| | | Thanks for pointing out this link on another forum.
President George W. Bush addresses the White House Conference on Increasing Minority Homeownership at The George Washington University Tuesday, Oct. 15, 2002
I didn't know they were using Section 8 housing money to make down payments.
And, of course, one of the larger obstacles to minority homeownership is financing, is the ability to have their dream financed. Right now, we have a program that all of you are familiar with, maybe our fellow Americans are, and that`s what they call a Section 8 housing program, that provides billions of dollars in vouchers to help low-income Americans with their rent. It encourages leasing. We think it`s important that we use those vouchers, that federal money to help low-income Americans go from being somebody who leases to somebody who owns; that we use the Section 8 program to not only help with down payment, but to help with continuing monthly mortgage payments after they`re into their new home. It is a — it is a way to help us meet this dream of 5.5 million additional families owning their home.
I`m also going to encourage the lending industry to develop a mortgage market so that this script, these vouchers, can regularly be used as a source of payment to provide more capital to lenders, who can then help more families move from rental housing into houses of their own.
It amazes me that we still haven't figured this out:
- Supply federal money for health care and the industry puts more effort into collecting that money than helping people. A side effect is the price of medical care soars with all the regulations and need to make up for all the fraud.
- Supply federal money for student loans and we got a massive education bubble with millions of kids trained in useless subjects... well that English or yoga degree makes them qualified to write cute statements on the coffee cups they serve customers... or teach yoga classes once a week when not serving up coffee.
- Supply federal money for housing and encourage giving loans to people who can't afford to repay them and we get a housing bubble and most of those who were supposed to be hurt got the equivalent of serving coffee with their college education... they get to pay rent again in a rental market bubble caused by soaring rents from investors buying up property with cash to rent out and raise rents due to the high demand of folks who can't qualify for the even tougher loan standards.
- Don't even get me started how much welfare has "helped" those it was intended for.
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