At the request of President Clinton, HUD is working with dozens of national leaders in government and the housing industry to implement the National Homeownership Strategy, an unprecedented public-private partnership to increase homeownership to a record-high level over the next 6 years.”
And the main reason. HUD calls for creative lending............And the next month obama started suing citibank to force banks to give 100% loans to of up to $300k to a micky d's worker and the unemployed.
“Federal institutions, policies, and programs alone cannot meet President Clinton's goal of record-high levels of homeownership within the next 6 years. HUD has forged a nationwide partnership that will draw on the resources and creativity of lenders, builders, real estate professionals, community-based nonprofit organizations, consumer groups, State and local governments and housing finance agencies, and many others in a cooperative, multifaceted campaign to create ownership opportunities”
The terrorist cannot stop lying. Bush gave $10k for a down payment. The liberals caused trillions of dollars to be wasted and crippled America under Clintons national home ownership strategy. The facts. By 1996, HUD was directing Freddie and Fannie to provide at least 42% of their mortgage financing to low-income borrowers and 12% of their portfolios to “special affordable” loans.