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NEWS FLASH: THE MAJORITY LEADERS OF THE PARTY IN POWER HAVE ALL THE POWER. Politicians oppose each other just to score political points. But the party in power is responsible for what happens or gets done on their watch. Republicans wanted this housing bubble & deregulation, voted for it & Clinton signed it with condition that it created the CFPB to regulate the banks & lending. Bush & the Republicans squashed the CFBP so their runaway train had no brakes.
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President Bush - Mobilizing the Private Sector: America's Homeownership Challenge
* Establish a national goal of at least 5.5 million new minority homeowners before the end of the decade.
* Challenge the private sector real estate and mortgage finance industries to dramatically increase their efforts to reduce the barriers to homeownership faced by minority families and to work with the nonprofit sector in a concerted effort to achieve this goal through national and local partnerships.
* Convene a White House Conference on Increasing Minority Homeownership, to highlight the homeownership barriers faced by minorities and develop proposed solutions.
* A substantial increase of at least $440 billion in the financial commitment made by the government-sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;
* Twenty-five different local initiatives to be undertaken across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities;
* A commitment to raise $750 million in below-market-rate investments by 2007, which will work in collaboration with local homeownership initiatives and be targeted to heavily minority program areas;
* Pursuing strategic partnerships in 20 top housing markets between homebuilders, lenders, local officials, and community leaders to develop approaches that address the local challenges to building homes for minority families living in urban centers;
* 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;
* Establishing multilingual, consumer-oriented internet Web sites designed to help minorities overcome barriers to homeownership, including creation of a central data bank of affordable housing programs made available to real estate agents when working with clients.
December 16, 2003 President Bush signed into law the American Dream Downpayment Act of 2003 which will help approximately 40,000 families a year with their down payment and closing costs, and further strengthen America's housing market. This legislation complements the President's aggressive housing agenda announced in 2002 to dismantle the barriers to homeownership. Today, the Department of Housing and Urban Development (HUD) and the Census Bureau released data showing that new home construction in November reached its highest level in nearly 20 years.
President Bush 2004 - Fact Sheet: America's Ownership Society: Expanding Opportunities
* American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
* Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
* Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and Simplifying Homebuying and Increasing Education.
* The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.
Federal Reserve chairman Alan Greenspan appointed by Bush, near the peak of the housing bubble in 2004, encouraged Americans to take out adjustable rate mortgages.
[youtube]kNqQx7sjoS8[/youtube]
[youtube]iqoeYydrMTw[/youtube]
President Bush - Mobilizing the Private Sector: America's Homeownership Challenge
* Establish a national goal of at least 5.5 million new minority homeowners before the end of the decade.
* Challenge the private sector real estate and mortgage finance industries to dramatically increase their efforts to reduce the barriers to homeownership faced by minority families and to work with the nonprofit sector in a concerted effort to achieve this goal through national and local partnerships.
* Convene a White House Conference on Increasing Minority Homeownership, to highlight the homeownership barriers faced by minorities and develop proposed solutions.
* A substantial increase of at least $440 billion in the financial commitment made by the government-sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;
* Twenty-five different local initiatives to be undertaken across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities;
* A commitment to raise $750 million in below-market-rate investments by 2007, which will work in collaboration with local homeownership initiatives and be targeted to heavily minority program areas;
* Pursuing strategic partnerships in 20 top housing markets between homebuilders, lenders, local officials, and community leaders to develop approaches that address the local challenges to building homes for minority families living in urban centers;
* 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;
* Establishing multilingual, consumer-oriented internet Web sites designed to help minorities overcome barriers to homeownership, including creation of a central data bank of affordable housing programs made available to real estate agents when working with clients.
December 16, 2003 President Bush signed into law the American Dream Downpayment Act of 2003 which will help approximately 40,000 families a year with their down payment and closing costs, and further strengthen America's housing market. This legislation complements the President's aggressive housing agenda announced in 2002 to dismantle the barriers to homeownership. Today, the Department of Housing and Urban Development (HUD) and the Census Bureau released data showing that new home construction in November reached its highest level in nearly 20 years.
President Bush 2004 - Fact Sheet: America's Ownership Society: Expanding Opportunities
* American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
* Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
* Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and Simplifying Homebuying and Increasing Education.
* The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.
Federal Reserve chairman Alan Greenspan appointed by Bush, near the peak of the housing bubble in 2004, encouraged Americans to take out adjustable rate mortgages.
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