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Surely you have noticed how the Republicans use words to cover their own actions and blame Democrats.  This is the case with the Housing Crime.  Here's an example of their words:

Minorities were targeted by the Democratic Community Reinvestment Act and tricked into getting Subprime Loans with teaser rates, and he noted that 90% of the Subprime Loans that are in trouble went to minorities

Wait a minute!  In his 2002 Homeowner speech, George W Bush, in his own words, laid out the Republican plans to target minorities to buy homes. The Republicans controlled both Houses from 2001 - 2007! Bush, Delay, Lott, and Frist .  Listen and read the following.  

You can read the entire speech here.

And listen to snippets of the speech in this video

However, below I have pulled out snippets of Bush's speech that

CLEARLY STATE THAT MINORITIES WERE TO BE TARGETED FOR THE "HOUSING BOOM".

Sorry to yell, but the media is so loathe to report facts that some days it's difficult to suppress yelling.

Could it be any more obvious?  

MINORITIES WERE TARGETED BY BUSH AND HIS REPUBLICAN CONTROLLED CONGRESS!

Read these snippets from Bush's speech:

Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does.

That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.

..... Fannie Mae and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.)  

....they will purchase more loans made by banks to African Americans, Hispanics and other minorities

Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations.  I love the partnership

The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families.

First, the single greatest barrier to first time homeownership is a high downpayment. It is really hard for many, many, low income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund.   This will use money, taxpayers' money to help a qualified, low income buyer make a downpayment.

..will help 40,000 families every year realize the dream of owning a home

And so what I've done is propose what we call a Single Family Affordable Housing Tax Credit, to encourage the development of affordable housing in neighborhoods where housing is scarce. (Applause.) Over five years, the initiative amounts to $2.4 billion in tax credits.

And so, therefore, education is a critical component of increasing ownership throughout America. Financial education, housing counseling, how to help people understand that there are unscrupulous lenders. And so one of the things we're going to do is we're going to promote education, the education of owning a home, the education of buying a home throughout our society.

And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment... (Question:  Did states use Section 8 funds to pay mortgages?  Section 8 subsidies usually goes to landlords.)

Many of the partners today, many of the people here today, many of the business leaders here today are creating a market for the mortgages where Section 8 vouchers are a source of the payment. And that's good -- see, it's an underpinning of capital. It helps move capital to where we want capital to go.

In addition Bush outlines the GOP programs to be launched and used:
So these are some of the beginnings of a national effort

Fannie Mae will establish 100 partnerships with faith-based organizations

The Enterprise Foundation and the local initiative support corporation will increase efforts

The National Association of Home Builders will team up ...

The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families.

The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities

We're beginning to use the Internet better (MERS?, my addition)

The National Realtors Association will create a central data bank of affordable housing programs,

And so this fall, we're going to have a White House conference. It is a White House conference specifically designed to address the homeownership gap.

George W Bush said that home ownership is good for the country and that the Federal government must help.
And we'd better make sure, for the good of the country, that the American Dream is vibrant and alive.

It means we use the mighty muscle of the federal government in combination with state and local governments to encourage owning your own home.

Sadly, Bush also simultaneously defunded the White Collar Crime Division of the FBI at the same time.  
From 2001 to 2007, the F.B.I. sought an increase of more than 1,100 agents for criminal investigations apart from national security.

Instead, it suffered a decrease of 132 agents, according to internal F.B.I. figures obtained by The New York Times.

During these years, the bureau asked for an increase of $800 million, but received only $50 million more.

In the 2007 budget cycle, the F.B.I. obtained money for a total of one new agent for criminal investigations.

So, NOW WE CAN UNDERSTAND THIS STATEMENT FROM FREDDIE MAC
But Fannie and Freddie, which said they would review the increased incentives, have long declined to allow debt reduction on the loans it holds or guarantees, saying that it would create unnecessary losses for taxpayers. The companies, which are financed by taxpayers, have also maintained barriers to refinancing, like risk-based fees for homeowners, even as mortgage interest rates have dropped below 4 percent.
From Bush's speech, it looks like the taxpayers have paid over and over again:

1.  Our tax dollars were used to fund The American Dream Down Payment program.
2.  Our tax dollars were used to bail out the financial institutions.
3.  Our tax dollars fund HUD and a host of other programs.

So, I have an idea.  Let Fannie Mae and Freddie Mac EAT the losses and save homeowners.  It's how capitalism works, right Rand?

Bush Speech:  I want to thank Franklin Raines, of Fannie Mae and Leland Brendsel of Freddie Mac. As you will see, both left in disgrace.

And were replaced by what look like might become the next Fannie, Freddie Criminals:

SEC charges former execs of Fannie, Freddie

Geneology of Fannie Mae since 2000:

1999-2004 - Franklin Raines retires under duress.

2004 - Daniel Mudd replaced Franklin Raines and is being sued by the SEC for fraud.

2008 - Herbert Allison

2009 - Michael Williams

Geneology of Freddie Mac CEOs since 2000

1987 - 2003 - Leland Brendsel agreed to a $16.4 million settlement...accounting scandal.

Richard Syron replaced Leland Brendsel at Freddie Mac and is being sued by the SEC for fraud.

2008 - David Moffet

2009 - Charles Halderman

WHERE ARE THEY NOW?  HOUSING CRIME PAID OFF WELL:

In thE Housing Launch video above and to reiterate, President Bush mentions "his friends", Franklin Raines, Leland Brendsel, Alfonso Jackson, and Mel Martinez at Fannie and Freddie made my new town possible.  They committed to 5.5 million new homeowners, providing $440,000,000,000 Billion.  BushCo provided tax credits to "encourage development."

In 2012, Alphonso Jackson became Vice-Chairman of Mortgage Banking with JPMorgan Chase (NYSE:JPM) in New York City.

Mel Martinez is now Chairman of Chase Bank Florida and its operations in Mexico, Central America and the Caribbean.

Franklin Raines, replaced by Daniel Mudd.

Mudd is now a Director at Fortress Investment Group.[2] Forbes ranked Mudd 182nd in executive pay in 2005, 323rd in 2006, 337th in 2007, and 202nd in 2008.[11]

So, the next time you hear someone blame the HOME BUYERS, please have them read this diary or, at the very least, listen to the 6 minute Bush speech.

For those who want the whole story, what I call the The 10 Step: Choreography of the Housing Crisis, Collusion by All,  click to read.

So, with the latest developments with some VERY RICH POWERFUL MEN being in the cross hairs over, essentially minority lending, can we HOPE AND DREAM they will all start singing?  Will they share by whom and how the housing crisis choreography was designed, just in case I missed a step or two?

Popcorn Guy

____________________

JUST IN CASE THE SPEECH DISAPPEARS FROM THE INTERNET, HERE'S THE ENTIRE SPEECH FROM THE WHITE HOUSE

http://georgewbush-whitehouse.archives.gov/...

For Immediate Release
Office of the Press Secretary
June 17, 2002

President Calls for Expanding Opportunities to Home Ownership
Remarks by the President on Homeownership
St. Paul AME Church
Atlanta, Georgia

  Video (Real)
  Audio
      Policy in Focus: Home-Ownership
11:10 A.M. EDT

THE PRESIDENT: Thank you all very much for that wonderful Atlanta welcome. It's nice to be back in this incredibly important community.

You know, our nation faces a lot of huge challenges. Right now, we've got 60,000 troops fighting terrorism so that we can be free, all of us can be free. I appreciate so very much the resolve and unity and determination of this great land. I appreciate our military for their sacrifices. We're also doing everything we can to secure the homeland, to make sure that those who hate us won't take innocent life again.

And as we work for a more secure world, we've got to work for a better world, too. (Applause.) And that means as we work on our security from possible attacks by terrorists, we also work on economic security. The two securities go hand in hand. Anybody who wants a job who can't find one means we've got a problem. In Washington, they talk statistics all the time, and that's important -- people who count numbers need to make a living, too. (Laughter and applause.)

But my attitude is, if somebody can't find work and they want to work, we've got to continue to work on expanding the job base. And part of economic security is owning your own home. (Applause.) Part of being a secure America is to encourage homeownership. So somebody can say, this is my home, welcome to my home.

Now, we've got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. (Applause.) And we've got to focus the attention on this nation to address this.

And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we've got to set a big goal for America, and focus our attention and resources on that goal. (Applause.)

And I picked a good man to help realize that goal, in Mel Martinez. I don't know if you know Mel's story, but -- (applause) -- it's an interesting story. Mel was born in Cuba. (Applause.) Yes. Mel brought his cousins with him. (Laughter.) All two of them, anyway. (Laughter and applause.)

But Mel's mother and daddy -- Mel's mother and dad put him on an airplane to come to America when he was a young boy, because they didn't want his son growing up in a country that wasn't free. Think about that, think about the courage of a mom or a dad, and their love for freedom -- love freedom so much, they had put their child in the hands of loving Americans, and mom and dad eventually came. And here he now sits, as a member of the President's Cabinet. What a great country we have. (Applause.)

My point is, Mel understands what it means to dream, and then to work to realize the dreams. I've also picked a fine friend of mine from Texas, named Alphonso Jackson, to serve as the Deputy of HUD. And where are you, Alphonso? There he is; I appreciate you. (Applause.) These are can-do people. So when we set a goal, they understand their job is to work toward that goal.

I also want to thank the Mayor of Atlanta, Georgia, Shirley Franklin, thank you for coming Madam Mayor. (Applause.) Much of the success of this program is going to depend -- depends upon the ability for the federal government to work with state and local governments. And I know the Mayor has got a strong commitment to housing for all people, and to end the ownership gap. Madam Mayor, thanks for coming.

I appreciate as well Johnny Isakson and John Linder, members of the Georgia congressional delegation for coming today. Thank you all for being here. (Applause.) I want to thank Franklin Raines, of Fannie Mae and Leland Brendsel of Freddie Mac. Thank you all for coming. (Applause.)

Today I had the pleasure of seeing an entrepreneur's work first-hand. An Atlanta citizen who also dreamt a dream, and that is to develop a piece of blighted property, so others could benefit from her vision and hard work. Masharn Wilson is here. (Applause.) She is a President and CEO -- Masharn is the President and CEO of her own company. Part of the economic security is not only owning a home, part of it is if you have the entrepreneurial instincts is to own your own business, as well. (Applause.) So I want to appreciate you, Masharn. I appreciate your hard work.

And one other person I want to announce is a fellow named Darryl Hicks. Where are you, Darryl?

MR. HICKS: Right here.

THE PRESIDENT: There you are. Darryl Hicks is here. I want to -- Darryl is -- one of the things I remind our fellow citizens, if you're interested in defeating evil, do some good. You see, we're going to fight with our military, but we can also fight with our hearts. And a country which has been under attack can respond by loving your neighbor like you'd like to be loved yourself.

And this man right here is a fellow -- Darryl Hicks -- who works for Habitat for Humanity programs. He's interested in lending his heart and his talents to helping a neighbor in need. America can be changed one heart, one soul, one conscience at a time, so long as we are willing to love a neighbor like we'd like to be loved ourselves. (Applause.)

I want to thank you, Darryl. I want to thank Darryl for being a soldier in the army of compassion. And I also want to thank Reverend Dr. Thomas Bess for opening up this beautiful church. You know, one of my passions is the faith-based initiative. It is important that Congress not fear faith-based programs, but welcome faith-based programs, so we can help change people's lives. (Applause.)

I find it most interesting that we would be talking about how we help people in a church. After all, that's why churches exist.

AUDIENCE: Mm-hmm.

THE PRESIDENT: And so I am -- I want to thank the church staff for opening up this beautiful facility to the army which follows me around. (Laughter.)

I do believe in the American Dream. I believe there is such a thing as the American Dream. And I believe those of us who have been given positions of responsibility must do everything we can to spotlight the dream and to make sure the dream shines in all neighborhoods, all throughout our country. Owning a home is a part of that dream, it just is. Right here in America if you own your own home, you're realizing the American Dream.

You know, today I went to the -- to some of the home -- met some of the homeowners in this newly built homes and all you've got to do is shake their hand and listen to their stories and watch the pride that they exhibit when they show you the kitchen and the stairs -- so people like Ken Beatty, who is an environmentalist; or Al Smith, a probation officer; or Geary Jefferson a data base administrator; or Darrin West, an Atlanta police officer, Tamika Henry -- Tomika Henry Cole.

These are all people that I've met; they've come over here today. They showed me their home. They didn't show me somebody else's home, they showed me their home. And they are so proud to own their home and I want to thank them for their hospitality, because it helps the American people really understand what it means.

And what we've got to do is to figure out how to make sure these stories are repeated over and over and over again in America. Three-quarters of white America owns their homes. Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does. (Applause.)

And so here are some of the ways to address the issue. First, the single greatest barrier to first time homeownership is a high downpayment. It is really hard for many, many, low income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers' money to help a qualified, low income buyer make a downpayment. And that's important.

One of the barriers to homeownership is the inability to make a downpayment. And if one of the goals is to increase homeownership, it makes sense to help people pay that downpayment. We believe that the amount of money in our budget, fully approved by Congress, will help 40,000 families every year realize the dream of owning a home. (Applause.) Part of the success of Park Place is that the city of Atlanta already does this. And we want to make the plan more robust. We want to make it more full all across America.

Secondly, there is a lack of affordable housing in certain neighborhoods. Too many neighborhoods, especially in inner city America, lack affordable housing units. How can you promote homeownership if people can't afford a home?

And so what I've done is propose what we call a Single Family Affordable Housing Tax Credit, to encourage the development of affordable housing in neighborhoods where housing is scarce. (Applause.) Over five years, the initiative amounts to $2.4 billion in tax credits. And that will help. It will help a lot to build homes where people can -- where when fully implemented, people will be able to say, I own my home.

A third major barrier is the complexity and difficulty of the home buying process. There's a lot of fine print on these forms. And it bothers people, it makes them nervous. And so therefore, what Mel has agreed to do, and Alphonso Jackson has agreed to do is to streamline the process, make the rules simpler, so everybody understands what they are -- makes the closing much less complicated.

We certainly don't want there to be a fine print preventing people from owning their home. We can change the print, and we've got to. We've got to be wise about how we deal with the closing documents and all the regulations, but also wise about how we help people understand what it means to own their home and the obligations and the opportunities.

And so, therefore, education is a critical component of increasing ownership throughout America. Financial education, housing counseling, how to help people understand that there are unscrupulous lenders. And so one of the things we're going to do is we're going to promote education, the education of owning a home, the education of buying a home throughout our society. And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment.

Many of the partners today, many of the people here today, many of the business leaders here today are creating a market for the mortgages where Section 8 vouchers are a source of the payment. And that's good -- see, it's an underpinning of capital. It helps move capital to where we want capital to go.

And so these are important initiatives that we can do at the federal government. And the federal government, obviously, has to play an important role, and we will. We will. I mean, when I lay out a goal, I mean it. But we also have got to bring others into the process, most particularly the real estate industry. After all, the real estate industry benefits when people are encouraged to buy homes. It's in their self interest that we encourage people to buy homes. (Applause.)

And so one of the things that I'm going to talk about a little bit today is how to create a sustained commitment by the private sector that will have a powerful impact. First of all, we want to make sure that we help work to expand capital available to buyers, and as I mentioned, overcome the barriers that I've delineated, as well as provide the education component. In other words, this is not just a federal responsibility.

That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.

And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.

This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)

Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)

The Enterprise Foundation and the local initiative support corporation will increase efforts to build and rehabilitate more homes in inner cities at affordable prices by working with local community development corporations.

In my home state of Texas, Enterprise helped turn the once decaying ideal neighborhood of Dallas into a vibrant community, by building homes that were sold to residents at affordable prices. The National Association of Home Builders will team up with local officials, home builder associations and community groups in 20 of our nation's largest housing markets, to focus on how to eliminate barriers, and encourage homeownership.

The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities. We're beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what's available, what's possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people.

So these are some of the beginnings of a national effort. And I want to thank all those who are responsible for the organizations I just named for lending your talents to this important effort for America. You know, one of the things Presidents can do, is they can call the old conference. So I'm going to call one -- (laughter) -- just to make sure people understand, not only are we serious, but to let them check in. If they've signed up and said they're going to help, this will give everybody a chance to say, here's what I've done to help. It's what we call accountability. (Applause.)

And so this fall, we're going to have a White House conference. It is a White House conference specifically designed to address the homeownership gap. It is a White House conference that will not only say, what have you done to date, have you got any new ideas that we can share with others as well. I'm serious about this. This is a very important initiative for all of America. See, it is a chance for us to empower people. We're not going to talk about empowering government, we're talking about empowering people, so they have got choices over their lives. (Applause.)

I want to go back to where I started. I believe out of the evil done to America will come incredible good. I believe that as sure as I'm standing here. I believe we can achieve peace. I believe that we can address hopelessness and despair where hopelessness and despair exist. And listen, I understand that in this great country, there are too many people who say, this American Dream, what does that mean; my eyes are shut to the American Dream, I don't see the dream. And we'd better make sure, for the good of the country, that the dream is vibrant and alive.

It starts with having great education systems for every single child. (Applause.) It means that we unleash the faith-based programs to help change people's hearts, which will help change their lives. (Applause.) It means we use the mighty muscle of the federal government in combination with state and local governments to encourage owning your own home. That's what that means. And it means -- it means that each of us, each of us, have a responsibility in the great country to put something greater than ourselves -- to promote something greater than ourselves.

And to me, that something greater than yourself is to love a neighbor like you'd like to be loved yourself. In order to change America and to make sure the great American Dream shines in every community, every community, we must unleash the compassion and kindness of the greatest nation on the face of the earth.

I'm honored to be here today. I want to thank you for your interest. God bless you all, and God bless America. (Applause.)

END 11:34 P.M. EDT

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