Of course, lets completely ignore the FACT that under Bush and Republican Congress the unemployment rate was under 5%.
As soon as Dems took control of Congress it shot up through the roof.
Lets just ignore the facts so we can blame booooosh!!!
So tell me exactly what law did the Dems pass over the record number of GOP filibusters and Bush's veto pen that caused the immediate loss of jobs starting Jan 2007??????
Bush's job creating tax cuts were not repealed, in fact they are STILL in effect, so how could there be unemployment?????
The GOP owns the economic failure but will not admit their responsibility for it!
So again, tell me the specific law the Dems passed that could cause UE to rise as soon as they took control of Congress!!!!!
Why don't you provide us with the specific law passed by Bush and the Republicans that lead to the economic disaster?
Why do you libs believe that government is the sole cause of problems in the economy? As
I already stated before the main cause of this current issue was the housing bubble that burst. Individual citizens buying houses for far more than they were actually worth is what caused it, add to that the banks being forced by law to give loans to low income people who would otherwise never get such a loan. Laws of course propelled by a liberal agenda (and yes there were liberals in the Republican party). Then on top of all that these subprime mortgages were being bundled up and sold on wall street and the buyers didn't care to look at the actual risk of the mortgages they were buying.
First of all, I knew you wouldn't be able to give the law the Dems passed to kill the economy the day they took control of Congress because there is no such law.
And here is the very law that did what you admit killed the economy!
Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) is what changed the rules to allow no downpayment loans to people with bad credit who could never make payments, for more than the house was worth, and who were at least 20% below the standard of living for the neighborhood they were buying into.
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.
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