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<blockquote data-quote="The Other Side" data-source="post: 410002" data-attributes="member: 17969"><p><span style="color: #0000ff">"The point you make about zero down loans being the cause of this current crisis is also a leap. I wish it were so simple for us to lay blame on one type of loan. But I suspect the issue at hand is much more complicated then simply identifying one loan that caused all our problems."</span></p><p> </p><p><span style="color: black">This was'nt my point, it was the point of the author of the report. The author clearly spells this out. ZERO DOWNPAYMENTs put the home owner behind the 8 ball from the begining.</span></p><p> </p><p><span style="color: royalblue"> "the point i was making is that this issue was not the brainchild of bush, it had its roots many years before."</span></p><p> </p><p><span style="color: black">This is where you are wrong. Home Ownership has always been a way for presidents to begin working on the next election. If home ownership can increase in the years prior to an election (second term) presidents go out of their way to increase home ownership.</span></p><p> </p><p>This time however, GW went out of his way to encourage Illegal alien purchasing, low credit score qualifying, no income verification, no work history verification, no down payments, goverment assisted downpayment programs, inner city community based organized home purchasing, variable interest rates, low income wage earners and deregulation of the mortgage industry.</p><p> </p><p>These specific ideals combined for a disaster. This was the first time in history that a president mandated these ideals be implemented. This has nothing to do with previous presidents.</p><p> </p><p>Yes, the ideal of home ownership was the brainchild of many presidents, unfortunately, it was BUSH that exploited the rules to create a false economy. Indeed, the economy was robust from 2003 to 2006, but this was all built on a false premise of security.</p><p> </p><p>The home ownership society was responsible for enormous wealth from some home owners, realtors, appraisers, mortgage writers, title companies and bankers.</p><p> </p><p>However, if you understand the whole problem, it was GREED that spoiled the party.</p><p> </p><p>The unchecked GREED from the bottom to Wall Street only made this crisis worse. Removing safeguards or what rational people call "RULES" were re-named "BARRIERS" by president BUSH.</p><p> </p><p>The links I provided demonstrate this clearly.</p><p> </p><p>Prior to 2002, a person would need 20% down, a 2 year work history, a credit score around 750, a proper income to debt ratio, verifiable income and 2 years of W2's.</p><p> </p><p>It was BUSH that eliminated these requirements. </p><p> </p><p>President Bush has specific numbers layed down. Eliminating "BARRIERS" would assist people to buy homes who would otherwise be unable to buy.</p><p> </p><p>He wanted to see 1 million new LOW INCOME Black americans home owners, 1 million new LOW INCOME Hispanic home owners and a total of 5.5 million new homeowners by 2010.</p><p> </p><p>By 2006, he got 6.8 million new home owners. Currently, 3.3 million have gone into foreclosure and another 2 million are anticipated to fail by end of spring next year.</p><p> </p><p>That would total 5.3 million and almost as many foreclosures as new home buyers alltogether.</p><p> </p><p>These numbers are staggering. NO PRESIDENT prior to GW is responsible for this mess.</p><p> </p><p>There are many things to blame AFTER the creation of the Home Ownershp Society but this does'nt eliminate blame from GW Bush. Without safeguards, the program was destined to fail. </p><p> </p><p>It was created to get votes for the 2004 election and for the most part, that was successful. </p><p> </p><p>If the the Home Ownership society was such a success, why have all the parameters listed in it been removed and no longer a viable option for home buyers?</p><p> </p><p>GW takes his share of the blame, greed takes the other half.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 410002, member: 17969"] [COLOR=#0000ff]"The point you make about zero down loans being the cause of this current crisis is also a leap. I wish it were so simple for us to lay blame on one type of loan. But I suspect the issue at hand is much more complicated then simply identifying one loan that caused all our problems."[/COLOR] [COLOR=black]This was'nt my point, it was the point of the author of the report. The author clearly spells this out. ZERO DOWNPAYMENTs put the home owner behind the 8 ball from the begining.[/COLOR] [COLOR=royalblue] "the point i was making is that this issue was not the brainchild of bush, it had its roots many years before."[/COLOR] [COLOR=#4169e1][/COLOR] [COLOR=black]This is where you are wrong. Home Ownership has always been a way for presidents to begin working on the next election. If home ownership can increase in the years prior to an election (second term) presidents go out of their way to increase home ownership.[/COLOR] This time however, GW went out of his way to encourage Illegal alien purchasing, low credit score qualifying, no income verification, no work history verification, no down payments, goverment assisted downpayment programs, inner city community based organized home purchasing, variable interest rates, low income wage earners and deregulation of the mortgage industry. These specific ideals combined for a disaster. This was the first time in history that a president mandated these ideals be implemented. This has nothing to do with previous presidents. Yes, the ideal of home ownership was the brainchild of many presidents, unfortunately, it was BUSH that exploited the rules to create a false economy. Indeed, the economy was robust from 2003 to 2006, but this was all built on a false premise of security. The home ownership society was responsible for enormous wealth from some home owners, realtors, appraisers, mortgage writers, title companies and bankers. However, if you understand the whole problem, it was GREED that spoiled the party. The unchecked GREED from the bottom to Wall Street only made this crisis worse. Removing safeguards or what rational people call "RULES" were re-named "BARRIERS" by president BUSH. The links I provided demonstrate this clearly. Prior to 2002, a person would need 20% down, a 2 year work history, a credit score around 750, a proper income to debt ratio, verifiable income and 2 years of W2's. It was BUSH that eliminated these requirements. President Bush has specific numbers layed down. Eliminating "BARRIERS" would assist people to buy homes who would otherwise be unable to buy. He wanted to see 1 million new LOW INCOME Black americans home owners, 1 million new LOW INCOME Hispanic home owners and a total of 5.5 million new homeowners by 2010. By 2006, he got 6.8 million new home owners. Currently, 3.3 million have gone into foreclosure and another 2 million are anticipated to fail by end of spring next year. That would total 5.3 million and almost as many foreclosures as new home buyers alltogether. These numbers are staggering. NO PRESIDENT prior to GW is responsible for this mess. There are many things to blame AFTER the creation of the Home Ownershp Society but this does'nt eliminate blame from GW Bush. Without safeguards, the program was destined to fail. It was created to get votes for the 2004 election and for the most part, that was successful. If the the Home Ownership society was such a success, why have all the parameters listed in it been removed and no longer a viable option for home buyers? GW takes his share of the blame, greed takes the other half. [/QUOTE]
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