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Burning Down The House: What Caused Our Economic Crisis? V2
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This video is an insightful look into the causes of our current economic crisis, which has its roots in policy developed 13 years ago.
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"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.)"
Bush pushed minority homeownership for YEARS knowing it would not work in the end.
"I want to thank Franklin Raines, of Fannie Mae and Leland Brendsel of Freddie Mac. Thank you all for coming. 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. The single greatest barrier to first time homeownership is a high down payment.
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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. "
"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."
Now it's war and Wall Street. Gov could care less what happens to homeowners and jobs now.
Lenders were allowed to create securites out of loans which were graded A+ sold them to foreign Countries China.