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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (434505)	11/12/2008 10:51:55 AM
From: HPilot	2 Recommendations Respond to of 1574043

The mortgage crisis is directly attributable to Barney Frank's actions Yes, but some Republican's signed the bills and Bush didn't veto them. Then he didn't use options which could have limited the loans.

To: i-node who wrote (434505)	11/12/2008 11:16:38 AM
From: Alighieri	2 Recommendations Read Replies (1) \| Respond to of 1574043

The mortgage crisis is directly attributable to Barney Frank's actions. Simple minded baloney...this disaster has been brewing for a long time. Al

To: i-node who wrote (434505)	11/12/2008 12:02:26 PM
From: bentway	Read Replies (1) \| Respond to of 1574043

"What specific action of President Bush can you point to that is responsible?" whitehouse.gov "# Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes: * American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families; * Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes; * Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and * Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners. "

To: i-node who wrote (434505)	11/12/2008 1:40:18 PM
From: tejek	Respond to of 1574043

What specific action of President Bush can you point to that is responsible? I'll answer your question: "President Bush applauded Congress for authorizing this windfall of funding which will help meet the Administration’s “Homeownership Challenge” that is targeted to increase minority home ownership by 5.5 million families by the end of the decade." Message 25091993 "Here’s their story line: our current problems were caused not by people in high finance and government over the past eight years, but powerful antipoverty groups and the Clinton administration, which through their advocacy for the Community Reinvestment Act and homeownership goals for Fannie Mae and Freddie Mac bullied a Republican Congress and the titans of Wall Street into bringing global finance to its knees. There’s only one problem with this story: it isn’t true. It is not tenable to suggest that the Community Reinvestment Act, which was enacted more than 30 years ago, suddenly caused an explosion in bad subprime loans from 2002 to 2007. During the 1990s, enforcement under the reinvestment act was strong, prime lending to low-income communities increased and it was done safely. In 2000, a Federal Reserve report found that lending under the act was generally profitable and not overly risky." Message 25082387 "More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the AGs from North Carolina and Iowa said lenders were pushing increasingly risky mortgages. Their host, John D. Hawke Jr., expressed skepticism." Message 25064658 "But these loans, and those to low- and moderate-income families represent a small portion of overall lending. And at the height of the housing boom in 2005 and 2006, Republicans and their party's standard bearer, President Bush, didn't criticize any sort of lending, frequently boasting that they were presiding over the highest-ever rates of U.S. homeownership. Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble." Message 25058144