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originally posted by: luthier
a reply to: OccamsRazor04
And economists said it was from min wage laws across the states.
We also have the highest levels of debt per expansion in history.
The highest levels of personal debt.
And the largest national debt.
Loan defaults are starting...
1997: Mortgage denial rate of 29 percent for conventional home purchase loans.
July: The Taxpayer Relief Act of 1997repealed the Section 121 exclusion and section 1034 rollover rules, and replaced them with a $500,000 married/$250,000 single exclusion of capital gains on the sale of a home, available once every two years. This encouraged people to buy more expensive first homes, as well as invest in second homes and investment properties.
July: President Clinton's Housing Urban Development (HUD) Secretary, Andrew Cuomo announces on July 29, 1999 - ACTION TO PROVIDE $2.4TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
2001: US Federal Reserve lowers Federal funds rate eleven times, from 6.5% to 1.75%.
2002: Annual home price appreciation of 10% or more in California, Florida, and most Northeastern states."Annual home-value growth at highest rate since 1980". Retrieved 2008-10-06.
June 17: President G.W. Bush sets goal of increasing minority home owners by at least 5.5 million by 2010 through tax credits, subsidies and a Fannie Mae commitment of $440 billion to establish NeighborWorks America with faith-based organizations.
December: President Bush signs the American Dream Downpayment Act to be implemented under the Department of Housing and Urban Development. The goal was to provide a maximum downpayment assistance grant of either $10,000 or six percent of the purchase price of the home, whichever was greater. In addition, the Bush Administration committed to reforming the homebuying process that would lower closing costs by approximately $700 per loan. It was said it would further stimulate homeownership for all Americans.
HUD increased Fannie Mae and Freddie Mac affordable-housing goals for next four years, from 50 percent to 56 percent, stating they lagged behind the private market; from 2004 to 2006, they purchased $434 billion in securities backed by subprime loans.
October 2004: SEC effectively suspends net capital rule for five firms - Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and Morgan Stanley. Freed from government-imposed limits on the debt they can assume, they levered up 20, 30 and even 40 to 1.[
originally posted by: butcherguy
The US unemployment rate is the lowest it has been in 49 years.
originally posted by: luthier
a reply to: Justoneman
You can cross reference the Bill's and acts established in the timeline.
Bush was the GOP puppet. Congress during Clinton was Republican when the laws started loosening up it wasn't only his HUD sec. It was also Bush's. It was popular and the Democrats had Republican bipartisan signatures. amd.freddie and the banking committees were Republican under Clinton when the laws began changing to let everyone qualify.