I always get a good laugh at how the left always lays the blame for the recession on GWBush and give 44 all the credit for ending it. Seems they tend to forget that the left felt that everyone should be able to own a house so they changed the requirements for loans of Freddie Mac and Fannie Mae. People bought houses with little down.
I always get a good laugh at how the Right always accuse Obama of doing what Bush did. It was BUSH who gave no downpayment loans to people with BAD credit for more than the property was worth.
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.