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Is the700 billion dollar bailout really needed?
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[QUOTE]Originally posted by glassman: [QB] [QUOTE]Originally posted by Propertymanager: [qb] Sorry, if you were looking for an argument, I don't have one. I agree that this is not a race issue and I agree that this is not limited to subprime. Those are only components of this entire mess! [/qb][/QUOTE]the "project" from Bush was heavily race oriented, however, it was abused by all ;) [b]President Bush has a comprehensive agenda to help increase the number of minority homeowners by at least 5.5 million before the end of the decade. While the overall homeownership rate has reached an all time high of nearly 68 percent, the statistics show a clear and persistent homeownership gap: * Despite increases in minority homeownership during the decade of the 1990s, large persistent gaps between non-Hispanic whites and minorities remain and have narrowed only slightly; * According to HUD, in 1994 the minority homeownership rate was 26.8 percent below the rate for white households; * The African-American homeownership rate was 27.5 percentage points below the white rate, and the Hispanic rate was 28.8 percentage points below the white rate; * The second quarter Census data for 2002 shows that non-Hispanic whites have a 74.3% homeownership rate, while African-Americans have a 48% rate and Hispanics a 47.6% rate; and * Asian-Americans and other races have a 53.7% homeownership rate. [/b] [URL=http://www.whitehouse.gov/infocus/homeownership/homeownership-policy-book-execsum.html]http://www.whitehouse.gov/infocus/homeownership/homeownership-policy-book-execsu m.html[/URL] [b]The President is issuing "America’s Homeownership Challenge" to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by 5.5 million families by the end of the decade. Many organizations have already responded to the President’s challenge by committing to: * Substantially increase by at least $440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market; * Launching twenty-five different local initiatives across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities; * Raising $750 million in below-market-rate investments by 2007, which will work in collaboration with local homeownership initiatives and be targeted to heavily minority program areas; * Pursuing strategic partnerships in 20 top housing markets between homebuilders, lenders, local officials, and community leaders to develop approaches that address the local challenges to building homes for minority families living in urban centers; * Establishing faith-based housing partnerships between the participants and at least 100 churches, mosques, synagogues, and other faith-based institutions; * Aggressively developing new mortgage products so that conventional market alternatives are available to combat the predatory loan products that are disproportionately targeted to minorities; * Creating new mortgage products to meet the unique needs of recent immigrants; * Dramatically expanding financial education efforts for minorities, providing financial counseling to at least 380,000 minority families, and taking measures at the local level to reduce predatory lending; and * Establishing multilingual, consumer-oriented internet Web sites designed to help minorities overcome barriers to homeownership, including creation of a central data bank of affordable housing programs made available to real estate agents when working with clients[/b] [/QB][/QUOTE]
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