Listen to Bush's words, transcript provided. America is a Crime Scene. Here's the spokesman launching the Housing Fraud unleashed by Wall Street, The Mortgage Brokers Association, Goldman Sachs, and the New York Fed, all helped by the Rubber Stamp Congress under George Bush. And all still getting protections by Congress today. Congress is on of the three legged stool.
ECONOMIC WAR WAS LAUNCHED AGAINST THE PEOPLE OF THE UNITED STATES!
This statement is not an exageration.
Listen to the words (transcript below)
Here's how the GOP Rubber Stamp Criminal Congress and Wall Street launched and waged Economic War on the Citizens of the United States. THROW THIS INTO THE FACE OF THOSE WHO THINK ITS THE PEOPLES FAULT. BUSH AND CONGRESS PUSHED HOMES, like a drug dealer pushes drugs.
Listen to Bush's words, here is a transcript:
Our taxes were given to developers as down payments for homes?
$440 Billion set aside by Fannie/Freddie to buy mortgages from brokers?
Decreased payments, over time, promised to low income families?
Really? How did that work out in the end? Fraudulently inflated home values while payments doubled over time.
Bush's words, key points transcribed:
Now that we are this end of the American Nightmare, you really HAVE to listen to what he says:
We must Increase home ownership
He addresses lower income families, minorities
We will Create American Dream Down Payment Fund using taxpayer money
Lack affordable housing units (where did that plan go?)
A tax credit to developers to build low income housing (did that happen?)
Mel and Alfonso Jackson, will make closing easier
Federal government has to play an important role.
Need others. The real estate industry. The REI benefits.
Create a sustained commitment by the private sector. (Well he did that)
Expand capital to buyers, provide education. Not just a federal responsibility.
Challenged industry leaders to get after it, stay focused, to achieve the goal.
Achieve the goal of a more secure America.
Create 5.5 million new minority home owners.
America's home ownership challenge.
Increase their commitment to minority minorities $440,000,000,000 ($400 billion).
Thanks Leland and Franklin, conforms to their charters.
Freddie Mac Will purchase more loans made to minorities to
Freddie Mac will initiate 25 initiatives to eliminate home ownership barriers.
I understand that in this country there are too many people who say
"American dream?" What American dream?"
We need to make sure, for the security of this country, that the dream is alive.
Those with poor credit will get a mortgage with an interest rate that automatically goes down after a period of consistent payments.
One more time, Bush declares that
Those with poor credit will get a mortgage with an interest that auto goes down after a period of consistent payments.
Bush had the bully pulpit, and set the stage of desire for a home throughout the nation.
He certainly laid the foundation of hope for.....well, 5.5 million low income, minority families, as he stated above.
So, when you hear that the buyers were "Stupid" and should have known better, it's really important to review the history of what REALLY happened.
Setting aside the speculators and house flippers, you average Jon and Jane home buyers were hoodwinked, translated: Defrauded
And, worse, they were hoodwinked into signing mortgages for homes worth 15%-30% less than true valuation because the brokers/lenders only worked with appraisers who would play along with their inflated valuations.
2008: Freddie Mac Releases the Home Valuation Code of Conduct
And how did those new rules work out? Not so well: Appraisal Fraud continued to spiral upward.
Here's some of their victims:
FDR TOLD US THE TRUTH
Now, get out there and fight