African Americans Can't Trust Bush to Create Opportunity (DNC)

[MaineDem]

For Immediate Release
October 23, 2006
Contact: Amaya Smith- 202-863-8148

African Americans Can't Trust Bush to Create Opportunity

Washington, DC- Today, in a public relations stunt, President Bush will visit
the Urban Trust bank in Washington, DC, to try to bolster his failed record on
urban issues and minority homeownership. Urban Trust bank is a black-owned bank
designed to provide mortgages, equity and student loan opportunities for
African Americans. While the President would like to use the photo opportunity
to tout his economic record in the African American community, the truth is
that the Bush economy has left African American families increasingly less
secure.

Under President Bush and Bush Republicans in Congress, African American
students have faced a $12 billion cut to vital student aid. President Bush has
also failed to fully fund Pell Grants and Perkins loans which allow many
African American students to attend college. Proving that the Administration's
minority homeownership effort is a priority in name only, under President Bush
and his Republican Congress the minority homeownership gap has widened and
foreclosures are on the rise.

"President Bush is all talk on minority homeownership and opportunity and has
left African American families less economically secure," said Democratic
National Committee spokesperson Amaya Smith. "Today, you won't hear the
President talk about his real record on minority opportunity which has been
disastrous for African Americans. More foreclosures, a decrease in student aid
and an increase in the minority homeownership gap are the only things Bush can
truly take credit for. Democrats are offering a new direction for America which
offers opportunity for all Americans by making college and homeownership
opportunities a real priority."

The Real Bush Record on Minority Opportunity

Homeownership Affordability is At a 14-Year Low
The National Association of Realtors' "First-time Homebuyer Affordability
Index" hit a 14-year low in the fourth quarter of 2005. This index measures the
nationwide median income for prime first-time homebuyers as a percentage of the
income necessary to qualify for a mortgage loan.of Realtors "First-time Affordability Index"]

The Minority Homeownership Gap Has Widened
Since President Bush took office, the homeownership gap between whites and
African-Americans has increased from 26.1 percent to 28 percent. Democratic Policy Committee, 6/16/04; Chicago Tribune, 10/1/06]

Since President Bush took office, the homeownership gap between whites and
Hispanics has increased from 26.4 percent to 27 percent. Policy Committee, 6/16/04; Chicago Tribune, 10/1/06]

Foreclosures and Delinquencies Are on the Rise.
In the last quarter for which statistics are available, the percentage of all
mortgage loans nationwide that were past due rose by 7.percent percent to 4.7 percent] and the percentage of loans 90 days or more past due
rose by 18.6 percent , compared to the same
quarter in the prior year. Delinquency Survey, 4th q. 2004 vs. 4th q. 2005]

Since the Bush Administration took office, the FHA single family default rate
has more than doubled, from 3.6 percent in the last quarter of the Clinton
Administration to 7.5 percent in the fourth quarter of 2005. section: a 10/15/05 FHA actuarial report and a December, 2005 FHA Quarterly
business report].

FHA's Role In Promoting Minority Homeownership Has Fallen
Since President Bush took office, the percentage of FHA loans made to minority
homebuyers has fallen by 17 percent - from 35.9 percent in 2000 to 29.8 percent
in 2005. Moreover, of the FHA loans that were made to minority home buyers, the
percentage of these loans going to first-time homebuyers fell by 31 percent,
from 80.9 percent of all FHA minority loans in 2000 to only 55.5 percent of
such loans in 2005. and a December, 2005 FHA Quarterly business report].

Bush Budget Shortchanges College Opportunity. The President's budget undermines
programs that make college more affordable, even though only 17 percent of
African Americans over 25 have attended college. Despite skyrocketing college
costs, the President's budget freezes the maximum Pell Grant at $4,050 for the
fifth year in a row, eliminates the GEAR-UP, Upward Bound, and Talent Search
programs, which ensure that high-risk students succeed in high school and move
on to college, and fails to increase investments for Historically Black
Colleges and Graduate Institutions.

###

Paid for and authorized by the Democratic National Committee, www.democrats.
org. This communication is not authorized by any candidate or candidate's
committee.

[Kikosexy2]

1. He failed them...

when Katrina hit...so why would they expect anything different from Failure-in-Chief....

[Imagevision]

2. White Americans Can't Trust Bush to Create Opportunity (DNC)

[MadMaddie]

3. All Americans can't trust *....you see the black community

knew this before he was elected...

it was only confirmed with Katrina.....

He is a bastard......always looking for photo ops....he is the photo op President.....