The T
George S. Patton Party
Not only did he BLAME the GOP...he BLAMED THE MARKET...did you guys miss this?
He's an idiot, wouldn't be found competent to stand trial.
Then he should be 'Baker Acted', and committed.
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Not only did he BLAME the GOP...he BLAMED THE MARKET...did you guys miss this?
He's an idiot, wouldn't be found competent to stand trial.
And this thread has not been routed to the lame zone yet?
Only CON$ can blame people, even if they have to make crap up to do so.
Sad, but true comment from the link:
I'm sorry, but wasn't it Bawney Fwank who said Freddie and Fannie were perfectly sound and there was no reason to be concerned about their solvency back in 2008 right before everything collapsed? And BTW, who was running the legislative branch of the government in 2007 and 2008? Oh yeah, Bawney's party.
American Dream Downpayment Initiative - Affordable Housing - CPD - HUD
American Dream Downpayment Initiative
Summary
The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.
Purpose
ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.
Type of Assistance
ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards.
Eligible Customers
To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.
Eligible Activities
ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase.
Funding Status
In FY 2007, Congress appropriated $24,750,000 for ADDI. Previously, Congress appropriated $74,513,000 in FY2003 and $86,984 in FY2004, $49,600,000 in FY2005 and $24,750,000 in FY2006. HUD has issued formula allocations for FY 2007 to assist participating jurisdictions in preparing their consolidated plans.
Obtaining Assistance
First, check the formula allocation page to determine whether your local HOME administering agency received ADDI funding. If they did not receive ADDI funding, ADDI funds may be available through your state. Every state received ADDI funds. The contacts for state are available in the HOME administering agency list.
USATODAY.com - Bush seeks to increase minority homeownership
Bush seeks to increase minority homeownership
By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.
The FHA isn't a direct lender, but guarantees loan payments for mortgages on moderately priced owner-occupied property. The FHA guarantee now permits private lenders to finance as much as 97% of the purchase price of a home for millions of low- and middle-income borrowers.
In the proposal soon to be delivered to Congress, Bush would allow the FHA to guarantee loans for the full purchase price of the home, plus down-payment costs. As a practical matter, the FHA would guarantee mortgages as high as 103% of the value of the underlying property.
An Obama Treasury department official behind the consumer protection language in the proposed financial reform legislation is a former head of the Center for Responsible Lending (CRL), the advocacy wing of a non-profit community development lender funded by none other than John Paulson the billionaire who worked with Goldman Sachs to package bad mortgages into securities and offer them on the market.
There are people on the planet who serve no purpose to man or beast. Franks is one of them. I kinda look forward to participating in the thread announcing his demise.
It's so interesting how the rightwingnuts can take something true, and use it to advance their own hate and homophobia.
And they wonder why moderates can't vote for them? Their lunacy always shows.
what wads actually said, despite the mischaracterization of the rightwingnuts who didn't get past the title given to the comments, the culture of the SEC during the bush admin was do nothing... do not regulate.
ended up people had nothing to do. and it was so bad that what they DID do was download porn. instead of responding to that, it's made into a homophobic rant because you can't justify what your losers did.