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Reply #3


Response to cthulu2016 (Original post)

Thu Jul 19, 2012, 07:45 PM

3. Bush announced in a State of the Union speech his plan to make even poor Americans homeowners.

I recall that quite clearly. This is from Bush's State of the Union speech in 2002.

On October, 15, 2002, Bush announced a new national goal: "We have a problem here in America because fewer than half of the Hispanics and half the African Americans own their own home. That's a home ownership gap we've got to work together to close for the good of our country, for the sake of a more hopeful future. We've got to work to knock down the barriers that have created a home ownership gap. I set an ambitious goal: that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. And it's going to require a strong commitment from those of you involved in the housing industry."

By mid-2006, not yet four years after Bush's speech, minority home ownership had grown by 2.7 million, trumpeted the Weekly Standard, in "Closing the Gap: The Quiet Success of the Bush Administration's Push for Home Ownership."

Further, on this apparently Republican website:

Bush’s main proposals on housing:
Creation of an “American Dream Downpayment Fund” to allow low-income families to use HUD rental vouchers to make a down payment on a home. Bush says this could help as many as 650,000 families become homeowners.
A tax break aimed at real estate investors that would provide them with tax credits of up to 50% of costs, totaling $1.7 billion over five years. This tax credit would provide incentives for private investors to redevelop single-family housing or build new homes for low- and moderate-income Americans. Bush said he expects this plan would build or rehabilitate 100,000 homes in five years.
Individual development accounts giving tax credits and other financial incentives for low-income families to save money for a home purchase, for education costs, or to start a business.

Source: Washington Post, p. G5 , Oct 28, 2000

Housing: Use HUD rental vouchers for first home purchase
Creation of an “American Dream Downpayment Fund,” which would allow low-income families to use up to a year’s worth of HUD Section 8 rental vouchers to make a down payment on a home. “When a low-income family is qualified to buy a house but comes up short on the down payment, we will help them,” Bush said. “If they and the bank can come up with 25% of the down payment, the government will pay the rest, up to $1,500.” Section 8 vouchers can already be used to help with mortgage payments.
Source: Washington Post, p. G5 , Oct 28, 2000

http://www.ontheissues.org/celeb/George_W__Bush_Welfare_+_Poverty.htm

Sorry for quoting from a Republican source, but these are admissions of responsibility for the housing bubble in my view.

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cthulu2016 Jul 2012 OP
cthulu2016 Jul 2012 #1
coalition_unwilling Jul 2012 #2
LineNew Reply Bush announced in a State of the Union speech his plan to make even poor Americans homeowners.
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