Originally Posted by Conservative
Wait for it ....
Wait for it ............
Bush Minority Homeownership Plan Rests Heavily on Fannie and Freddie
When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund.
But none of the new federal programs--if passed by Congress--will come even close to achieving the 5.5 million-household increase in minority homeownership the President set as his target.
Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac.
Fannie's and Freddie's commitments are the bedrock core of the President's ambitious plans
--but didn't get the headlines. Fannie Mae agreed to increase its already substantial lending efforts to minority families by targeting another $260 billion of mortgage purchases to them during the next nine years. Freddie Mac agreed to buy an additional $180 billion in minority-household home loans during the same period.
And you just said, "the fault lies with individuals, agencies including Freddie and Fannie"
How the hell do you defend Bush after that??