Author Topic: Excerpts from Bush speech to HUD in 2002  (Read 2323 times)

wquay

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Excerpts from Bush speech to HUD in 2002
« on: October 18, 2008, 03:24:57 AM »
I'm getting tired of the repeated attempts to blame the housing crisis on an evil Democratic plot to force financially astute institutions to lend to unqualified, minority buyers. It's not.

This is a bipartisan catastrophe, with multiple causes.

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The goal is, everybody who wants to own a home has got a shot at doing so. The problem is we have what we call a homeownership gap in America. Three-quarters of Anglos own their homes, and yet less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it.

We are here in Washington, D.C. to address problems. So I've set this goal for the country. We want 5.5 million more homeowners by 2010 -- million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.

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I'm going to do my part by setting the goal, by reminding people of the goal, by heralding the goal, and by calling people into action, both the federal level, state level, local level, and in the private sector. (Applause.)

And so what are the barriers that we can deal with here in Washington? Well, probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say that's too high, I'm not buying. They may have the desire to buy, but they don't have the wherewithal to handle the down payment. We can deal with that. And so I've asked Congress to fully fund an American Dream down payment fund which will help a low-income family to qualify to buy, to buy. (Applause.)

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Finally, we want to make sure the Section 8 homeownership program is fully implemented. This is a program that provides vouchers for first-time home buyers which they can use for down payments and/or mortgage payments. (Applause.)

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And so, therefore, I've called -- yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I'm proud to report that Fannie Mae has heard the call and, as I understand, it's about $440 billion over a period of time. They've used their influence to create that much capital available for the type of home buyer we're talking about here. It's in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.

http://www.hud.gov/news/speeches/presremarks.cfm

nobody's_hero

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Re: Excerpts from Bush speech to HUD in 2002
« Reply #1 on: October 18, 2008, 06:36:43 AM »
Somewhere down the line, the American dream of "freedom" got dumped off the cliff, and in its place we have the neo-American dream of a 10,000 sq. foot home, 3 cars in the garage, and being in debt up to our necks.


Perd Hapley

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Re: Excerpts from Bush speech to HUD in 2002
« Reply #2 on: October 18, 2008, 11:49:59 AM »
Quote
I'm getting tired of the repeated attempts to blame the housing crisis on an evil Democratic plot to force financially astute institutions to lend to unqualified, minority buyers. It's not.

This is a bipartisan catastrophe, with multiple causes.

Of course.  I completely agree that this was caused by left-wing idiocy, not by any one party, and that Republicans like Bush should have had the guts to stand up to it, even though they would have been cast as terrible, mean, old racists.  Thanks for pointing that out. 
Can the liberties of a nation be thought secure when we have removed their only firm basis, a conviction in the minds of the people that these liberties are the gift of God?
--Thomas Jefferson

longeyes

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Re: Excerpts from Bush speech to HUD in 2002
« Reply #3 on: October 18, 2008, 01:20:30 PM »
Nothing more dangerous than well-intentioned people...

It all comes back to an obsession with Equality rather than with Liberty.   That has been the real triumph of the Left: replacing one ideal with another.
"Domari nolo."

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Walt Kowalski: Ever notice how you come across somebody once in a while you shouldn't have messed with? That's me.

Molon Labe.

Jamisjockey

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Re: Excerpts from Bush speech to HUD in 2002
« Reply #4 on: October 18, 2008, 04:46:18 PM »
If you think Bush is a conservative, think again.  He's a neo-con.  Big government, big spending. 
JD

 The price of a lottery ticket seems to be the maximum most folks are willing to risk toward the dream of becoming a one-percenter. “Robert Hollis”

longeyes

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Re: Excerpts from Bush speech to HUD in 2002
« Reply #5 on: October 19, 2008, 04:13:15 PM »
Why not just call him another liberal "Republican" like his old man, part of the same noblesse oblige political class?
"Domari nolo."

Thug: What you lookin' at old man?
Walt Kowalski: Ever notice how you come across somebody once in a while you shouldn't have messed with? That's me.

Molon Labe.