Gotta love it....
According to the White House
"Homeownership remains the largest and best investment a family can make for the long term, and it supports the President’s vision for an ownership society. More than 75 million Americans were homeowners in the fourth quarter of 2006, the most ever, while the homeownership rate was nearly 69 percent - a near record high.
The Administration continues to make steady progress toward closing the minority homeownership gap. We are well ahead of schedule to reach the President’s goal of 5.5 million new minority homeowners by the end of the decade. These homeowners are using the equity they build in their homes to save for the future, send their children to school, and fuel our growing economy.
To provide a better alternative to high-priced, high-risk loans, President Bush’s Fiscal Year 2008 budget supports modernizing the Federal Housing Administration, which would provide safe, fair, and affordable mortgages to first-time homeowners, minorities, and individuals with less than perfect credit. Modernizing the FHA will not only provide more attractive financing options for lower income and first-time homebuyers, it will significantly increase the likelihood these families will avoid foreclosure and remain in their homes.
The President has increased funding for housing counseling by more than $20 million since coming into office to help educate families about the financial responsibilities of homeownership and help them avoid predatory lenders.
The American Dream Downpayment Act, which President Bush signed into law in 2003, has helped over 21,000 families - of which 50 percent are minorities - with their downpayment and closing costs.
To increase affordable housing, the President’s HOME Investment Partnerships program helped a record 143,000 families in Fiscal Year 2006 benefit from hundreds of local programs that help low-income families’ purchase or rehabilitate their homes.
The President continues to support more funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities through “sweat equity grants.”
whitehouse.gov
(You elect stupid people, you get stupid policies.) |
