Results 1 to 7 of 7

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

  1. #1
    Senior Member AirborneSapper7's Avatar
    Join Date
    May 2007
    Location
    South West Florida (Behind friendly lines but still in Occupied Territory)
    Posts
    117,696

    NAR Backs White House Minority Homeownership Initiative

    NAR Backs White House Minority Homeownership Initiative

    WASHINGTON, D.C. (June 17, 2002) – The National Association of Realtors® praised President George W. Bush and Housing and Urban Development Secretary Mel Martinez for their commitment to increasing minority homeownership opportunities and pledged its full support for the White House minority homeownership initiative announced today.
    Regional Vice President Bob McMillan of Decatur, Ala., represented NAR -- one of about a dozen partners in this public-private initiative -- at this morning’s announcement ceremony at St. Paul AME Church in Atlanta.

    NAR is dedicated to increasing the ranks of minority homeowners nationwide and along with the White House initiative, is pursuing several programs that it believes will help ease the affordable housing burden, particularly for underserved segments of the population. These initiatives include NAR’s new Housing Opportunity Program, which is an aggressive effort to stimulate affordable housing, improve access to all types of housing, and close the homeownership gap nationwide. NAR and five industry partners established a program called the HOPE (Home Ownership Participation for Everyone) Awards last year to identify and recognize individuals and organizations that have promoted homeownership among minorities.

    NAR is also committed to working with federal, state and local partners to sponsor homebuying counseling and fairs for minorities.

    “NAR welcomes the Bush administration’s efforts to remove barriers to minority homeownership and is proud to work with the White House to improve homeownership rates among minorities across this great country,â€
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  2. #2
    Senior Member ourcountrynottheirs's Avatar
    Join Date
    Oct 2007
    Location
    Northern VA
    Posts
    1,176
    He's helping minorities purchase homes while the rest of America is losing their homes to forclosure. Way to go George
    avatar:*912 March in DC

  3. #3
    Senior Member AirborneSapper7's Avatar
    Join Date
    May 2007
    Location
    South West Florida (Behind friendly lines but still in Occupied Territory)
    Posts
    117,696
    Two New Housing Initiatives Aimed At Minority Community

    Freddie Mac and Fannie Mae have each moved to offer expanded home ownership opportunities to an underserved minority population.

    In December, Fannie Mae announced that it was using a wrinkle in the Federal Deposit Insurance Corporation's (FDIC) regulations to make a significant deposit investment in Bank2, a state chartered Federal Reserve Member Bank in Oklahoma owned in its entirety by the Chickasaw Nation.

    FDIC insures deposits in its member banks up to a maximum of $100,000 per depositor. However, under the Certificate of Deposit Account Registry Service (CDARS), depositors are encouraged to support financial institutions by investing in certificates of deposit in excess of this amount which will be fully FDIC insured.

    Fannie Mae made the $1.5 million deposit in Bank2 through its Community Development Financial Institution program. This program is designed to help strengthen the financial capability of institutions, and enhance their capacity to increase affordable housing opportunities within their communities.

    A spokesman for the bank said that the bank has expanded its affordable housing lending efforts with education and taken its numerous home mortgage products geared to Native Americans nationwide. Bank2 services 78 tribes nationally.

    In the meantime, Freddie Mac has joined with Devon Bank in Chicago to expand opportunities for Muslims living in Illinois and nine other states to become homeowners while still observing traditional Islamic restrictions on paying interest on mortgages and other types of debt.

    The bank has worked with the Shariah Supervisory Board of American and other U.S. and overseas Islamic scholars to devise mortgage products that are Shariah compliant.

    According to a press release from Freddie Mac, the bank's "Islamic housing finance model uses carefully tailored real estate financing documents that are in compliance with state and local law and employ the Islamic ?murabaha' trade model to avoid objectionable concepts present in traditional loans."

    Freddie Mac has agreed to purchase many of the financing contracts written by Devon, thus expanding Devon's ability to reach more potential home buyers. There are an estimated 2.5 million Muslim households in the United States.

    http://www.mortgagenewsdaily.com/112200 ... munity.asp
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  4. #4
    Senior Member AirborneSapper7's Avatar
    Join Date
    May 2007
    Location
    South West Florida (Behind friendly lines but still in Occupied Territory)
    Posts
    117,696
    Housing Mess Forces Bush Admin Change
    Monday, December 3, 2007 10:36 AM

    WASHINGTON -- This past summer, President Bush favored government restraint as troubles grew in the nation's housing market.

    Now, with top Wall Street banks losing billions of dollars in investments tied to home loans, executives losing their jobs and concerns about wider economic fallout mounting, the Bush administration is pressuring the mortgage industry to offer a sweeping approach to fix, or at least mitigate, the problem.

    The sudden momentum behind a government-backed proposal to freeze interest rates on hundreds of thousands of loans made to risky borrowers before they reset at higher rates is a direct response to the shifting financial and political realities, analysts say.

    "The administration is running out of options if it wants to avoid having a slowing economy pinned on (Republicans) next year," as the presidential election looms, mortgage industry consultant Howard Glaser wrote in a research note Sunday night. The Bush administration is "willing to consider action that would have been inconceivable just weeks ago."

    Still, the rate-freeze approach being developed by Treasury Secretary Henry Paulson and mortgage industry executives stops short of a taxpayer-funded bailout for borrowers, an idea rejected by both Democrats and Republicans.

    Paulson was scheduled to present his latest views on the mortgage crisis, and its impact on the economy, Monday morning as part of a full-day housing conference at the National Press Club in Washington.

    Also scheduled to speak were: Angelo Mozilo, chief executive of Countrywide Financial Corp.; Daniel Mudd, CEO of Fannie Mae; and top executives from luxury homebuilder Toll Brothers Inc. and lender Washington Mutual Inc.

    Some tentative details of the rate-freeze plan already have trickled out. For example, homeowners would be given a break of two to five years if they are currently making payments on time but wouldn't be able to do so when their mortgages adjust to higher rates.

    The plan faces resistance from some on Wall Street, who say the government shouldn't press the owners of loans held in complex mortgage securities to alter them if it's not investors' best interest to do so. They warn of a flood of lawsuits.

    "The government's got a role to play, but it is limited," President Bush said at the White House in late August.

    Then, in October, when Sheila Bair, chairman of the Federal Deposit Insurance Corp., floated the idea of freezing interest plan as a way to stave off foreclosures, the response from top Bush administration officials and Wall Street investors was tepid.

    But Paulson has since warmed to the idea of more active government involvement, as the outlook on housing and on Wall Street has worsened considerably.

    Most recently, government-sponsored mortgage companies Fannie Mae and Freddie Mac, normally thought to be bastions of stability in the mortgage industry, reported combined third quarter losses of more than $3 billion. Plus, home prices and sales have continued to sink.

    Amid the widening fallout, executives at top Wall Street investment banks are losing their jobs. Morgan Stanley co-President Zoe Cruz was the latest casualty last week, just weeks after rivals Merrill Lynch & Co. and Citigroup Inc. ousted their chief executives.

    Many analysts say next year is likely to be even worse.

    With $361 billion in subprime loans made to borrowers with weak credit resetting at higher interest rates next year, foreclosures will peak in the third quarter of next year and won't drop back to more normal levels until 2011, Banc of America Securities predicted in a report last month. The report also estimated that the median U.S. home prices would fall 15 percent over the next four years and not rebound until 2012.

    Big hits for investors are also in store. A widely circulated Goldman Sachs report last month said more than $100 billion in additional bank write-offs and losses are on the horizon due to bad mortgage investments. And it warned that credit card debt and auto loans could be the next sectors to suffer.

    "We're still in free fall," says Susan Wachter, a real estate and finance professor at the University of Pennsylvania's Wharton School of Business, who believes further government and industry action will somewhat mitigate economic conditions that are bound to deteriorate further.

    http://www.newsmax.com/money/Housing_Me ... 54044.html
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  5. #5
    Senior Member ourcountrynottheirs's Avatar
    Join Date
    Oct 2007
    Location
    Northern VA
    Posts
    1,176
    I stand corrected A little late but better than nothing
    avatar:*912 March in DC

  6. #6
    Senior Member
    Join Date
    Mar 2006
    Posts
    7,377
    I don't know what happened before - but this isn't the first time President Bush proposed money for 'minority home ownership'. He did that in his first term - don't know if it passed or not.

    So, are all those repo'd homes now going to be 'given' to illegal aliens?
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  7. #7
    Senior Member AirborneSapper7's Avatar
    Join Date
    May 2007
    Location
    South West Florida (Behind friendly lines but still in Occupied Territory)
    Posts
    117,696
    It passed... look at the Subprime mess
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •