Liar!
It was BUSH who changed the law giving no down payment loans to people with bad credit for more than the property was worth. Most of the abandoned houses were abandoned by WHITE real estate speculators, then those bad loans were packaged together by greedy WHITE bankers and sold to greedy WHITE speculators as AAA bonds.
Then racist scum like you blamed blacks.
Funny how there were many shovel ready jobs in Dem states, but none in GOPQ states.
Hussein said it himself: Those shovel ready jobs were not so shovel ready.
During the Clinton administration, it was his efforts to get more minorities and poor to get their own homes. Bush may have kept the same polices and even promoted it, but it was Clinton that started the movement in the reduction of qualifications to get home loans because so many blacks didn't have down payment or proper credit history to secure a standard loan.
In RED states, because the GOPQ governors used the stimulus moner to pay down their debt rather than create jobs to make sure Obama was a one term president.
And Clinton only allowed loans to QUALIFIED minorities, but to racist scum like you, no minority is ever qualified for a loan. It was BUSH and only BUSH who changed the law giving no down payment loans to people with bad credit for more than the property was worth. It was the key feature of his 2004 campaign to steal minority voters from the Dems.
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.
The seeds of the mortgage meltdown were planted during Bill Clinton’s presidency.
Under Clinton’s Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in “credit-deprived” areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn’t comply with these rules, regulators reined in their ability to expand lending and deposits.
These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995
and zero down-payments by 2000. What’s more, in the Clinton push to issue home loans to lower income borrowers,
Fannie Mae and
Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase “subprime” became commonplace. What an understatement.
Next, the Clinton administration’s rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.
Before Hillary rewrites history, let's look at how the Clintons contributed to the Great Recession, write Larry Kudlow and Stephen Moore.
www.cnbc.com
Don't complain about the source either. It's one of your very own. The rest of the MSM did what they could to cover it up.