Why has "COMPROMISE" become a dirty word to Republican Conservatives?

[paulitician]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

The Republic is dying. Why compromise when you have a pen? This current President has said as much.

 

[Dad2three]

You mean I don't play nice with lying right wing scum? True!

No. I simply mean you are without any small degree of moral character. You cast a dark shadow upon your father and mother.

Don't get upset Bubba, I make all my CONservative bitches swallow after they blow me!

Yes, I do understand that your Black women refuse to marry you even after you impregnate them. They don't want to support your lazy butts either.

PLEASE keep it up Bubba, I LOVE the GOP's outreach. Can you throw in some Hispanic and Asian crap too PLEASE?

Hint I'm not only white (German ancestry) but the ONLY one in this conversation who has a brain and uses reason and logic Bubba!

Nah. You like Bill Clinton. Black to the bone.

LMAOROG, Upset you can't hang blacks openly anymore huh?

 

[Dad2three]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

The Republic is dying. Why compromise when you have a pen? This current President has said as much.

Dying huh? LOL

 

[the_human_being]

I do hope the Obamas don't trash the White House before they leave. We all know how Blacks destroy homes by breaking all the windows, knocking holes in the sheetrock, etc. The Clintons were the first Black family to occupy the White House. They stole even the silverware.

Good for you Bubba, get that Southern CONservative CONfederate States of AmeriKKKa support for the GOP, why worry about pretending you aren't anything but a KKK loving right wing moron!

I'm not a Democrat. The KKK was a Democrat organization, BUBBA.

 

[the_human_being]

No. I simply mean you are without any small degree of moral character. You cast a dark shadow upon your father and mother.

Don't get upset Bubba, I make all my CONservative bitches swallow after they blow me!

Yes, I do understand that your Black women refuse to marry you even after you impregnate them. They don't want to support your lazy butts either.

PLEASE keep it up Bubba, I LOVE the GOP's outreach. Can you throw in some Hispanic and Asian crap too PLEASE?

Hint I'm not only white (German ancestry) but the ONLY one in this conversation who has a brain and uses reason and logic Bubba!

Nah. You like Bill Clinton. Black to the bone.

LMAOROG, Upset you can't hang blacks openly anymore huh?

Again BUBBA, that was DEMOCRATS.

 

[paulitician]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

The Republic is dying. Why compromise when you have a pen? This current President has said as much.

Dying huh? LOL

Yup.

 

[IlarMeilyr]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

More of that bullshit?

Come off it.

The GOP as feckless and generally worthless as they have become are the ones who TRIED to govern. And when the petulant piece of shit Presidunce didn't get everything his way, HE and the Democrap Senate threatened to shut down the government (playing their lapdog dishonest mass media, at the time, like a fiddle, to falsely proclaim that it was the GOP who was threatening to shut down the government). It was lie upon lie perpetrated by Obumbler, Reid, the sycophantic dishonest liberal media and lapped up by you brainless maggot party-line regurgitating lib sheep.

 

[Dad2three]

So DAD2Three...

Let me understand then when Barney Frank and Dodd said the following:
Many prominent Democrats,including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)

* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)

it really confuses me.

I mean based on ALL your refutation of my firm beliefs about Bush you said he was a hero to the poor, the lower income. So why would Frank,Dodd, et.al. bash Bush?
What was the purpose of their statements? Were the just grossly uninformed about Bush's concerns for the poor? What was their reason for defending the GSEs if
Bush also was doing everything possible to help the poor subprime people buy homes?

"So why would Frank,Dodd, et.al. bash Bush?
What was the purpose of their statements? Were the just grossly uninformed about Bush's concerns for the poor? What was their reason for defending the GSEs if
Bush also was doing everything possible to help the poor subprime people buy homes?"



OH YOU MEANT THOSE OUT OF CONTEXT QUOTES RIGHT WINGERS USE WHEN THEY WERE TALKING ABOUT THE 2003-2004 ACCOUNTING SCANDALS AT F/F? LOL

BEFORE DUBYA HOSED F/F AND US?

 

[C_Clayton_Jones]

"Why has "COMPROMISE" become a dirty word to Republican Conservatives"

Because they're extremists and ideologues who adhere blindly to failed conservative dogma.

 

[IlarMeilyr]

"Why has "COMPROMISE" become a dirty word to Republican Conservatives"

Because they're extremists and ideologues who adhere blindly to failed conservative dogma.

Wrong. It's because you and your felllow failed liberal socialist ideologues misuse the word itself.

 

[Dad2three]

I do hope the Obamas don't trash the White House before they leave. We all know how Blacks destroy homes by breaking all the windows, knocking holes in the sheetrock, etc. The Clintons were the first Black family to occupy the White House. They stole even the silverware.

Good for you Bubba, get that Southern CONservative CONfederate States of AmeriKKKa support for the GOP, why worry about pretending you aren't anything but a KKK loving right wing moron!

I'm not a Democrat. The KKK was a Democrat organization, BUBBA.

KKK WAS CONservatives moron. UNLESS you "think" the SOUTHERN CONservative CONfederate States of AmeriKKKa was some huge liberal bastion?

 

[Dad2three]

So DAD2Three...

Let me understand then when Barney Frank and Dodd said the following:
Many prominent Democrats,including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)

* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)

it really confuses me.

I mean based on ALL your refutation of my firm beliefs about Bush you said he was a hero to the poor, the lower income. So why would Frank,Dodd, et.al. bash Bush?
What was the purpose of their statements? Were the just grossly uninformed about Bush's concerns for the poor? What was their reason for defending the GSEs if
Bush also was doing everything possible to help the poor subprime people buy homes?

DODDS QUOTE? LOL

You mean when Dubya wanted to privatize F/F and threatened the ONLY bill to make it out of EITHER GOP House 2001-2007 on F/F reform?


Oh right, we forget about the OUT OF CONTEXT 2003-2004 ACCOUNTING SCANDALS WHEN DEMS SAID F/F WERE OK


WHAT HAPPENED?

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”




Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Private sector loans, not Fannie or Freddie, triggered crisis


Talk radio and the blogosphere are pushing the idea that the stock market meltdown and the freeze on credit was triggered by finance giants Fannie Mae's and Freddie Mac's lending money to poor and minority Americans. But federal housing data reveal that that charge isn't true. Instead, it was the private sector that was behind the soaring subprime lending at the core of the crisis.


Private sector loans, not Fannie or Freddie, triggered crisis



Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (2004)
Lowering Investment banks capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004)
Giving away 40,000 free down payments PER YEAR (2004-2007)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (2003)


But the biggest policy was regulators not enforcing lending standards.




FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

GSE Critics Ignore Loan Performance


There is no data anywhere to cast doubt on the vastly superior loan performance of the GSEs (FANNIE/FREDDIE) . Year after year, decade after decade, before, during and after the housing crash, GSE loan performance has consistently been two-to-six times better than that of any other segment of the market. The numbers are irrefutable, and they show that the entire case against GSE underwriting standards, and their role in the financial crisis, is based on social stereotyping, smoke and mirrors, and little else.

Consider Fannie Mae's historical loan performance, reported each year by the Federal Housing Finance Agency in its Annual Report to Congress. Over a span of 37 years, from 1971 through 2007, Fannie's average annual loss rate on its mortgage book was about four basis points. Losses were disproportionately worse during the crisis years, 2008 through 2011, when Fannie's average annual loss rate was 52 basis points. Freddie Mac's results are comparable.

By way of contrast, during the 1991–2007 period, commercial banks' average annual loss rate on single family mortgages was about 15 basis points. During the 2008-2011 period, annual losses were 184 basis points.

Or check out the FHFA study that compares, on an apples-to-apples basis, GSEs loan originations with those for private label securitizations. The study segments loans four ways, by ARMs-versus-fixed-rate, as well as by vintage, by FICO score and by loan-to-value ratio. In almost every one of 1800 different comparisons covering years 2001 through 2008, GSE loan performance was exponentially better. On average, GSE fixed-rate loans performed four times better, and GSE ARMs performed five times better.

Mortgage analyst Laurie Goodman estimated that private label securitizations issued during 2005-2007 incurred a loss rate of 24%, whereas the GSE loss rate for 2005-2007 vintage loans was closer to 4%.

And yet, large numbers of people remain convinced that Fannie and Freddie's underwriting standards caused the mortgage crisis. Why is that? The only plausible answer is that people are besotted by social stereotypes. Words like "government" and "affordable housing goals" make them jump to the unsupported conclusion that underwriting standards were compromised.


http://www.americanbanker.com/bankthink/gse-critics-ignore-loan-performance-1059187-1.html

YEP, DUBYA HOSED F/F HOWEVER AS REGULATOR

 

[C_Clayton_Jones]

I do hope the Obamas don't trash the White House before they leave. We all know how Blacks destroy homes by breaking all the windows, knocking holes in the sheetrock, etc. The Clintons were the first Black family to occupy the White House. They stole even the silverware.

Good for you Bubba, get that Southern CONservative CONfederate States of AmeriKKKa support for the GOP, why worry about pretending you aren't anything but a KKK loving right wing moron!

I'm not a Democrat. The KKK was a Democrat organization, BUBBA.

Another ridiculous lie from the right.

 

[Dad2three]

When the libs distort the meaning of the word "compromise" itself, of course the word "compromise" takes on a dirty hue.

The true meaning of "compromise" is all well and good and not the subject of any complaint.

But negotiating with liberal socialist Democrat Parody political hacks in Congress and the White House often involves "compromise" which is NOT true compromise. It is merely a slow-cook version of capitulation. Boehner was very good at 'comrpomising' with the likes of Obumbler and Senate Democrap leadershit.

Right, Carter/Clinton had 20% of GDP in revenues Ronnie gutted it to 17% AS he tripled debt, gut taxes on the rich AND increased it on the average working man. Dubya said Ronnie was weak, HE gutted revenues from 20% to less than 15% of GDP WHILE blowing up spending to 25% of GDP. Yet the GOP says no to increasing revenues? lol

 

[Dad2three]

Don't get upset Bubba, I make all my CONservative bitches swallow after they blow me!

Yes, I do understand that your Black women refuse to marry you even after you impregnate them. They don't want to support your lazy butts either.

PLEASE keep it up Bubba, I LOVE the GOP's outreach. Can you throw in some Hispanic and Asian crap too PLEASE?

Hint I'm not only white (German ancestry) but the ONLY one in this conversation who has a brain and uses reason and logic Bubba!

Nah. You like Bill Clinton. Black to the bone.

LMAOROG, Upset you can't hang blacks openly anymore huh?

Again BUBBA, that was DEMOCRATS.

Nope Bubba it was CONservatives from the Southern CONservative CONfederate States of AmeriKKKa

 

[Dad2three]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

The Republic is dying. Why compromise when you have a pen? This current President has said as much.

Dying huh? LOL

Yup.

Don't worry, those unicorns the TeaTards worship will save US!

 

[Dad2three]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

More of that bullshit?

Come off it.

The GOP as feckless and generally worthless as they have become are the ones who TRIED to govern. And when the petulant piece of shit Presidunce didn't get everything his way, HE and the Democrap Senate threatened to shut down the government (playing their lapdog dishonest mass media, at the time, like a fiddle, to falsely proclaim that it was the GOP who was threatening to shut down the government). It was lie upon lie perpetrated by Obumbler, Reid, the sycophantic dishonest liberal media and lapped up by you brainless maggot party-line regurgitating lib sheep.

Do yourself a favor Bubba, get off hate talk radio, Faux Entertainment and the right wing echo chamber and attempt to save the few brain cells you have left OK?

 

[paulitician]

Executive Orders are making compromise a useless unnecessary endeavor. This current President has expressed that often. It's all about the pen now.

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

The Republic is dying. Why compromise when you have a pen? This current President has said as much.

Dying huh? LOL

Yup.

Don't worry, those unicorns the TeaTards worship will save US!

This current President didn't want or seek compromise. He often boasted about 'having a pen.' He's done quite a bit of damage to our Republic. Not sure it can be repaired.

 

[Dad2three]

Perhaps the GOP should try to GOVERN instead of blowing up Gov't like the TeaTards want?

The Republic is dying. Why compromise when you have a pen? This current President has said as much.

Dying huh? LOL

Yup.

Don't worry, those unicorns the TeaTards worship will save US!

This current President didn't want or seek compromise. He often boasted about 'having a pen.' He's done quite a bit of damage to our Republic. Not sure it can be repaired.

Oh right, I forgot right wing echo chamber says it's so *shaking head*

67 STRAIGHT MONTHS OF PRIVATE SECTOR JOB GROWTH, A US RECORD, CUT THE LAST DUBYA DEFICIT BY 2/3RDS, SAVED THE AUTO COMPS/BANKS AND US FROM A SECOND GOP GREAT DEPRESSION. But he's a failure AS the GOP worked from day one to undermine him AND his policies?

 

[Dad2three]

So DAD2Three...

Let me understand then when Barney Frank and Dodd said the following:
Many prominent Democrats,including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)

* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)

it really confuses me.

I mean based on ALL your refutation of my firm beliefs about Bush you said he was a hero to the poor, the lower income. So why would Frank,Dodd, et.al. bash Bush?
What was the purpose of their statements? Were the just grossly uninformed about Bush's concerns for the poor? What was their reason for defending the GSEs if
Bush also was doing everything possible to help the poor subprime people buy homes?

YEP, DUBYA HOSED F/F HOWEVER AS REGULATOR

Through the Republican Congress in 2003 and the Bush Administration's work through HUD and the FHA, the Bush Administration forced Fannie Mae and Freddie Mac to, for the first time, make available riskier loan products to minority and low income buyers.

The Federal Housing Administration Mortgage Program.In 2002, the President issued America’s Homeownership Challenge to increase first-time minority homeowners by 5.5 million through 2010. The Federal Housing Administration (FHA) mortgage program is an important tool for reaching that goal. In 2006, 31 percent of those using FHA mortgages were minorities purchasing their first home. The 2008 Budget continues Administration efforts to modernize FHA by improving its ability to reach traditionally underserved homebuyers (aka those who do not normally qualify for loans), such as low- and moderate-income families, individuals with blemished credit, and families who have little savings for a down payment.

(From Bush Administration’s White House Press Release entitled, "Focusing on the Nation’s Priorities – Meeting America’s Housing Needs").

The Bush Administration through HUD, also required Fannie and Fredde to give a higher percentage of their loans to loan-income and minorities that otherwise would not qualify for the loans.




DUBYA:

That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.

And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.

(From White House Speech archives – "President calls for Expanding Opportunities to Homeowners" at St. Paul AME Church in Atlanta, Georgia).



Then, the following press release was sent out:

Fannie Mae Chairman and CEO, Franklin D. Raines today joined President Bush and U.S. Department of Housing and Urban Development (HUD) Secretary Mel Martinez, and other industry leaders and non-profit organizations, for a housing summit to promote the Administration's proposal to expand minority homeownership.
* * *
Fannie Mae's ten-point plan to help advance the Bush Administration's homeownership proposals was included in the Blueprint for the American Dream document released by HUD today.

The Blueprint for the American Dream that we unveiled today is the response to the `homeownership challenge' President Bush issued in June to increase minority homeownership," said HUD Secretary Mel Martinez. "Our partners, representing every segment of the affordable housing industry, are committed to working together to achieve the President's goal of adding 5.5 million new minority homeowners by the end of the decade."

In his February State of the Union address President Bush called for "broader homeownership, especially among minorities."


In June, President Bush challenged both the public and private sector to be a partner in his crusade to create 5.5 million new minority homeowners by the end of the decade.

Fannie Mae responded by committing $700 billion in home financing to 4.6 million minority households through 2009. This increases by 66 percent the specific pledge Fannie Mae made in 2000 to minority families through it's American Dream Commitment plan to provide $420 billion for three million minority families.

(quotes from Fannie Mae and Freddie Mac in Business Wire "President Bush’s Nationwide Effort to Increase Minority Homeownership" – October 15, 2002).


The Administration and Republican Congress also passed the "American Dream Downpayment Act of 2003 to allow low income and minorities with blemished credit and no ability to come up with a downpayment to have the government cover their downpayment and closing costs. The Act gave 161.5 million dollars in taxpayer money to cover the downpayment and closing costs of minorities and low income individuals that would not be able to afford a downpayment and/or had "blemished credit."



On December 16, 2003, President Bush signed into law the American Dream Downpayment Act of 2003, which will help approximately 40,000 families a year with their down payment and closing costs, and further strengthen America’s housing market. This legislation complements the President’s aggressive housing agenda announced in 2002 to dismantle the barriers to homeownership.

(From White House Press Release "American Dream Downpayment Act of 2003 – Expanding Homeownership Opportunities for All).

Bush also pushed and passed a "Zero-down Payment" initiative.

BUSH ADMINISTRATION ANNOUNCES NEW HUD "ZERO DOWN PAYMENT" MORTGAGE Initiative Aimed at Removing Major Barrier to Homeownership

LAS VEGAS - As part of President Bush's ongoing effort to help American families achieve the dream of homeownership, Federal Housing Commissioner John C. Weicher today announced that HUD is proposing to offer a "zero down payment" mortgage, the most significant initiative by the Federal Housing Administration in over a decade. This action would help remove the greatest barrier facing first-time homebuyers - the lack of funds for a down payment on a mortgage.
Speaking at the National Association of Home Builders' annual convention, Commissioner Weicher indicated that the proposal, part of HUD's Fiscal Year 2005 budget request, would eliminate the statutory requirement of a minimum three percent down payment for FHA-insured single-family mortgages for first-time homebuyers.

"Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal."

Preliminary projections indicate that the new FHA mortgage product would generate about 150,000 homebuyers in the first year alone.
"This initiative would not only address a major hurdle to homeownership and allow many renters to afford their own home, it would help these families build wealth and become true stakeholders in their communities," said Commissioner Weicher. "In addition, it would help spur the production of new housing in this country."

The Administration, through HUD, further forced Fannie Mae and Freddie Mac to offer riskier 3, 5, and 7 year arm loan products to low income and minorities.

BUSH ADMINISTRATION ANNOUNCES NEW ADJUSTABLE-RATE MORTGAGE PRODUCTS TO ENHANCE HOMEBUYING OPPORTUNITIES

40,000 More Families (A YEAR) Expected To Benefit From New Offerings


WASHINGTON – The Department of Housing and Urban Development is proposing to enhance homebuying opportunities by expanding its offerings of adjustable-rate mortgage (ARM) products on FHA-insured mortgages. Potential homebuyers would be able to choose mortgages with periods of three, five, seven or ten years, depending on their needs, during which time the interest rate would be fixed. "By offering additional types of FHA-insured ARMs tailored to the financial conditions and desires of the borrowers, we are creating more homeownership opportunities," said HUD Secretary Mel Martinez today in a speech to America’s Community Bankers. "We estimate that as many as 40,000 families a year will choose these new adjustable-rate mortgages as their way of financing their home purchase."

(HUD Press Release).

Bush and the Republican Congress forced Fannie Mae and Freddie Mac to make zero-down loans and adjustable rate 3, 5, and 7 year arms to the riskiest buyers. Fannie Mae and Freddie Mac were forced to effectively finance 103 percent of the mortgage (including closing costs).


EVEN WITH HOW DUBYA HOSED F/F


Private sector loans, not Fannie or Freddie, triggered crisis
FACTS on Dubya's great recession | US Message Board - Political Discussion Forum