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Anatomy of a Train Wreck
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<blockquote data-quote="The Other Side" data-source="post: 409545" data-attributes="member: 17969"><p>This report places the blame squarely on the shoulders on the goverment aka George W. Bush and his "Home Ownership Society".</p><p> </p><p>Everything after this mandate was controlled by Greed, No oversight and a lack of understanding of all the many loop holes that were exploited by Realtors, Appraisers, Mortgage Writers, Title companies and Banks.</p><p> </p><p>For three years, millions and millions of dollars were made while sitting on a ticking time bomb. </p><p> </p><p>Facts are simple, here are three of them directly from the White House:</p><p> </p><p>President Bush signed the American Dream Downpayment Act into law in December 2003. This fund will help approximately 40,000 families a year with their down payment and closing costs and is set to begin helping families early this spring. </p><p>Since 2001, President Bush has doubled the funding for housing counseling for families. </p><p><strong>President Bush proposed the Zero-Downpayment Initiative for Federal Housing Administration</strong> (FHA)-insured single-family mortgages for first-time homebuyers in his FY 2005 budget. FHA projections indicate that this new mortgage product would generate about 150,000 new homeowners in the first year alone. </p><p>Through <em>America's Homeownership Challenge,</em> more than 2 dozen companies have made commitments to increase minority homeownership, including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade. </p><p> </p><p>A host of bad decisions from GW Bush were exploited. The ZERO downpayment was probably the worst of them all.</p><p> </p><p>The President called for the elimination of "barriers" that prevented minorities from buying a home. The word "barriers" was subsituted for the word "RULES". Read it for yourself.</p><p> </p><p></p><p>A new report from the Department of Housing and Urban Development (HUD) -- which analyzed the most recent homeownership data from the U.S. Census Bureau -- highlights the many barriers that prevent minority families from owning their own home. The barriers include: </p><ul> <li data-xf-list-type="ul">A lack of inventory of affordable single-family housing available for sale in many areas where a majority of residents are minority families; </li> <li data-xf-list-type="ul">A need for down payment assistance, which affects minority families to a greater extent than non-Hispanic whites because they have less accumulated wealth that can be used to help children with down payments; </li> <li data-xf-list-type="ul">A lack of access to affordable mortgage credit; </li> <li data-xf-list-type="ul">A lack of understanding of the homebuying process; </li> <li data-xf-list-type="ul">Weak credit histories, often arising from a poor understanding of financial matters and where financial counseling is required; </li> <li data-xf-list-type="ul">A lack of information about available homeownership programs in the community; and </li> <li data-xf-list-type="ul">Language difficulties or cultural differences.</li> </ul><p>Here, the President calls for a reduction to the 20% downpayment requirement, in fact he calls for zero downpayment. The first President to ask for such a thing. The President calls for an "easing" of credit scoring for those people with bad credit who would otherwise be unable to buy a home. </p><p> </p><p>These two mandates were the "timers" to the ticking time bomb.</p><p> </p><p>This next mandate is my favorite.</p><p> </p><p>*Creating new mortgage products to meet the unique needs of recent immigrants; </p><p> </p><p>Recent immigrants? You mean "illegal aliens" right Mr President?</p><p> </p><p>All in all, this President has been a disaster to this country. His "Home Ownership society" started out as a noble idea and turned into the biggest policy failure in US history.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 409545, member: 17969"] This report places the blame squarely on the shoulders on the goverment aka George W. Bush and his "Home Ownership Society". Everything after this mandate was controlled by Greed, No oversight and a lack of understanding of all the many loop holes that were exploited by Realtors, Appraisers, Mortgage Writers, Title companies and Banks. For three years, millions and millions of dollars were made while sitting on a ticking time bomb. Facts are simple, here are three of them directly from the White House: President Bush signed the American Dream Downpayment Act into law in December 2003. This fund will help approximately 40,000 families a year with their down payment and closing costs and is set to begin helping families early this spring. Since 2001, President Bush has doubled the funding for housing counseling for families. [B]President Bush proposed the Zero-Downpayment Initiative for Federal Housing Administration[/B] (FHA)-insured single-family mortgages for first-time homebuyers in his FY 2005 budget. FHA projections indicate that this new mortgage product would generate about 150,000 new homeowners in the first year alone. Through [I]America's Homeownership Challenge,[/I] more than 2 dozen companies have made commitments to increase minority homeownership, including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade. A host of bad decisions from GW Bush were exploited. The ZERO downpayment was probably the worst of them all. The President called for the elimination of "barriers" that prevented minorities from buying a home. The word "barriers" was subsituted for the word "RULES". Read it for yourself. A new report from the Department of Housing and Urban Development (HUD) -- which analyzed the most recent homeownership data from the U.S. Census Bureau -- highlights the many barriers that prevent minority families from owning their own home. The barriers include: [LIST] [*]A lack of inventory of affordable single-family housing available for sale in many areas where a majority of residents are minority families; [*]A need for down payment assistance, which affects minority families to a greater extent than non-Hispanic whites because they have less accumulated wealth that can be used to help children with down payments; [*]A lack of access to affordable mortgage credit; [*]A lack of understanding of the homebuying process; [*]Weak credit histories, often arising from a poor understanding of financial matters and where financial counseling is required; [*]A lack of information about available homeownership programs in the community; and [*]Language difficulties or cultural differences. [/LIST] Here, the President calls for a reduction to the 20% downpayment requirement, in fact he calls for zero downpayment. The first President to ask for such a thing. The President calls for an "easing" of credit scoring for those people with bad credit who would otherwise be unable to buy a home. These two mandates were the "timers" to the ticking time bomb. This next mandate is my favorite. *Creating new mortgage products to meet the unique needs of recent immigrants; Recent immigrants? You mean "illegal aliens" right Mr President? All in all, this President has been a disaster to this country. His "Home Ownership society" started out as a noble idea and turned into the biggest policy failure in US history. [/QUOTE]
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