quote:
Or it could be someone actually trying to help those less fortunate who actually do work for a living. Alot of folks today can't afford a huge down payment on a home, but could easily make monthly mortgage payments. I have nothing but praise for the President for signing something like this into law.
You do know that dubya said this quote don't you?
quote:
The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.
Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
http://www.americandreamdownpa...com/whsp12162003.cfmIt might have been kind of Bush to want to help minorities avoid the traps from predatory lenders, but it was too little, too late. Note this passage:
quote:
And there's more to do, as well. We'll continue to pursue a broad agenda to help people own a home. There are three steps I want to describe to you right quickly about what we intend to do. First, those who apply for mortgages should be made aware of all the costs and warned about predatory lenders who take advantage of inexperienced buyers. So we've doubled the funds for housing counseling services, including those run by faith-based and community groups.
The program was still a failure because it tried to shortcut the way to the American Dream with another government program. It would have been better that the people it was intended to help had instead just saved the money for the down payment as people in the past have done.