President Bush Signs American Dream Downpayment Act of 2003

[Maggie_May]

THE PRESIDENT: Thank you all. Thank you for coming. Thanks for the warm welcome. It's great to be back at the Department of Housing and Urban Development. This is not my first time here, nor will it be my last. (Applause.) I am here today because we are taking action to bring many thousands of Americans closer to owning a home. Our government is supporting homeownership because it is good for America, it is good for our families, it is good for our economy.

One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream.

http://www.whitehouse.gov/news/releases/2003/12/20031216-9.html

[reformedrethug]

1. Ok, then once they

get that dream house, will they be able to afford the payments. This is a double edged sword IMHO because many people buy that house and do NOT read the fine print in their Mortgage papers and that is what bites many in the butt down the road.

Hopefully this latest mess will cause the new buyers to read EVERYTHING carefully, understand exactly what it is they are signing AND will cause the lenders to be more forthcoming and honest when they finance people.

I feel that with this latest mess we are in both parties are at fault in general. Lack of disclosure in lending agreements on the lender side, and lack of understanding/reading of the paperwork on the buyers side. I don't think it is too much to ask of people to understand what they are getting into, and that they can afford the payments now, and IF they go for the ARM that they can afford the payments if it goes to the max rate. If not, pass on the deal.