who allowed and encouraged fannie and freddie to grow too big to fail?



president bush october 2002, talking about his plan to create 5.5 million homeowners among minority groups, using government sponsored enterprises, fannie mae and freddie mac
YouTube - economic crisis president bush mortgage speech


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Bush Administration Convenes Summit to Expand Minority Homeownership

White House conference on minority homeownership brings public and private sectors together

RISMEDIA, Oct. 15, 2002

President Bush today hosted a White House conference in
Washington, bringing together hundreds of public and private sector housing-related experts in a comprehensive partnership to close the nation??s ??homeownership gap.? This gap shows minority families continue to own homes at significantly lower rates than the rest of the nation.

In his State of the Union address last January, President Bush pledged to help more families, especially minority families, to become home owners. In June, President Bush issued the ??Homeownership Challenge? to increase minority homeownership by 5.5 million by the end of the decade.

??President Bush understands that when we open the doors of the American Dream to more families, we all win,? said Housing and Urban Development Secretary Mel Martinez. ??Homeownership inspires civic responsibility, offers children a stable living environment and generates economic benefits for families and communities.?

The White House Conference on Minority Homeownership featured solutions to the obstacles minority families face as they pursue the ??American Dream? as well as the considerable social and economic benefits of expanding homeownership opportunities to would-be first time homeowners.

During the conference, Martinez released a report entitled Economic Benefits of Increasing Minority Homeownership?this report concludes that adding 5.5 million minority home owners will stimulate an additional $256 billion in benefits to the housing sector of the U.S. economy.

Numerous private and nonprofit organizations joined the Administration in forming The Blueprint for the American Dream Partnership, a collaborative effort to advance the President??s goal. This partnership developed a strategy that identifies four areas that must be addressed in order to meet the President??s goal including:

* Educating more people in the home buying process;

* Increasing the supply of affordable homes;

* Providing more downpayment and closing cost assistance; and,

* Offering more home financing options for lower income Americans.

The Blueprint for the American Dream outlines each organization??s plan to help meet the Administration??s challenge.

HUD, the Department of Agriculture, the Department of the Treasury, Federal Trade Commission (FTC), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and the Federal Housing Finance Board (FHFB) represented the Bush Administration. The following private and nonprofit organizations also make up the Blueprint for the American Dream Partnership:

The Enterprise Foundation

Fannie Mae

Federal Home Loan Banks

Freddie Mac

Habitat for Humanity International

Local Initiatives Support Corporation

Mortgage Bankers Association of America

National Association of Hispanic Real Estate Professionals

National Association of Home Builders

National Association of Mortgage Brokers

National Association of Real Estate Brokers

National Association of Realtors

Neighborhood Housing Services of America

Neighborhood Reinvestment Corporation

Sears, Roebuck and Co.

To read Economic Benefits of Increasing Minority Homeownership or Blueprint for the American Dream visit Homes and Communities - U.S. Department of Housing and Urban Development (HUD)