The Mudcat Café TM
Thread #115598 Message #2476353
Posted By: CarolC
26-Oct-08 - 07:30 AM
Thread Name: BS: Bush's Ownership Society & the Meltdown
Subject: RE: BS: Bush's Ownership Society & the Meltdown
THE PRESIDENT: Thank you all very much for that wonderful Atlanta welcome. It's nice to be back in this incredibly important community.
You know, our nation faces a lot of huge challenges. Right now, we've got 60,000 troops fighting terrorism so that we can be free, all of us can be free. I appreciate so very much the resolve and unity and determination of this great land. I appreciate our military for their sacrifices. We're also doing everything we can to secure the homeland, to make sure that those who hate us won't take innocent life again.
President George W. Bush and new home owner Al Smith tour Pryor Road Corridor Development in Atlanta, Georgia, Monday, June 17. White House photo by Eric Draper. And as we work for a more secure world, we've got to work for a better world, too. (Applause.) And that means as we work on our security from possible attacks by terrorists, we also work on economic security. The two securities go hand in hand. Anybody who wants a job who can't find one means we've got a problem. In Washington, they talk statistics all the time, and that's important -- people who count numbers need to make a living, too. (Laughter and applause.)
But my attitude is, if somebody can't find work and they want to work, we've got to continue to work on expanding the job base. And part of economic security is owning your own home. (Applause.) Part of being a secure America is to encourage homeownership. So somebody can say, this is my home, welcome to my home.
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.
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. (Applause.)...
...And so one of the things that I'm going to talk about a little bit today is how to create a sustained commitment by the private sector that will have a powerful impact. First of all, we want to make sure that we help work to expand capital available to buyers, and as I mentioned, overcome the barriers that I've delineated, as well as provide the education component. In other words, this is not just a federal responsibility.
That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.
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.