The "great recession" occured after the democrats took control and ruined the housing industry
So you will have no trouble citing the exact law passed in 2007 over Bush's veto and the GOP filibuster that ruined the housing industry.
Certainly! Bill Clinton's
1997 Community Re-Investment Act. It forced banks to make loans they previously refused to make and it incentivized them to make outrageously risky loans because it would all be backed by Freddie and Fannie.
See...in vintage liberal socialist stupidity fashion....you idiots believed that everyone deserved a home even if they couldn't afford it. That type of communism/socialism has collapsed every single nation that has ever implemented it. And it did the same thing to the U.S.
Notice how it was almost 10 years exactly? Nobody defaults on their first house payment. But over time, people start to fall behind. What do they do? Start putting everything on a credit card. Eventually they file bankruptcy and all of that money is lost. As this happens to more and more people, credit card companies and banks forced to layoff employees because they didn't get all of their money back (plus the interest they were supposed to make) - which means that even people who could afford their homes previously are now in trouble. Eventually, there are so many foreclosed homes on the market that the value of homes plummets. Now people owe more on their home than it is worth because 4 houses on their street are being auctioned off for pennies on the dollar.
This is what happens with idiot liberal policy. Economic collapse. Failure. Poverty. Misery.
So there was no law passed when the Dems took over the Congress in 2007 that caused the BUSH Housing Crash, so you then move the goalposts and parrot the lies of your MessiahRushie, even though the CRA had nothing to do with the Bush Housing Crash.
BTW it was BUSH not Clinton who made loans available to borrowers with bad credit. Also, the American Dream Act was BUSH's Dec 2003 bill to put every American in his own home! All your MessiahRushie did was substitute Clinton for Bush's American Dream act and you were stupid enough to swallow it without question.
June 21, 2016
RUSH: The bankers were doing what the Democrat presidents and the Democrat Party and the Washington establishment wanted them to do. The bankers were forced to implement policies to secure votes from low-income people. That's all the subprime mortgage was. It was another rigmarole trick to convince the low-income crowd that the Democrats are looking out for 'em. Bill Clinton had a name for this plan. Every American in his own home or the American home or the middle-
American DREAM Act or whatever the hell they called it, based on the premise American dream was owning a home.
President Bush Signs American Dream Downpayment Act of 2003
President Bush Signs
American Dream Downpayment Act of 2003
Remarks by the President at Signing of the American Dream Downpayment Act
THE PRESIDENT: Thank you all. Thank you for coming. Thanks for the warm welcome. It's great to be back at the Department of Housing and Urban Development. This is not my first time here, nor will it be my last. (Applause.)
I am here today because we are taking action to bring many thousands of Americans closer to owning a home. Our government is supporting homeownership because it is good for America, it is good for our families, it is good for our economy.
During the signing ceremony of S. 811, The American Dream Downpayment Act, President George W. Bush delivers remarks at the U.S. Department of Housing and Urban Development in Washington, D.C., Tuesday, Dec. 16, 2003.
"One of the biggest hurdles to homeownership is getting money for a down payment," said President Bush. "This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream." White House photo by Paul Morse One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream.
This administration will constantly strive to promote an ownership society in America.
We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner.
The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.
Last year
I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities.
And there's more to do, as well.
We'll continue to pursue a broad agenda to help people own a home.