Tuesday, January 22, 2008
Bush's Role in the Sub Prime Mess
I haven't yet heard Bush's name really mentioned regarding the financial disaster caused by the sub-prime mortgage crisis yet. Well here's a tid bit from 2002 when Bush addressed HUD.
Remarks by the President on Homeownership - HUD
Bush's "Dream Plan" specifically targeted poor minorities all across America. I guarantee you that bundling these sub-prime loans was well discussed and thought out before hand. Someone needs to point Bush's role out in this mess to the world! Here are some excerpts from Bush's speech to HUD in 2002.
"Let me first talk about how to make sure America is secure from a group of killers, people who hate -- you know what they hate? They hate the idea that somebody can go buy a home. "
"I worry about our economy, because there are people who can't find work who want to work."
"We also have got to understand, in this land of plenty, there are pockets of hopelessness and despair. You know, I mentioned the word American Dream in Atlanta. I also recognize that some people aren't sure that dream extends to them. "
"...our jobs, our collective jobs, is to make sure that notion of the American Dream extends into every single neighborhood around this country."
".....less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it."
"But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well."
"And so I want to, one, encourage you to do everything you can to work in a realistic, smart way to get this done. I repeat, we're here for a reason. And part of the reason is to make this dream extend everywhere"
"The third problem is the fact that the rules are too complex. People get discouraged by the fine print on the contracts. They take a look and say, well, I'm not so sure I want to sign this. There's too many words. (Laughter.) There's too many pitfalls. So one of the things that the Secretary is going to do is he's going to simplify the closing documents and all the documents that have to deal with homeownership"
"It is essential that we make it easier for people to buy a home, not harder........We've got people who have newly arrived to our country, don't know the customs. We've got people in certain neighborhoods that just aren't really sure what it means to buy a home."
"There's some people out there that can fall prey to unscrupulous lenders.........." Bush goes on here, but I just find this an odd choice of words considering what has happened since.
"And so, therefore, I've called -- yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers."
Remarks by the President on Homeownership - HUD
Bush's "Dream Plan" specifically targeted poor minorities all across America. I guarantee you that bundling these sub-prime loans was well discussed and thought out before hand. Someone needs to point Bush's role out in this mess to the world! Here are some excerpts from Bush's speech to HUD in 2002.
"Let me first talk about how to make sure America is secure from a group of killers, people who hate -- you know what they hate? They hate the idea that somebody can go buy a home. "
"I worry about our economy, because there are people who can't find work who want to work."
"We also have got to understand, in this land of plenty, there are pockets of hopelessness and despair. You know, I mentioned the word American Dream in Atlanta. I also recognize that some people aren't sure that dream extends to them. "
"...our jobs, our collective jobs, is to make sure that notion of the American Dream extends into every single neighborhood around this country."
".....less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it."
"But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well."
"And so I want to, one, encourage you to do everything you can to work in a realistic, smart way to get this done. I repeat, we're here for a reason. And part of the reason is to make this dream extend everywhere"
"The third problem is the fact that the rules are too complex. People get discouraged by the fine print on the contracts. They take a look and say, well, I'm not so sure I want to sign this. There's too many words. (Laughter.) There's too many pitfalls. So one of the things that the Secretary is going to do is he's going to simplify the closing documents and all the documents that have to deal with homeownership"
"It is essential that we make it easier for people to buy a home, not harder........We've got people who have newly arrived to our country, don't know the customs. We've got people in certain neighborhoods that just aren't really sure what it means to buy a home."
"There's some people out there that can fall prey to unscrupulous lenders.........." Bush goes on here, but I just find this an odd choice of words considering what has happened since.
"And so, therefore, I've called -- yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers."
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Take a look at the NAACP lawsuit against the subprime lenders. This sort of lawsuit should be prosecuted by the US Justice Department, but they won't do it, go figure.
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