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

To: i-node who wrote (584000)	9/2/2010 10:25:33 AM
From: one_less	4 Recommendations Read Replies (1) \| Respond to of 1572877

Consider the Clinton-era document “The National Homeownership Strategy: Partners in the American Dream." This was the plan Clinton directed HUD Secretary Henry Cisneros to come up with in 1994. Excerpt: "For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership." businessweek.com This was the fuel inside the plane that exploded the housing market that Jack built.

To: i-node who wrote (584000)	9/2/2010 10:39:20 AM
From: bentway	1 Recommendation Read Replies (3) \| Respond to of 1572877

Sorry bub, history makes you a partisan liar. The problem got way out of control under Bush, who promoted it for six years, only too late ineffectually tried to reign it in. It's almost ALL on Bush, and that's how history sees it.

To: i-node who wrote (584000)	9/2/2010 10:39:25 AM
From: Alighieri	1 Recommendation Read Replies (3) \| Respond to of 1572877

Such a country would be more stable, Bush argued, and more prosperous. "America is a stronger country every single time a family moves into a home of their own," he said in October 2004. To achieve his vision, Bush pushed new policies encouraging homeownership, like the "zero-down-payment initiative," which was much as it sounds—a government-sponsored program that allowed people to get mortgages without a down payment. More exotic mortgages followed, including ones with no monthly payments for the first two years. Other mortgages required no documentation other than the say-so of the borrower. Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth. As we know by now, these instruments have brought the global financial system, improbably, to the brink of collapse. And as financial strains drive husbands and wives apart, Bush's ownership ideology may end up having the same effect on the stable nuclear families conservatives so badly wanted to foster. newsweek.com