Skip to main content

View Diary: George Bush, proud parent of the mortgage crisis (13 comments)

Comment Preferences

  •  Facts on the Cause (0+ / 0-)

        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.
        Franklin Raines, who was in charge of Fannie Mae, wrote Bush a letter explaining that they were going to accept Bush's Homeownership challenge.  This letter is online.  He said, "As America’s largest source of private capital for affordable housing, Fannie Mae applauds your call for "broader homeownership, especially for minorities." We accept your challenge to the private sector to join in partnership to address America’s housing needs.  * * * Fannie Mae has a unique opportunity – and we believe, responsibility – to answer
    your challenge."

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site