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