have studied the Obama Administration's new Down Payment Assistance Program, and while the program sounds good, and might in fact have some merit, (for a number of reasons, to include stimulation of the economy in new home buying) we have seen where our federal government is inept at implementing such programs, and the CRA is a classic example.
Moreover, one of the stipulations of this program, was that credit history and income would not be a factor in loaning money to first time homeowners.......HUGE RED FLAG THERE!! Have we not learned, after the last Debacle, that this is a pretty damn good indication of who can, versus who cannot afford to buy a home, and who should still be renting?? I don't get your point with the video of thieving socialist-elitist Democrats Bernake, Paulson, and that other rogue.....Is it that they were once a part of the Bush Administration? Well, as you well know, I was one of Bush's biggest critics! President Bush was not a conservative! These guys are the epitome of what was wrong with the Bush Administration, as opposed to Rove, Rice and a hand full of others who were conservative, and were overruled within the Administration. On Wed, Jun 9, 2010 at 2:19 PM, euwe <[email protected]> wrote: > 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/<http://www.politicalforum.com/> > * It's active and moderated. Register and vote in our polls. > * Read the latest breaking news, and 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.
