Read this from 1999.

http://brokecode.com/~ray/NYT1999.pdf

Not sure what your point is.

Both Clinton and Bush worked to expand home ownership among lower income families. Hell, Bush even made this part of the "ownership society" plank in his early Whitehouse policy.

The exacerbating factor here was how Wall Street used mortgage backed securities to make A HELL OF A LOT OF MONEY which put the extra pressure on Fannie and Freddie to deliver incredible value to shareholders while taking on more sub-prime loans.

In other words, there was just as much - if not even a lot more - pressure to make more risky loans from the business world than both administrations.

-spence

The point is Bush has been blamed by many on here, for the current crisis. This was written before anyone even thought Bush would be President. A big reason the Obama won was the fallacy that Bush was to blame and all the policies of deregulation were Bush's.

FYI the Ownership society is a slogan for a model of society promoted by President Bush. It takes as lead values personal responsibility, economic liberty, and the owning of property. The ownership society discussed by Bush also extends to certain proposals of specific models of health care and social security.
The idea that the welfare of individuals is directly related to their ability to control their own lives and wealth, rather than relying on government transfer payments, is a longstanding one, particularly in British conservatism.

You don't agree to with this?

The point is Bush has been blamed by many on here, for the current crisis. This was written before anyone even thought Bush would be President. A big reason the Obama won was the fallacy that Bush was to blame and all the policies of deregulation were Bush's.
I'd like to know who here has ever pinned the current crisis only on Bush. I certinaly haven't...

A big reason Obama won was the terrible campaign ran by John McCain. Another big reason Obama won was because the American people think the Bush presidency was a train-wreck.

Part of the reason we do have this current mess is a lack of regulation, and the last time I checked it was the GOP who owned that idiological tenet. Hell, it's almost wrote scripture among Reaganites.

You seem to be attempting to roll everything together to invalidate the Obama presidency by refuting one facet. It's not working.

FYI the Ownership society is a slogan for a model of society promoted by President Bush. It takes as lead values personal responsibility, economic liberty, and the owning of property. The ownership society discussed by Bush also extends to certain proposals of specific models of health care and social security.
The idea that the welfare of individuals is directly related to their ability to control their own lives and wealth, rather than relying on government transfer payments, is a longstanding one, particularly in British conservatism.
Wow, you're a bit smarter than I had realized. Did you write the Wikipedia entry for "ownership society" as well?

http://en.wikipedia.org/wiki/Ownership_society

Ownership society is a slogan for a model of society promoted by former United States President George W. Bush. It takes as lead values personal responsibility, economic liberty, and the owning of property. The ownership society discussed by Bush also extends to certain proposals of specific models of health care and social security.

But let's get past that and take a look at Bush's own words on the subject...I'll bold the important parts to make reading easier.

President George W. Bush addresses the White House Conference on Increasing Minority Homeownership at The George Washington University Tuesday, Oct. 15, 2002

THE PRESIDENT: …. I appreciate your attendance to this very important conference. You see, we want everybody in America to own their own home. That's what we want. This is -- an ownership society is a compassionate society.


More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That's a homeownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future.


We've got to work to knock down the barriers that have created a homeownership gap.


I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. (Applause.) … And it's going to require a strong commitment from those of you involved in the housing industry. …


I appreciate so very much the home owners who are with us today, the Arias family, newly arrived from Peru. They live in Baltimore. Thanks to the Association of Real Estate Brokers, the help of some good folks in Baltimore, they figured out how to purchase their own home. Imagine to be coming to our country without a home, with a simple dream. And now they're on stage here at this conference being one of the new home owners in the greatest land on the face of the Earth. I appreciate the Arias family coming. (Applause.)


We've got the Horton family from Little Rock, Arkansas, here today. … They were helped by HUD, they were helped by Freddie Mac. …


Finally, Kim Berry from New York is here. She's a single mom. You're not going to believe this, but her son is 18 years old. (Laughter.) She barely looked like she was 18 to me. And being a single mom is the hardest job in America. And the idea of this fine American working hard to provide for her child, at the same time working hard to realize her dream, which is owning a home on Long Island, is really a special tribute to the character of this particular person and to the character of a lot of Americans. So we're honored to have you here, Kim, and thanks for being such a good mom and a fine American. (Applause.)


I told Mel Martinez I was serious about this initiative… And the good news is, Mel Martinez believes it and means it, as well. He's doing a fine job of running HUD, and I'm glad he has joined my Cabinet. (Applause.)


And I picked a pretty spunky deputy, as well, Alphonso Jackson -- my fellow Texan. (Applause.) I call him A.J. …


I see Rosario Marin, who's the Treasurer of the United States. Rosario used to be a mayor. Thank you for coming, Madam Mayor. (Applause.) She understands how important housing is. …


All of us here in America should believe, and I think we do, that we should be, as I mentioned, a nation of owners. Owning something is freedom, as far as I'm concerned. It's part of a free society. And ownership of a home helps bring stability to neighborhoods. You own your home in a neighborhood, you have more interest in how your neighborhood feels, looks, whether it's safe or not. It brings pride to people, it's a part of an asset-based to society. It helps people build up their own individual portfolio, provides an opportunity, if need be, for a mom or a dad to leave something to their child. It's a part of -- it's of being a -- it's a part of -- an important part of America.


Homeownership is also an important part of our economic vitality. If -- when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America; …


Low interest rates, low inflation are very important foundations for economic growth. The idea of encouraging new homeownership and the money that will be circulated as a result of people purchasing homes will mean people are more likely to find a job in America. This project not only is good for the soul of the country, it's good for the pocketbook of the country, as well.


To open up the doors of homeownership there are some barriers, and I want to talk about four that need to be overcome. First, down payments. A lot of folks can't make a down payment. They may be qualified. They may desire to buy a home, but they don't have the money to make a down payment. I think if you were to talk to a lot of families that are desirous to have a home, they would tell you that the down payment is the hurdle that they can't cross. And one way to address that is to have the federal government participate.


And so we've called upon Congress to set up what's called the American Dream Down Payment Fund, which will provide financial grants to local governments to help first-time home buyers who qualify to make the down payment on their home. If a down payment is a problem, there's a way we can address that. And when Congress funds the program, this should help 200,000 new families over the next five years become first-time home buyers.


Secondly, affordable housing is a problem in many neighborhoods, particularly inner-city neighborhoods. … I'm doing is proposing a single-family affordable housing credit to encourage the construction of single-family homes in neighborhoods where affordable housing is scarce. (Applause.)

Over the next five years the initiative will provide home builders and therefore home buyers with -- home builders with $2 billion in tax credits to bring affordable homes and therefore provide an additional supply for home buyers. …


And we've got to set priorities. And one of the key priorities is going to be inner-city America. …


Another obstacle to minority homeownership is the lack of information. You know, getting into your own home can be complicated. It can be a difficult process. I had that very same problem. (Laughter and applause.)


Every home buyer has responsibilities and rights that need to be understood clearly. And yet, when you look at some of the contracts, there's a lot of small print. And you can imagine somebody newly arrived from Peru looking at all that print, and saying, I'm not sure I can possibly understand that. Why do I want to buy a home? There's an educational process that needs to go on, not only to explain the contract, explain obligation, but also to explain financing options, to help people understand the complexities of a homeownership market, and also at the same time to protect people from unscrupulous lenders, people who would take advantage of a good-hearted soul who is trying to realize their dream.


Homeownership education is critical. And so today, I'm pleased to announce that through Mel's office, we're going to distribute $35 million in 2003 to more than 100 national, state and local organizations that promote homeownership through buyer education. (Applause.)


And, of course, one of the larger obstacles to minority homeownership is financing, is the ability to have their dream financed. Right now, we have a program that all of you are familiar with, maybe our fellow Americans are, and that's what they call a Section 8 housing program, that provides billions of dollars in vouchers to help low-income Americans with their rent. It encourages leasing. We think it's important that we use those vouchers, that federal money to help low-income Americans go from being somebody who leases to somebody who owns; that we use the Section 8 program to not only help with down payment, but to help with continuing monthly mortgage payments after they're into their new home. It is a -- it is a way to help us meet this dream of 5.5 million additional families owning their home.


I'm also going to encourage the lending industry to develop a mortgage market so that this script, these vouchers, can regularly be used as a source of payment to provide more capital to lenders, who can then help more families move from rental housing into houses of their own. …


Last June, I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what I'm talking about, I'm talking about your bankers and your brokers and developers, as well as members of faith-based community and community programs. And the response to the home owners challenge has been very strong and very gratifying. Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities.

Representatives of the real estate and homebuilding industries, through their nationwide networks or affiliates, are committed to broadening homeownership. They made the commitment to help meet the national goal we set.


Freddie Mae -- Fannie Mae and Freddie Mac -- I see the heads who are here; I want to thank you all for coming -- (laughter) -- have committed to provide more money for lenders. They've committed to help meet the shortage of capital available for minority home buyers.

Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin [Raines], I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem. It's the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin told me at the meeting where we kicked this office, he said, I promise you we will help, and he has, like many others in this room have done.


Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for homeownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for homeownership loans. …

There's all kinds of ways that we can work together to meet the goal. Corporate America has a responsibility to work to make America a compassionate place. Corporate America has responded. As an example -- only one of many examples -- the good folks at Sears and Roebuck have responded by making a five-year, $100 million commitment to making homeownership and home maintenance possible for millions of Americans. …


The non-profit groups are bringing homeownership to some of our most troubled communities. …


The other thing Kirbyjon told me, which I really appreciate, is you don't have to have a lousy home for first-time home buyers. If you put your mind to it, the first-time home buyer, the low-income home buyer can have just as nice a house as anybody else. And I know Kirbyjon. He is what I call a social entrepreneur who is using his platform as a Methodist preacher to improve the neighborhood and the community in which he lives.

And so is Luis Cortes, who represents Nueva Esperanza in Philadelphia. I went to see Luis in the inner-city Philadelphia. … But he also understood that a homeownership program is incredibly important to revitalize this neighborhood that a lot of folks had already quit on. …


Again, I want to tell you, this is an initiative -- as Mel will tell you, it's an initiative that we take very seriously. … Thank you for coming. May God bless your vision. May God bless America. (Applause.)

So here's blameless President Bush talking about home ownership. In a nutshell, if you're poor, a minority, have bad credit etc... don't worry, the Government will help you with taxpayer assistance and make it easier for corporate America to loan you money.

Bush had the watch for 8 years and during his terms (especially the second) the number of risky loans and mortgage fraud exploded.

During most of that time the GOP had complete authority over the situation.

And you want to post an article from 1999 in an attempt to blame Clinton?

I thought you were a realist.

-spence

As someone who has worked in the HUD/Affordable housing field for 30+ years I'll summarize the above "novel" by stating that the last admin. made a major push through HUD to promote homeownership as the best way to address affordable housing. This included a shift away from const. of afforable rental housing.. including promotion of the sec. 8 to homeownership program where Sec. 8 subsidies could be applied to mortgage pmts., etc. Many of the initiatives were good like 1st time buyer education, etc. but those in the field generally thought that it was promoting homeownership for many who were not "suitable" for a variety of reason. Funding levels for many good programs suffered with the change in emphasis. A good intentioned effort by Bush but somewhat shortsighted.

Thanks Spence,
I see nothing in what Bush said that I would not agree with. He did not promote preditory lending, high interest rates or over lending on house values.(which is what got us into this mess). Helping people achieve home ownership in itself is a good and noble idea.

I'm glad to see that we both google once in awhile to try to figure out which side of the fence you sit on. From what I can tell. It's: stay somewhat neutral but try to sound like you have a position. Give everyone else the benifit of the doubt, but Bush's Presidency was a trainwreck. You seem to just pass over the fact that Bush pushed for more controll and warned many times that the policies would be a failure. Why is that? You appear to be a very bright guy. Well versed in research ( see google)