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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Tue Sep 11, 2007 5:24 am Post subject: What Lies Beneath the Subprime Mortgage Credit Crunch |
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By: Doug_Wakefield
On September 2 nd , at the 2004 Republican National Convention, President Bush's remarked : “Thanks to our policies, homeownership in America is at an all-time high. (Applause) Tonight we set a new goal: seven million more affordable homes in the next 10 years so more American families will be able to open the door and say: Welcome to my home. (Applause)” [Italics Mine]
On August 31 st of 2007, while discussing homeownership financing, President Bush stated : “One area that has shown particular strain is the mortgage market, especially what's known as the sub-prime sector of the mortgage market. This market has seen tremendous innovation in recent years, as new lending products make credit available to more people . For the most part, this has been a positive development, and the reason why is millions of families have taken out mortgages to buy their homes, and American homeownership is at a near all-time high.
http://www.marketoracle.co.uk/Article2043.html |
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