Re: New study confirms economy was destroyed by Democrat policies
posted at 12/30/2012 3:54 PM EST
In response to 12-Angry-Men's comment:
In response to StalkingButler's comment:
No one was making bad loans to unqualified people until Democrats came along and
to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times
in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.
Yep, it was all the Dems fault...
1/20/2004 In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans. (Which the wingnut Congress approved)
In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.
In the proposal soon to be delivered to Congress, Bush would allow the FHA to guarantee loans for the full purchase price of the home, plus down-payment costs. As a practical matter, the FHA would guarantee mortgages as high as 103% of the value of the underlying property.
Affordable-housing advocate Scott Syphax, CEO of Nehemiah Corp., called the proposal "revolutionary."
More evidence that Bush was a leftie. Just hman much more evidence do you need to convince you that Bush was a leftie? He gave you liberal clowns nearly everything you ever wanted, capping it off I with TARP, that grand liberal payoff.