Rice ---------- http://www.youtube.com/watch?v=2pPGhZGvpyQ
On Jun 9, 2:14 pm, Keith In Tampa <[email protected]> wrote: > 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 > > ... > > 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. 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