Is President Bush’s “Record of Achievement – Expanding Home Ownership” starting to look a little silly?

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“This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country.”

– President George W. Bush, December 16, 2003

The Accomplishments

Increasing Homeownership

* The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.
* The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership – including pledges to provide more than $ 1.1 trillion in mortgage purchases for minority homebuyers this decade.
* President Bush signed the $ 200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
* The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.
* President Bush proposed a new Single Family Affordable Housing Tax Credit to increase the supply of affordable homes.
* The President has proposed to more than double funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities.
* The President proposed $ 2.7 billion in USDA home loan guarantees to support rural homeownership and $ 1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America.

(((ajr2012))): It’s still on their website… along with 16 other chapters of similar “Achievements”.
Last updated “2006-02-15”

I bought a condo at the height of the market, got approved for a loan that I shouldn’t have got, now am scraping by every month trying to pay my mortgage and unsecured debt. I went to talk to a lawyer who I thought was going to give me advice on my property and my bills but it was just a bankruptcy lawyer. About a year ago I used a non-profit organization to consolidate all my credit card debt to try to pay them back. I’m more concerned about my mortgage (I can rent a house with a pool for less!) as I am falling behind again and I just did a remodification 3 months ago! Is there someone(real estate lawyer, financial advisor) who will look at my entire debt to income situation and advise me in a particular direction? Thanks for all your help.

  1. Reply
    Duchess X
    February 13, 2011 at 6:46 am

    Yup….all built on a house of cards

  2. Reply
    February 13, 2011 at 7:12 am

    Once again, your facts look silly.

    The quote is from 2003.

    Your source is from 5 years ago.

  3. Reply
    chris r
    February 13, 2011 at 7:51 am

    I don’t own a home. My job has been instable for over 20 years. What do I do for a living, design residential homes. Who have I designed homes for? A lot of Corporate CEO’s, what did they pay to have there homes designed, about $ 1000. What could I feed my kids the following week, nothing. Who else, CEO for Fed Ex not long ago, well over night delivery I didn’t give this guy. He wanted me to use another designers plans with the words, COPYRIGHT written all over it. As he sat in a meeting with the builder waiting for his plans, the overnight crash and burned, all they got was a phone call to the builder, I can’t steal these plans from another designer.. Builders answer, you will never work with me ever again and never look for work in Western PA. I make sure you never get it. . Who else, name the top Corporations in the Pittsburgh area, I bet you one out of 1.5 homes built were from plans that have been taken from designers who have COPYRIGHT infringed. So much for China copying movies. So when it comes to who has the money and who can buy what, home ownership in America. Its fabricated to the point, do you really own your own home. Not. Where is all this money that disappeared from Wall Street. It had to have gone to someone, you think, to who? Before any Congressmen delclared there feminine enough they have to sign this Bill, grow a pair of balls and say NO. Join the rest of the American public that has been struggling threw the Bush Administration of milking the cow till all its giving you is air. We will servive, even without NBC, CBS, ABC, so on, because the next big thing to go under are Television stations, loss of revenue do to internet. Grow up the real way, if ya don’t got it, too bad, no one is going to give it to you. And who is in charge of these companies, going to jail, NO, paid in full. Yes, hard work putting a hole in the center of the Earth, isn’t it. Lets watch more TV, get the answers we want to hear, not the answers that are truth.

  4. Reply
    A W
    February 13, 2011 at 8:20 am

    You need to contact your lender ASAP. Lenders are VERY VERY VERY willing to work with clients so they don’t foreclose. But they can’t help until YOU take the first step and call them ASAP.

  5. Reply
    February 13, 2011 at 9:05 am

    The best thing that you can do is talk to the Bank/Mortgage company and let them know the situation. They dont want you to default just as much as you. Most of the companies are really good about working on a solution that works for you. You just need to be willing to tell them you need help. The other thing that you may want to consider is selling your property. There are ways to go about selling your home if you need to, no matter how much you owe. Find a local Realtor and discuss your options.

  6. Reply
    Ed Atun
    February 13, 2011 at 9:13 am

    You’ve already done exactly what you are asking an advisor to do. You are overextended and , if only you could know the future, you’d know what to do.
    If we knew that the condo would continue to drop in value today…. but be worth $ 300,000 more in 7 years, we’d tell you to hold on. But it might continue dropping for 10 years. Not likely but possible.
    One fellow said “I’m tired of holding on by my fingernails” which sums it all up. No one else can make the tough decision you have to make. If you stop paying, your credit is ruined. If you keep paying, your quality of life is ruined.

  7. Reply
    Alan Openshaw Mortgage Broker
    February 13, 2011 at 9:44 am

    You should not have accepted a loan modification agreement that you could not afford. How did they come up with that modification? Go back to them and tell them that the numbers don’t add up and it’s only a metter of time before you go behind again.
    As for the non profit credit counsellors. Some of them are a joke. Why don’t you take the unsecured debt and tell them that it’s not getting paid period. Then you’ll have enough funds to keep the home. it sounds like your credit is already destrowyed. Try to keep a clean credit card or two so that you are able to use them after the fact to rebuild your credit.

  8. Reply
    February 13, 2011 at 10:37 am

    Sounds like you have done what can be done to help you. If you’ve gone to the loan modification route and its still too much, then there isn’t much more you can do. You might want to try another modification and contact your lender but there is only so much the lender can do.

    Looks like you have some major decisions to make. I can’t give you any advise as I don’t know your entire situation but there is life after bankruptcy or foreclosure. I know this isn’t the answer you were looking for but you may not have any other choice.

    Seek professional help in this case. You might have unintentionally bitten off more than you can chew.

    Good luck.

  9. Reply
    February 13, 2011 at 10:46 am

    If you don’t want to loose your home- loan modification will work for you. Check on the web your lender – they have loan modification packages ready or use professionals- attorneys who will help you to do this not the way you did by yourself- repayment plan with your mortgage lender, only permanent solution- lowering your monthly mortgage payments, interest rate so you can stay in your condo. Be prepared to provide them with your financial statements, tax returns and hardship letter explaining your current situation.

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