Support for Zero Downpayment Mortgages - GOP Platform 2004
So now the Republicans want to blame Dems for the housing crisis. In 2004, the GOP platform announced that the biggest problem in housing was the need for a downpayment on a mortgage. Working hard to save money for the downpayment was no longer the American way. Read for yourself:
We support the President's goal of increasing the number of minority homeowners by at least 5.5 million families by the end of the decade. Since President Bush announced his initiative in 2002, an additional 1.6 million minorities have become homeowners. The Self-Help Homeownership Opportunities Program helps low-income families purchase a home. The most significant barrier to homeownership is the down payment. We support efforts to reduce that barrier, like the American Dream Downpayment Act and Zero Downpayment Mortgages. The President and Congress have taken action to provide counseling and education to help first-time homebuyers navigate the process of buying a home. The Administration has also taken steps to alert people to the dangers of predatory lending, in an effort to help Americans maintain a positive credit history.