Exactly. Bush's new law, the American Dream Downpayment Act of 2003, made these changes on home loans. Had it not been for these changes the housing market would have never collapsed nor the American economy.<quoted text>
Rightwhiners LOVE to skip that important fact. That nugget was part of Bush's State of the Union speech...his plan for "The Ownership Society"
Bush also called upon Fannie and Freddie to play a greater role, lower lending requirements, AND legislation was passed ( by the GOP) to cover the down payment for low income families.
1. No Down Payment required on a home loan.
2. No background checks.
3. Up to 150% home value loaned.
4. Up to 5 years of principal deferred payments.