Why did Bush ask/order fannie mae to make 440 BILLION in subprime home loans to minorities in 2002?
Why did Bush ask/order fannie mae to make 440 BILLION in home loans to minorities in 2002?
Here is the offical press release from the bush white house.
Bush appoints the management of freddie mac and fannie mae and “asked” his appointees to make 440 BILLION in loans to poor minorities. He also asked for 2.4 billion in tax credits (corporate welfare) for homebuilders who build low income housing. And he asked for 200 million per year to pay the mortgage closing costs. (If the president appoints you to your job and asks you to do something, that is pretty much an order if you want to keep your job)
This is what Bush’s press release states:
“Today, President Bush announced a new goal to help increase the number of minority homeowners by at least 5.5 million before the end of the decade. The President’s aggressive housing agenda will help dismantle the barriers to homeownership by providing down payment assistance, increasing the supply of affordable homes, increasing support for self-help homeownership programs, and simplifying the home buying process & increasing education.
The President is issuing “America’s Homeownership Challenge” to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by 5.5 million families by the end of the decade. Many organizations have already responded to the President’s challenge by committing to:
“Substantially increase by at least $ 440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market”
The President wants to dramatically increase the supply of homes available to low and moderate income families. The President has proposed the Single-Family Affordable Housing Tax Credit, which will provide approximately $ 2.4 billion to encourage the production of 200,000 affordable homes for sale to low and moderate income families.”
Did you know that bush’s top donors were subprime mortgage lenders, real estate developers, and his finance chairman is one of the biggest homebuilders in america…his name is dwight scharr and he lives in a 70 million mansion in palm beach.
Did you know that Bush’s cousin, Herbert Walker, was vice president of the Goldman Sachs department that placed TRILLIONS in bets that these people would not repay their loans.
Coincidence? No. Crime of the centruy. Yes.