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<blockquote data-quote="trplnkl" data-source="post: 908705" data-attributes="member: 13254"><p>You did a lot of work compiling this post and did well at not calling any names. Congratulations. </p><p><span style="font-family: 'tahoma'"></span></p><p><span style="font-family: 'tahoma'"><span style="font-size: 12px"> In the 10 or 11 quotes by Bush, only one even mentions poor credit (I believe that was transcribed from the video). In that one quote, he did say.</span></span></p><p><span style="font-family: 'tahoma'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'tahoma'"><span style="font-size: 12px"> </span></span> </p><p> What wasn't said was the he ordered FM to do this, maybe he did or maybe he didn't but left it up to FM to figure a path for more minorities to buy homes and this was one of the methods they chose. I can't prove this one way or another but haven't found anywhere stating that was one of Bushes ideas (orders).</p><p></p><p> I liked the idea of reducing the DP for certain lower income people, otherwise buying an affordable home would never be possible. On the other hand I thought the zero down payment was absolutely ridiculous for more than one reason. Also I don't recall the interest only mortgages being mentioned. Was that one of FM's 25 "initiatives" or was that one of Bushes "orders"? That doesn't even sound remotely like a good idea, for one, if a person can't come up with a DP today, how are they going to come up with one in fives years to refi . Another thing that happened to many of the people was variable interest rates that caused monthly payments to increase. I doubt that was an order from Bush. </p><p></p><p> In all of the quotes I didn't see, ordered or mandated although I did see "encourage" and "challenge", not the quote same thing. I'm pretty sure Bush never intended for people to buy houses they could not make the payments on. The section 8 thing seems to be an after thought, and not entirely a bad idea on the surface. It makes more sense to me to help people pay a mortgage than to pay their rent. </p><p></p><p> True that the deregulation allowed for the financial institutions to grant loans to people with bad credit, but was that truly the goal? I don't see any evidence of that, perhaps that came about due to friend&friend being the scape goat for poor judgement of the lenders.</p></blockquote><p></p>
[QUOTE="trplnkl, post: 908705, member: 13254"] You did a lot of work compiling this post and did well at not calling any names. Congratulations. [FONT=tahoma] [SIZE=3] In the 10 or 11 quotes by Bush, only one even mentions poor credit (I believe that was transcribed from the video). In that one quote, he did say. [/SIZE][/FONT] What wasn't said was the he ordered FM to do this, maybe he did or maybe he didn't but left it up to FM to figure a path for more minorities to buy homes and this was one of the methods they chose. I can't prove this one way or another but haven't found anywhere stating that was one of Bushes ideas (orders). I liked the idea of reducing the DP for certain lower income people, otherwise buying an affordable home would never be possible. On the other hand I thought the zero down payment was absolutely ridiculous for more than one reason. Also I don't recall the interest only mortgages being mentioned. Was that one of FM's 25 "initiatives" or was that one of Bushes "orders"? That doesn't even sound remotely like a good idea, for one, if a person can't come up with a DP today, how are they going to come up with one in fives years to refi . Another thing that happened to many of the people was variable interest rates that caused monthly payments to increase. I doubt that was an order from Bush. In all of the quotes I didn't see, ordered or mandated although I did see "encourage" and "challenge", not the quote same thing. I'm pretty sure Bush never intended for people to buy houses they could not make the payments on. The section 8 thing seems to be an after thought, and not entirely a bad idea on the surface. It makes more sense to me to help people pay a mortgage than to pay their rent. True that the deregulation allowed for the financial institutions to grant loans to people with bad credit, but was that truly the goal? I don't see any evidence of that, perhaps that came about due to friend&friend being the scape goat for poor judgement of the lenders. [/QUOTE]
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