Quote:
Originally Posted by RIROCKHOUND
Damn liberal mindset
"Over 75 percent of white Americans own their home, and less than 50 percent of Hispanos and African Americans don't own their home. And that's a gap, that's a homeownership gap. And we've got to do something about it." —George W. Bush, Cleveland, Ohio, July 1, 2002
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The "ownership society" was a big plank in the 2000 Bush platform. I remember reading a Bush speech from then praising all the efforts of the financial institutions to provide loans to low income borrowers.
What seems to be getting lost is the issue wasn't necessarily low income housing (i.e. where liberals -- and President Bush -- might want to defend populist interests) but also people with moderate to high income who took out massive ARMs to buy into housing they simply couldn't afford. I know first hand of some friends who were making at least 250K a year and blew it because of their own recklessness...ultimately loosing their house.
As has been discussed at length in older threads, this was a massive and systemic problem largely driven by sub prime and prime loans being bundled together without adequate regulation.
Plenty of blame to go all around...
-spence