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Old 02-16-2009, 10:29 AM
 
Location: Midwest
38,496 posts, read 25,664,665 times
Reputation: 10789

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Quote:
Originally Posted by ProudCapMarine View Post
The Democrat Congress caused the crisis.
I think Bush promoted the events that led to this crisis. From the 2004 GOP convention:

"Homeownership
Homeownership is central to the American dream, and Republicans want to make
it a reality for everyone. That starts with access to capital for entrepreneurs and access to
credit for consumers. Both have improved immensely in the past four years, resulting in
record levels of homeownership. For the first time, more than half of all minorities own
their home.
We support the President’s goal of increasing the number of minority
homeowners by at least 5.5 million families by the end of the decade. Since President
Bush announced his initiative in 2002, an additional 1.6 million minorities have become
homeowners. The Self-Help Homeownership Opportunities Program helps low-income
families purchase a home. The most significant barrier to homeownership is the down
payment. We support efforts to reduce that barrier, like the American Dream
Downpayment Act and Zero Downpayment Mortgages. The President and Congress have
taken action to provide counseling and education to help first-time homebuyers navigate
the process of buying a home."

http://www.gop.com/images/2004platform.pdf (broken link)
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Old 02-16-2009, 11:00 AM
 
3,709 posts, read 4,611,017 times
Reputation: 1671
Quote:
Originally Posted by jojajn View Post
I think Bush promoted the events that led to this crisis. From the 2004 GOP convention:

"Homeownership
Homeownership is central to the American dream, and Republicans want to make
it a reality for everyone. That starts with access to capital for entrepreneurs and access to
credit for consumers. Both have improved immensely in the past four years, resulting in
record levels of homeownership. For the first time, more than half of all minorities own
their home.
We support the President’s goal of increasing the number of minority
homeowners by at least 5.5 million families by the end of the decade. Since President
Bush announced his initiative in 2002, an additional 1.6 million minorities have become
homeowners. The Self-Help Homeownership Opportunities Program helps low-income
families purchase a home. The most significant barrier to homeownership is the down
payment. We support efforts to reduce that barrier, like the American Dream
Downpayment Act and Zero Downpayment Mortgages. The President and Congress have
taken action to provide counseling and education to help first-time homebuyers navigate
the process of buying a home."

http://www.gop.com/images/2004platform.pdf (broken link)
The basic principle of ownership for American minorities is a sound principle. The methods pushed by Democrat activists were the "devil in the details". (Far too low income thresholds and ZERO down payments!)
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Old 02-16-2009, 11:19 AM
 
7,511 posts, read 11,295,739 times
Reputation: 3627
Subprime lending predates George Bush.



Quote:
In recent years, subprime mortgage lending has grown dramatically, with over 90% of all subprime mortgage loans made in or after 1993. By the end of 1996, the total value of outstanding subprime mortgage loans exceeded $350 billion. In 1997 alone, subprime lenders originated over $125 billion in home equity loans...

http://www.ftc.gov/os/1998/03/grass5.htm
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Old 02-16-2009, 11:23 AM
 
Location: Dorchester
2,605 posts, read 4,824,909 times
Reputation: 1090
It was neither.
It was caused by:

1) The Fed who lowered interest rates to get us out of a recession after 9/11
2) Unqualified first time homebuyers who weren't smart enough to know housing prices would at least level off and probably go down.
3) Homeowners who thought the same thing and took out second and third mortgages
4) Unscrupulous mortgage brokers who convinced people that home prices would never go down.
5) Creative types at banks on Wall St who bought and bundled these mortgages to create securities.
6) Corrupt ratings agencies who gave some of these securities AAA ratings when they should have been BBB ratings.
7) Investors who didn't really know what they were investing in, but whose only crime was to listen to their advisors.

There is one thread in all these parties. They all thought housing prices would continue to rise despite history telling them the opposite.

They should have seen it coming.
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Old 02-16-2009, 12:07 PM
 
419 posts, read 600,615 times
Reputation: 82
No its not Bushs fault , Bush tried many times to prevent this from happening. As did MCCain and other republicans

Why dont we ask our new president since he got so much money from Fannie and Freddie and actually sued Citi bank for not providing sub prime lending

Why dont we ask the democrats and Barney Franks each time he defended them because of his boyfriend
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Old 02-16-2009, 12:09 PM
 
419 posts, read 600,615 times
Reputation: 82
I dare anyone to watch this video


YouTube - Burning Down The House: What Caused Our Economic Crisis? Bombshell
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Old 02-16-2009, 03:41 PM
 
31,672 posts, read 40,881,756 times
Reputation: 14418
Quote:
Originally Posted by Erma View Post
Most of us know the truth, but many are suckered into believing something else. Just the other day, a woman for the Obama campaign came to our door. When we mentioned the crisis, she went on a tangent saying that people who lost their homes are at fault. What? Oh okay, so losing your job, being activated to war duty and losing your job and home is their fault? Well, I was able to see first hand the mind set of this supporter. I was not pleased.
Hmmm what does a former BUSH Treasury Secretary think?
Was Bush's 'ownership society' cause of world economic meltdown? | Countdown to Crawford | Los Angeles Times (http://latimesblogs.latimes.com/presidentbush/2008/10/blame-bush.html - broken link)
When he was testifying before Congress the other day about the world's economic crisis, former Bush Treasury Secretary John W. Snow said that too many unqualified people got loans. He suggested that one of the culprits might have been George W. Bush's "ownership society."
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Old 02-16-2009, 03:45 PM
 
31,672 posts, read 40,881,756 times
Reputation: 14418
Quote:
Originally Posted by Plovedupont View Post
No its not Bushs fault , Bush tried many times to prevent this from happening. As did MCCain and other republicans

Why dont we ask our new president since he got so much money from Fannie and Freddie and actually sued Citi bank for not providing sub prime lending

Why dont we ask the democrats and Barney Franks each time he defended them because of his boyfriend
Come on that myth of Bush warning has been debunked over and over. Read the post above and here is another one to help lurkers evaluate the statements being made.
So Much for Bush's 'Ownership Society' | Newsweek Business | Newsweek.com
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
The above is from the link

It gets better in the article
Lurkers read and evaluate for yourself.
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Old 02-16-2009, 05:51 PM
 
16,886 posts, read 16,149,541 times
Reputation: 28119
Quote:
Originally Posted by TuborgP View Post
Come on that myth of Bush warning has been debunked over and over. Read the post above and here is another one to help lurkers evaluate the statements being made.
So Much for Bush's 'Ownership Society' | Newsweek Business | Newsweek.com
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
The above is from the link

It gets better in the article
Lurkers read and evaluate for yourself.

But home prices began escalating well before Bush even got into office. In fact, one of the reasons I bought a home when I did (in '97) was because the rent on my apartment was going up and so were home prices. I was tired of the yearly rent hike and I wanted to buy a house before prices rose much further.

Bill "I could have prevented this" Clinton was President in '97, not Bush.
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Old 02-16-2009, 06:35 PM
 
Location: Irvine, CA to Keller, TX
4,829 posts, read 6,903,971 times
Reputation: 844
Quote:
Originally Posted by TuborgP View Post
Come on that myth of Bush warning has been debunked over and over. Read the post above and here is another one to help lurkers evaluate the statements being made.
So Much for Bush's 'Ownership Society' | Newsweek Business | Newsweek.com
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
The above is from the link

It gets better in the article
Lurkers read and evaluate for yourself.
Speaking of the zero down-payment initiative. It seems it was a bipartisan piece of legislation. In fact you should look into it thoroughly.

Good morning, Chairman Ney, Vice Chairman Green, Ranking Member Waters, and distinguished Members of the Subcommittee. Thank you for the opportunity to testify today regarding the Administration's Zero Down Payment Initiative. This major new mortgage insurance product was included in the FY2005 Budget, and is specifically designed to help first-time homebuyers purchase a home. I would like to take this opportunity to thank Congressman Patrick Tiberi for introducing H.R. 3755, the Zero Downpayment Act of 2004. I would also like to thank the 30 Members of Congress both Democrats and Republicans who have agreed to co-sponsor this important bipartisan legislation.

Statement of John C. Weicher - HUD
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