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In other words, to quote Senator Al Franken, "Rush Limbaugh is a big, fat liar".
I have to disagree..
Rush has lost quite a bit of weight
But he's still a drug-addict blow-hard douche bag.
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In other words, to quote Senator Al Franken, "Rush Limbaugh is a big, fat liar".
I have to disagree..
Rush has lost quite a bit of weight
The problem with banks giving no down payment loans to unqualified buyers for more than the house was worth was because of the law being changed by Bush's Dec 2003 ADDI, not the CRA which required down payments from qualified buyers.If Bush Jr. did such a good job, then why did things go completely to shit 6 months before he left?
This is attributed to folks like the Congressional Black Caucus, Barney Frank, and community organizer lawyers like the Hussein who sued banks and forced banks to start giving loans to people who had no business getting them.
Learn to read.
The problem with banks started long before Bush. It was a policy that Carter started, and Clinton expanded.
The problem with banks giving no down payment loans to unqualified buyers for more than the house was worth was because of the law being changed by Bush's Dec 2003 ADDI, not the CRA which required down payments from qualified buyers.If Bush Jr. did such a good job, then why did things go completely to shit 6 months before he left?
This is attributed to folks like the Congressional Black Caucus, Barney Frank, and community organizer lawyers like the Hussein who sued banks and forced banks to start giving loans to people who had no business getting them.
Learn to read.
The problem with banks started long before Bush. It was a policy that Carter started, and Clinton expanded.
Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) is what changed the rules to allow no downpayment loans to people with bad credit for more than the house was worth and who were at least 20% below the standard for the neighborhood. The housing problems ran out of control in 2004. Thank you GWB.
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.
Forcing banks to make loans to minorities with the same credit as whites is hardly forcing banks to make bad loans unless you are claiming whites are bad loan risks?Please link to the banks Obama sued.
Sorry, I assumed you libs knew of your President's past:
Buycks-Roberson v. Citibank Fed
UPDATED: Obama Sued Citibank Under CRA to Force it to Make Bad Loans | Media CircusCase Summary
Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.
U.S. District Court Judge Ruben Castillo certified the Plaintiffs suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs motion to compel discovery of a sample of Defendant-banks loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).
The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
Plaintiffs Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 | FH-IL-0011-9000
Obama, Barack H. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000
And CRA loans, while technically were called sub-prime loans because they were over prime, were not the high interest, high risk ARMs that caused the housing crash because CRA loans were only 1% over prime and they were adjusted DOWN if the buyer made his payments on time for 2 years.
You've been had because you want to believe that no minority is qualified for a housing loan no matter what their credit rating is. That is very RACIST.
That is the claim of YOUR link, if you didn't agree that minorities with the same credit rating as whites are not qualified but the whites are, why did you post that link???Forcing banks to make loans to minorities with the same credit as whites is hardly forcing banks to make bad loans unless you are claiming whites are bad loan risks?
And CRA loans, while technically were called sub-prime loans because they were over prime, were not the high interest, high risk ARMs that caused the housing crash because CRA loans were only 1% over prime and they were adjusted DOWN if the buyer made his payments on time for 2 years.
Forcing anyone to give a loan to low income people is wrong. But of course all you libs can do is look at people's race.
You've been had because you want to believe that no minority is qualified for a housing loan no matter what their credit rating is. That is very RACIST.
WOW really??? I believe no minority is qualified for a housing loan no matter what their credit rating is? I guess that would mean I don't believe my own non-white family members should ever be allowed to own their own houses.
I never knew this about myself. Thanks for being the thought police and pointing this out to me. I'll direct myself to the nearest Hussein re-education camp.
And that was a direct result of Bush's ADDI not the CRA!!!!!!!!!!The problem with banks giving no down payment loans to unqualified buyers for more than the house was worth was because of the law being changed by Bush's Dec 2003 ADDI, not the CRA which required down payments from qualified buyers.Learn to read.
The problem with banks started long before Bush. It was a policy that Carter started, and Clinton expanded.
Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) is what changed the rules to allow no downpayment loans to people with bad credit for more than the house was worth and who were at least 20% below the standard for the neighborhood. The housing problems ran out of control in 2004. Thank you GWB.
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.
LOL, downpayments weren't the problem for the housing crisis. The monthly payements from people with low income was.
That is the claim of YOUR link, if you didn't agree that minorities with the same credit rating as whites are not qualified but the whites are, why did you post that link???
And if unqualified whites can get bank loans, why can't unqualified minorities?
Clearly it was the "Liberal" BANKS that were looking at race!
And that was a direct result of Bush's ADDI not the CRA!!!!!!!!!!
Let's apply YOUR same standard to the CRA!!!!And that was a direct result of Bush's ADDI not the CRA!!!!!!!!!!
Why, because you say so?
ADDI provided for a measley $200 million a year to help the poor people already getting loans with their down payments. This effected only a small number of people getting their loans.
If you can prove that the people who were a part of this plan had such high rates of foreclosure that it was enough to overwhelm the mortgage industry then I'd agree it contributed to the problem. But it certainly in no way means that the CRA wasn't responsible in large part of the housing crisis. This ADDI program did not effect many people as it only got $200 million in funds each year.
Still playing dumb!That is the claim of YOUR link, if you didn't agree that minorities with the same credit rating as whites are not qualified but the whites are, why did you post that link???
And if unqualified whites can get bank loans, why can't unqualified minorities?
Clearly it was the "Liberal" BANKS that were looking at race!
What the hell are you talking about? I posted the link for the case Obama sued Citibank. Just because Obama and his pals CLAIMED that the banks were racist does not mean its true, and it doesn't mean I am automatically a racist. No matter how much you highlight and underline Obama's claims it does not make them fact. It would be not surprise to me that each time these thug lawyers went to sue banks they would play the race card. That is pretty much how they've been able to bend the banks to their will for the last few decades, because no one wants to be called a racist.
Well, there you go again with your transcript crap. As you well know he does not post his transcripts till around 6 PM.Provide a show transcript that details your claims.
Like i said I don't follow Rush, so I wouldn't know when his daily transcripts are posted. And as I told VWC. I'll wait for him to provide a transcript. You do know that transcripts are very good at proving or disproving a claim and also to put quoted items in proper context.
nothing is obama's fault......and anthying good that happens......he made it happen....
That is the claim of YOUR link, if you didn't agree that minorities with the same credit rating as whites are not qualified but the whites are, why did you post that link???
And if unqualified whites can get bank loans, why can't unqualified minorities?
Clearly it was the "Liberal" BANKS that were looking at race!
What the hell are you talking about? I posted the link for the case Obama sued Citibank. Just because Obama and his pals CLAIMED that the banks were racist does not mean its true, and it doesn't mean I am automatically a racist. No matter how much you highlight and underline Obama's claims it does not make them fact. It would be not surprise to me that each time these thug lawyers went to sue banks they would play the race card. That is pretty much how they've been able to bend the banks to their will for the last few decades, because no one wants to be called a racist.
...Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.
RushLimbaugh.com HomeI'm looking for today's transcript and cannot find it. Anyone?
That is the claim of YOUR link, if you didn't agree that minorities with the same credit rating as whites are not qualified but the whites are, why did you post that link???
And if unqualified whites can get bank loans, why can't unqualified minorities?
Clearly it was the "Liberal" BANKS that were looking at race!
What the hell are you talking about? I posted the link for the case Obama sued Citibank. Just because Obama and his pals CLAIMED that the banks were racist does not mean its true, and it doesn't mean I am automatically a racist. No matter how much you highlight and underline Obama's claims it does not make them fact. It would be not surprise to me that each time these thug lawyers went to sue banks they would play the race card. That is pretty much how they've been able to bend the banks to their will for the last few decades, because no one wants to be called a racist.
What am I talking about? I'm talking about the portion of your own quote that described the reason the suit was brought, namely:
...Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories.
Meaning that the case had nothing to do with whether or not the applicants were high risk, and had everything to do with black people being denied loans when white people of the same risk level were approved
And I didn't call you a racist, I asked if you were asserting that you thought blacks were a higher default risk.
I'm "just asking questions", like Glenn Beck.
Wow, strong debating skills.In other words, to quote Senator Al Franken, "Rush Limbaugh is a big, fat liar".
RushLimbaugh.com HomeI'm looking for today's transcript and cannot find it. Anyone?
For the tenth time now, I know thats what Obama was alledging. He was playing the race card. It doesn't mean it was true.
While he says he posts posts complete transcripts, it's obvious he doesn't.So it turns out Rush does not post full transcripts of his shows, just selected portions.
I guess that way there's no record when he says something particularly stupid.