The Democrat's set the poor to fail with below prime lending.
BULLSHIT!
It was Bush and the GOP who pushed mortgages on people who couldn't afford them. They will always own the housing crash no matter how much the Right lies about it.
President Hosts Conference on Minority Homeownership
President Hosts Conference on Minority Homeownership
George Washington University
Washington, D.C.
1:55 P.M. EDT
THE PRESIDENT: Thank you, all. Thanks, for coming. Well, thanks for the warm welcome. Thank you for being here today. I appreciate your attendance to this very important conference. You see,
we want everybody in America to own their own home. That's what we want. This is -- an ownership society is a compassionate society.
More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because
fewer than half of the Hispanics and half the African Americans own the home. That's a homeownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future. We've got to work to knock down the barriers that have created a homeownership gap.
I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that
by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. (Applause.)
Some may think that's a stretch. I don't think it is. I think it is realistic. I know we're going to have to work together to achieve it. But when we do our communities will be stronger and so will our economy. Achieving the goal is going to require some good policies out of Washington. And it's going to require a strong commitment from those of you involved in the housing industry.
...
I told Mel Martinez I was serious about this initiative. We started talking about it and I said, well, you know, I'm the kind of fellow, I don't like to lay out a goal and don't mean it. I think it's not -- I don't think it's fair for the American people to be -- to have a President or anybody else, for that matter, lay out a goal and just kind of say it, but don't mean it. I mean it. And
the good news is, Mel Martinez believes it and means it, as well. He's doing a fine job of running HUD, and I'm glad he has joined my Cabinet. (Applause.)
And I picked a pretty spunky deputy, as well, Alphonso Jackson -- my fellow Texan. (Applause.) I call him A.J.
...
Homeownership is also an important part of our economic vitality. If -- when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy
by encouraging 5.5 million new home owners in America; the activity -- the economic activity stimulated with the additional purchasers, the additional buyers, the additional demand will be upwards of $256 billion. And that's important because it will help people find work.
Low interest rates, low inflation are very important foundations for economic growth.
The idea of encouraging new homeownership and the money that will be circulated as a result of people purchasing homes will mean people are more likely to find a job in America. This project not only is good for the soul of the country, it's good for the pocketbook of the country, as well.
To open up the doors of homeownership there are some barriers, and I want to talk about four that need to be overcome.
First, down payments. A lot of folks can't make a down payment. They may be qualified. They may desire to buy a home, but
they don't have the money to make a down payment. I think if you were to talk to a lot of families that are desirous to have a home, they would tell you that the down payment is the hurdle that they can't cross. And
one way to address that is to have the federal government participate.