How much debt did GWB add? the truth

[Care4all]

What part of not adding interest do you not understand?
What part of congress and Clinton dont you understand?
How do you judge ones policy if he is paying for other peoples debt?and lets add that RR took over a huge mess and GWB had this little event called 9-11 to deal with

You Liberals are so desperate that every amount of spin you can muster, you do
Bush Deficit vs. Obama Deficit in Pictures
This is real numbers from the white house and the CBO

Seems like a good question for you to answer first, How do you judge ones policy if he is paying for other peoples debt?

You Liberals are so desperate that every amount of spin you can muster

You seem to have no trouble judging Obama, care to explain why it works for you but not others?

I am not judging the man
I am judging the events that the man has set in motion

BHO is the president
I respect that
he has failed as our president
Losing 6 million jobs since 08 is one thing, being this far in debt ans losing that many jobs is another
It really is that simple

that's silly JRK.

FIRST paying interest on debt IS PART OF EVERY PRESIDENT'S BUDGET.....you can't leave it out of the budget? IT's a bill that HAS TO BE PAID....?

I can understand that it is never the present president's fault for what this ''interest payment'' on the debt is, but it is ALSO not a new president's fault when they come in to office on how much is being spent on social security, or medicare, or medicaid or unemployment or defense spending etc.... EITHER. Why not leave those out of the figures as well and just make each president not responsible for anything when they come on board??

so, what is the yearly interest payment of the debt under president bush that was not his debt, and what is the yearly interest payment under obama that is not his debt?

another thing, the new president can NOT take action to affect anything, for several months after entering office....that unemployment rate in march 09, belongs to BUSH and things done under bush....

even the stimulus that passed for 700 billion, only 100 billion was used before the september fiscal end....

in any corporation, if the ceo was fired and a new ceo hired, the new ceo gets a YEAR grace period....nothing that happens financially is held against him, that first year.....because no matter the changes the new ceo makes, it takes a YEAR for the changes to work their way through the system and have effect. SAME with a presidency....

that unemployment rate that rose to 10% within 2-3 full months of obama in office DID NOT RISE due to anything Obama did....no siree, that unemplyment rate CAME from what happened BEFORE he took office....if you and others can't see that, then i just don't know what to say????

anyway....i'll play your game for a bit....tell us what the debt interest payments were under pres bush that was not ''his'' and tell us what the debt interest payment under obama's that is not ''his''....begin with that.....

 

[Toddsterpatriot]

Has anyone pointed out that Bush passed TARP so is responsible for that debt as well?

Is Bush responsible for the bank TARP that was already repaid?

Is Barney Frank responsible for the Fannie and Freddie portion of TARP?

Is Barney Frank responsible for the Fannie and Freddie rule changes Bush made?

USATODAY.com - Bush seeks to increase minority homeownership
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.

Did Barney Frank resist Bush's horrible idea?
Or was he in favor of it? Want to expand it?

Barney Frank resisted Bush's attempt to reform Fannie and Freddie before the collapse.
So does that mean Barney deserves 100% of the blame for the hundreds of billions they've cost the taxpayer?

 

[Chris]

The Bush Deficit, the Clinton Surplus and TARP by Gregory Hilton | The DC World Affairs Blog

Auditor 00007 just called me a liar on another thread when I stated how much debt GWB added without intrest from the total
09 is open for debate and to be honest the last GOP budget was 07
But thru 08 it was well below 2.5 trillion
thats the number I used
If we are to give 1/2 of 09 (he did not sign the 09 budget) to GWB then it would be close to 2.5 trillion

any-one want to contest the link I have?
Being called a liar is something I do not take lightly

2009 was Bush's budget as well.

And the Bush tax cuts are still with us.

As is the collapsed economy that Bush's policies caused.

So you are not a liar, you are just not telling the whole story.

 

[Full-Auto]

2009 was Bush's budget as well.

Right, the one Obama had to sign because it didnt create enough spending.

Great point!!

 

[Chris]

According to Government - Historical Debt Outstanding - Annual 1950 - 1999, the debt at the end of the 1980 fiscal year, on September 30th, 1980, was $907,701,000,000. On September 30th, 1981, it was $997,855,000,000. Averaging it out over the year gives a debt of $246,997,260.27 per day.

Reagan took office 112 days later on January 20th, 1981. The debt on that date could be estimated as $907,701,000,000 plus 112 x $246,997,260.27, or $935,364,693,151.

Bill Clinton was the first president to slow the rate of the accrual of debt after the current out-of-control spending began with the Borrow and Spend Republicans in 1981.

The final amount of the senior Bush debt was $4,174,218,594,232.91 (according to Debt to the Penny (Daily History Search Application)), and Clinton became president on January 20th, 1993. Bill Clinton saw $1,553,558,144,071.73 added to the national debt during the eight years of his presidency.

However, from the start of fiscal year 1994 (7 months after Clinton became president), until the start of fiscal year 2002 (7 months after Bush took office), the amount of money paid toward interest on the existing Federal debt was $2,767,282,794,374.59 (Government - Interest Expense on the Debt Outstanding).

Therefore, no amount of the national debt is attributable to Bill Clinton - his policies of higher taxes and reduced spending actually simultaneously reduced the debt and brought about the strongest economy since World War II, despite the fiscal disaster left in the wake of Reagan and the first Bush.

The debt was at $5,727,776,738,304.64 on January 19th, 2001, the last business day before George W. Bush took the office of president. The debt was at $10,628,881,485,510.23 on January 16th, 2009, the last business day before Barack H. Obama became president.

During his administration, George W. Bush
increased the national debt by $4,901,104,747,205.59
and personally approved of the creation of 46% of the entire national debt,
in only 8 years.

ReaganBushDebt.org Calculation Details

 

[edthecynic]

Is Bush responsible for the bank TARP that was already repaid?

Is Barney Frank responsible for the Fannie and Freddie portion of TARP?

Is Barney Frank responsible for the Fannie and Freddie rule changes Bush made?

USATODAY.com - Bush seeks to increase minority homeownership
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.

Did Barney Frank resist Bush's horrible idea?
Or was he in favor of it? Want to expand it?

Barney Frank resisted Bush's attempt to reform Fannie and Freddie before the collapse.
So does that mean Barney deserves 100% of the blame for the hundreds of billions they've cost the taxpayer?

So basically you are saying one little gay senator from Mass is infinitely more powerful than a Texas He-Man president!

 

[Toddsterpatriot]

Is Barney Frank responsible for the Fannie and Freddie rule changes Bush made?

USATODAY.com - Bush seeks to increase minority homeownership
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.

Did Barney Frank resist Bush's horrible idea?
Or was he in favor of it? Want to expand it?

Barney Frank resisted Bush's attempt to reform Fannie and Freddie before the collapse.
So does that mean Barney deserves 100% of the blame for the hundreds of billions they've cost the taxpayer?

So basically you are saying one little gay senator from Mass is infinitely more powerful than a Texas He-Man president!

Last time I checked, he was a little gay congressman from Mass.
The congressman who claimed Fannie and Freddie were perfectly sound.
The congressman who said Fannie and Freddie should do more to provide housing to low income home buyers.
The congressman who resisted all efforts to reform Fannie and Freddies before the crisis struck.

 

[edthecynic]

Did Barney Frank resist Bush's horrible idea?
Or was he in favor of it? Want to expand it?

Barney Frank resisted Bush's attempt to reform Fannie and Freddie before the collapse.
So does that mean Barney deserves 100% of the blame for the hundreds of billions they've cost the taxpayer?

So basically you are saying one little gay senator from Mass is infinitely more powerful than a Texas He-Man president!

Last time I checked, he was a little gay congressman from Mass.
The congressman who claimed Fannie and Freddie were perfectly sound.
The congressman who said Fannie and Freddie should do more to provide housing to low income home buyers.
The congressman who resisted all efforts to reform Fannie and Freddies before the crisis struck.

That's right, a congressman, and congressmen have even less power than senators, yet he single-handedly overpowered the great Texas reformer, Bush.
When Frank said Fannie and Freddy were sound, Bush had not changed the rules yet, so they were. The GOP have always hated anything that helps minorities so the GOP way to "reform" Fannie and Freddy was to destroy them, which they did. Now the GOP have set their sights on destroying, er...., er ...., "reforming" Social Security.

 

[Toddsterpatriot]

So basically you are saying one little gay senator from Mass is infinitely more powerful than a Texas He-Man president!

Last time I checked, he was a little gay congressman from Mass.
The congressman who claimed Fannie and Freddie were perfectly sound.
The congressman who said Fannie and Freddie should do more to provide housing to low income home buyers.
The congressman who resisted all efforts to reform Fannie and Freddies before the crisis struck.

That's right, a congressman, and congressmen have even less power than senators, yet he single-handedly overpowered the great Texas reformer, Bush.
When Frank said Fannie and Freddy were sound, Bush had not changed the rules yet, so they were. The GOP have always hated anything that helps minorities so the GOP way to "reform" Fannie and Freddy was to destroy them, which they did. Now the GOP have set their sights on destroying, er...., er ...., "reforming" Social Security.

[ame=http://www.youtube.com/watch?v=LPSDnGMzIdo]‪Democrats were WARNED of Financial crisis and did NOTHING‬‏ - YouTube[/ame]

 

[edthecynic]

Last time I checked, he was a little gay congressman from Mass.
The congressman who claimed Fannie and Freddie were perfectly sound.
The congressman who said Fannie and Freddie should do more to provide housing to low income home buyers.
The congressman who resisted all efforts to reform Fannie and Freddies before the crisis struck.

That's right, a congressman, and congressmen have even less power than senators, yet he single-handedly overpowered the great Texas reformer, Bush.
When Frank said Fannie and Freddy were sound, Bush had not changed the rules yet, so they were. The GOP have always hated anything that helps minorities so the GOP way to "reform" Fannie and Freddy was to destroy them, which they did. Now the GOP have set their sights on destroying, er...., er ...., "reforming" Social Security.

[ame="http://www.youtube.com/watch?v=LPSDnGMzIdo"]‪Democrats were WARNED of Financial crisis and did NOTHING‬‏ - YouTube[/ame]

When Frank spoke in 2003 Fannie and Freddy were in good shape, so Bush decided to change tactics on how to destroy Fannie and Freddy. It was Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) that changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.

The ADDI was passed in Dec 2003 and everything in housing started to go bad in 2004. Even your MessiahRushie admits 2004 was the turning point for the Bush Housing Crash. And your own video says that in the 2005 GOP controlled Senate, once the bill got out of committee, the GOP majority did not bring it up for a vote!!! But by CON$ervative "logic" it is congressman Frank's fault the GOP controlled Senate didn't bring the bill up for a vote. BRILLIANT!

July 7,2010
BREAK TRANSCRIPT

RUSH: To illustrate my point even further: "Subprime mortgages accounted for 9 percent of all mortgage originations from 1996 through 2004." But that 9% became 21% from 2004 to 2006, 21% of all mortgages were subprime. Twenty-one percent of all mortgages were essentially money given away to people because they were loans made to people that everybody knew going in would never pay them back. And that 21% of the mortgage market being subprime equaled about $600,000 billion in 2006, which was at the time one-fifth of the US home loan market.

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.

 

[JRK]

That's right, a congressman, and congressmen have even less power than senators, yet he single-handedly overpowered the great Texas reformer, Bush.
When Frank said Fannie and Freddy were sound, Bush had not changed the rules yet, so they were. The GOP have always hated anything that helps minorities so the GOP way to "reform" Fannie and Freddy was to destroy them, which they did. Now the GOP have set their sights on destroying, er...., er ...., "reforming" Social Security.

[ame="http://www.youtube.com/watch?v=LPSDnGMzIdo"]‪Democrats were WARNED of Financial crisis and did NOTHING‬‏ - YouTube[/ame]

When Frank spoke in 2003 Fannie and Freddy were in good shape, so Bush decided to change tactics on how to destroy Fannie and Freddy. It was Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) that changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.

The ADDI was passed in Dec 2003 and everything in housing started to go bad in 2004. Even your MessiahRushie admits 2004 was the turning point for the Bush Housing Crash. And your own video says that in the 2005 GOP controlled Senate, once the bill got out of committee, the GOP majority did not bring it up for a vote!!! But by CON$ervative "logic" it is congressman Frank's fault the GOP controlled Senate didn't bring the bill up for a vote. BRILLIANT!

July 7,2010
BREAK TRANSCRIPT

RUSH: To illustrate my point even further: "Subprime mortgages accounted for 9 percent of all mortgage originations from 1996 through 2004." But that 9% became 21% from 2004 to 2006, 21% of all mortgages were subprime. Twenty-one percent of all mortgages were essentially money given away to people because they were loans made to people that everybody knew going in would never pay them back. And that 21% of the mortgage market being subprime equaled about $600,000 billion in 2006, which was at the time one-fifth of the US home loan market.

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.

We went from debt to this?
There is allot of babble in that thread with nothing said

At no time did GWB force anyone to do anything
There is no legislation to make anyone make a bad loan
Helping people making a down payment does make a bad loan

Your being desperate

If you want to play that game then what about Glass Segal, or the repeal of?
What about
Oh yea, then there is this, which GWB is not totally innocent
Let's begin:

How could a piece of 1977 legislation be significant to the deterioration of mortgage standards 25 years later?
The CRA was not a static piece of legislation. It evolved over the years from a relatively hands-off law focused on process into one that focused on outcomes. Regulators, beginning in the mid-nineties, began to hold banks accountable in serious ways. Banks responded to this new accountability by increasing the CRA loans they made, a move that entailed relaxing their lending standards.
That’s still too early. Why would changes in the mid-nineties result in a mortgage boom a decade later?
Throughout the nineties banks, as banks lowered their mortgage standards, mortgage rates remained high. The laxity was spreading but the incentives for borrowers to re-finance even under relaxed standards remained low. New buyers often still didn’t know that some of the loosey-goosey mortgages existed. Speculators had an internet bubble, so they weren’t yet attracted to real-estate. Treasury rates were not yet so low that investors seeking yield would pour into mortgage backed securities. Securitization levels were low enough that banks weren’t yet willing to fully embrace the loose standards. The historical data on default and loss rates from the lax lending were not yet available, so they weren’t embraced by banks or the broader market.


Read more: Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending

 

[edthecynic]

‪Democrats were WARNED of Financial crisis and did NOTHING‬‏ - YouTube

When Frank spoke in 2003 Fannie and Freddy were in good shape, so Bush decided to change tactics on how to destroy Fannie and Freddy. It was Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) that changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.

The ADDI was passed in Dec 2003 and everything in housing started to go bad in 2004. Even your MessiahRushie admits 2004 was the turning point for the Bush Housing Crash. And your own video says that in the 2005 GOP controlled Senate, once the bill got out of committee, the GOP majority did not bring it up for a vote!!! But by CON$ervative "logic" it is congressman Frank's fault the GOP controlled Senate didn't bring the bill up for a vote. BRILLIANT!

July 7,2010
BREAK TRANSCRIPT

RUSH: To illustrate my point even further: "Subprime mortgages accounted for 9 percent of all mortgage originations from 1996 through 2004." But that 9% became 21% from 2004 to 2006, 21% of all mortgages were subprime. Twenty-one percent of all mortgages were essentially money given away to people because they were loans made to people that everybody knew going in would never pay them back. And that 21% of the mortgage market being subprime equaled about $600,000 billion in 2006, which was at the time one-fifth of the US home loan market.

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.

We went from debt to this?
There is allot of babble in that thread with nothing said

At no time did GWB force anyone to do anything
There is no legislation to make anyone make a bad loan
Helping people making a down payment does make a bad loan

Your being desperate

If you want to play that game then what about Glass Segal, or the repeal of?
What about
Oh yea, then there is this, which GWB is not totally innocent
Let's begin:

How could a piece of 1977 legislation be significant to the deterioration of mortgage standards 25 years later?
The CRA was not a static piece of legislation. It evolved over the years from a relatively hands-off law focused on process into one that focused on outcomes. Regulators, beginning in the mid-nineties, began to hold banks accountable in serious ways. Banks responded to this new accountability by increasing the CRA loans they made, a move that entailed relaxing their lending standards.
That’s still too early. Why would changes in the mid-nineties result in a mortgage boom a decade later?
Throughout the nineties banks, as banks lowered their mortgage standards, mortgage rates remained high. The laxity was spreading but the incentives for borrowers to re-finance even under relaxed standards remained low. New buyers often still didn’t know that some of the loosey-goosey mortgages existed. Speculators had an internet bubble, so they weren’t yet attracted to real-estate. Treasury rates were not yet so low that investors seeking yield would pour into mortgage backed securities. Securitization levels were low enough that banks weren’t yet willing to fully embrace the loose standards. The historical data on default and loss rates from the lax lending were not yet available, so they weren’t embraced by banks or the broader market.


Read more: Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending

The CRI had nothing to do with Bush's housing crash, but it has always been the favorite boogyman of racists. It was Bush's ADDI that brought down the housing market, everything else is just scapegoating.

 

[Mr.Nick]

If libfucks were interested in spending cuts we would be alright now..

Oh yeah, and that housing market Barny Frank thought was fantastic - you know that government forced lending spree in which little to no people paid their mortgages... Oh yeah that was the CRA amendment of 1993.

In reality both sides are to blame, republicans gave into the CRA loans and that was the biggest fucking mistake in the history of our democratically elected officials, and thats why republicans/tea party/libertarians are firm.... Democrats screwed them once, its not going to happen again.

 

[JRK]

When Frank spoke in 2003 Fannie and Freddy were in good shape, so Bush decided to change tactics on how to destroy Fannie and Freddy. It was Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) that changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.

The ADDI was passed in Dec 2003 and everything in housing started to go bad in 2004. Even your MessiahRushie admits 2004 was the turning point for the Bush Housing Crash. And your own video says that in the 2005 GOP controlled Senate, once the bill got out of committee, the GOP majority did not bring it up for a vote!!! But by CON$ervative "logic" it is congressman Frank's fault the GOP controlled Senate didn't bring the bill up for a vote. BRILLIANT!

July 7,2010
BREAK TRANSCRIPT

RUSH: To illustrate my point even further: "Subprime mortgages accounted for 9 percent of all mortgage originations from 1996 through 2004." But that 9% became 21% from 2004 to 2006, 21% of all mortgages were subprime. Twenty-one percent of all mortgages were essentially money given away to people because they were loans made to people that everybody knew going in would never pay them back. And that 21% of the mortgage market being subprime equaled about $600,000 billion in 2006, which was at the time one-fifth of the US home loan market.

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.

We went from debt to this?
There is allot of babble in that thread with nothing said

At no time did GWB force anyone to do anything
There is no legislation to make anyone make a bad loan
Helping people making a down payment does make a bad loan

Your being desperate

If you want to play that game then what about Glass Segal, or the repeal of?
What about
Oh yea, then there is this, which GWB is not totally innocent
Let's begin:

How could a piece of 1977 legislation be significant to the deterioration of mortgage standards 25 years later?
The CRA was not a static piece of legislation. It evolved over the years from a relatively hands-off law focused on process into one that focused on outcomes. Regulators, beginning in the mid-nineties, began to hold banks accountable in serious ways. Banks responded to this new accountability by increasing the CRA loans they made, a move that entailed relaxing their lending standards.
That’s still too early. Why would changes in the mid-nineties result in a mortgage boom a decade later?
Throughout the nineties banks, as banks lowered their mortgage standards, mortgage rates remained high. The laxity was spreading but the incentives for borrowers to re-finance even under relaxed standards remained low. New buyers often still didn’t know that some of the loosey-goosey mortgages existed. Speculators had an internet bubble, so they weren’t yet attracted to real-estate. Treasury rates were not yet so low that investors seeking yield would pour into mortgage backed securities. Securitization levels were low enough that banks weren’t yet willing to fully embrace the loose standards. The historical data on default and loss rates from the lax lending were not yet available, so they weren’t embraced by banks or the broader market.


Read more: Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending

The CRI had nothing to do with Bush's housing crash, but it has always been the favorite boogyman of racists. It was Bush's ADDI that brought down the housing market, everything else is just scapegoating.

played the race card right out of the gate this morning
I wonder how many minorities the down payment assistance program helped?
you sure blamed it for everything that went wrong

I see you also did not read the link
Its a shame

 

[JRK]

If libfucks were interested in spending cuts we would be alright now..

Oh yeah, and that housing market Barny Frank thought was fantastic - you know that government forced lending spree in which little to no people paid their mortgages... Oh yeah that was the CRA amendment of 1993.

In reality both sides are to blame, republicans gave into the CRA loans and that was the biggest fucking mistake in the history of our democratically elected officials, and thats why republicans/tea party/libertarians are firm.... Democrats screwed them once, its not going to happen again.

your right about some of the blame, but not enough goes to the banker and the person who lied to get the loan
The one who was flipping homes also, who got caught with his pants down

 

[Mr.Nick]

If libfucks were interested in spending cuts we would be alright now..

Oh yeah, and that housing market Barny Frank thought was fantastic - you know that government forced lending spree in which little to no people paid their mortgages... Oh yeah that was the CRA amendment of 1993.

In reality both sides are to blame, republicans gave into the CRA loans and that was the biggest fucking mistake in the history of our democratically elected officials, and thats why republicans/tea party/libertarians are firm.... Democrats screwed them once, its not going to happen again.

your right about some of the blame, but not enough goes to the banker and the person who lied to get the loan
The one who was flipping homes also, who got caught with his pants down

It was Bill Clinton (with activist help from Al Sharpton) idea to FORCE banks to make high risk loans..

At the time everyone was labeling (like today) republicans "rich racists" so the house and senate actually passed the CRA amendment of 93...



I don't believe most people understand that.

 

[JRK]

If libfucks were interested in spending cuts we would be alright now..

Oh yeah, and that housing market Barny Frank thought was fantastic - you know that government forced lending spree in which little to no people paid their mortgages... Oh yeah that was the CRA amendment of 1993.

In reality both sides are to blame, republicans gave into the CRA loans and that was the biggest fucking mistake in the history of our democratically elected officials, and thats why republicans/tea party/libertarians are firm.... Democrats screwed them once, its not going to happen again.

your right about some of the blame, but not enough goes to the banker and the person who lied to get the loan
The one who was flipping homes also, who got caught with his pants down

It was Bill Clinton (with activist help from Al Sharpton) idea to FORCE banks to make high risk loans..

At the time everyone was labeling (like today) republicans "rich racists" so the house and senate actually passed the CRA amendment of 93...



I don't believe most people understand that.

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending
great article

 

[edthecynic]

If libfucks were interested in spending cuts we would be alright now..

Oh yeah, and that housing market Barny Frank thought was fantastic - you know that government forced lending spree in which little to no people paid their mortgages... Oh yeah that was the CRA amendment of 1993.

In reality both sides are to blame, republicans gave into the CRA loans and that was the biggest fucking mistake in the history of our democratically elected officials, and thats why republicans/tea party/libertarians are firm.... Democrats screwed them once, its not going to happen again.

your right about some of the blame, but not enough goes to the banker and the person who lied to get the loan
The one who was flipping homes also, who got caught with his pants down

It was Bill Clinton (with activist help from Al Sharpton) idea to FORCE banks to make high risk loans..

At the time everyone was labeling (like today) republicans "rich racists" so the house and senate actually passed the CRA amendment of 93...



I don't believe most people understand that.

BULLSHIT!!!

The CRA forced banks to make loans to QUALIFIED minorities, but to racists, no minority is ever qualified to get a housing loan therefore by definition any loan to a minority is a "high risk" loan.

 

[JRK]

your right about some of the blame, but not enough goes to the banker and the person who lied to get the loan
The one who was flipping homes also, who got caught with his pants down

It was Bill Clinton (with activist help from Al Sharpton) idea to FORCE banks to make high risk loans..

At the time everyone was labeling (like today) republicans "rich racists" so the house and senate actually passed the CRA amendment of 93...



I don't believe most people understand that.

BULLSHIT!!!

The CRA forced banks to make loans to QUALIFIED minorities, but to racists, no minority is ever qualified to get a housing loan therefore by definition any loan to a minority is a "high risk" loan.

Have you ever been to Texas?

 

[NYcarbineer]

If libfucks were interested in spending cuts we would be alright now..

Oh yeah, and that housing market Barny Frank thought was fantastic - you know that government forced lending spree in which little to no people paid their mortgages... Oh yeah that was the CRA amendment of 1993.

In reality both sides are to blame, republicans gave into the CRA loans and that was the biggest fucking mistake in the history of our democratically elected officials, and thats why republicans/tea party/libertarians are firm.... Democrats screwed them once, its not going to happen again.

your right about some of the blame, but not enough goes to the banker and the person who lied to get the loan
The one who was flipping homes also, who got caught with his pants down

It was Bill Clinton (with activist help from Al Sharpton) idea to FORCE banks to make high risk loans..

At the time everyone was labeling (like today) republicans "rich racists" so the house and senate actually passed the CRA amendment of 93...



I don't believe most people understand that.

You've obviously never read the CRA law.