Homeownership

“ Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. ”

“ We have strengthened the cornerstone of the American dream along the way: the chance to own a home. Today, we have the highest homeownership in our Nation's history with record levels of minority homeownership. And more Americans than ever are celebrating that gift this holiday season. ”

“ Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation. ”

“ The benefits of homeownership extend to our communities. Families who own their own homes have a strong interest in maintaining the value of their investments, the safety of their neighborhoods, and the quality of their schools. Homeownership is also a bedrock of the American economy, helping to increase jobs, boost demand for goods and services, and build prosperity. ”

“ For generations of Americans, owning a home has been an essential element in achieving the American Dream. Homeownership is often the foundation of security and prosperity for families and communities and an enduring symbol of American freedom. This month, we recommit to ensuring that hard-working Americans enjoy a fair chance at becoming homeowners. ”

“ Through a combination of down payment assistance, tax incentives, and education about the process and responsibilities of homeownership, we are helping thousands of Americans buy homes and pursue a better quality of life.
During National Homeownership Month, I encourage all Americans to learn more about financial management and to explore homeownership opportunities in their communities. By taking this important step, individuals and families help safeguard their financial futures and contribute to the strength of our Nation. ”

“ Because what we do know is that homeownership, at least as I know it, growing up on the south side of Chicago, has always been one of the building blocks for strong neighborhoods, for strong schools and strong families. People who own their homes and take care of their homes, it leads to the well-being of the entire community. It's critical. And the housing crisis has drastic consequences, not just on our economy but on the very fiber of our communities all across this country. ”

“ Homeownership encourages personal responsibility and the values necessary for strong families. Where homeownership flourishes, neighborhoods are more stable, residents are more civic-minded, schools are better, and crime rates decline. Thanks to the resources available in our Nation, more Americans own homes today than at any time in our history. However, among African American and Hispanic families, fewer than half are homeowners. My Administration is working to provide all families with the tools and information they need to accumulate wealth and overcome barriers to homeownership. ”

“ Homeownership has always been the foundation of the American Dream. Generations of Americans have worked hard and set aside their savings so that they might enjoy the security and stability of owning their own home. ”

“ Owning a home is part of the American dream, and National Homeownership Month is an opportunity to encourage our citizens to explore the benefits of owning a home.
Owning a home provides a source of security and stability for many of our citizens. My Administration is committed to fostering an ownership society and helping more Americans realize the great promise of our country. Today, nearly 70 percent of Americans own their homes, and the rate of minority homeownership has climbed to above 50 percent since I took office in 2001. ”

“ The expansion of homeownership is a widely supported goal in this country. A sense of ownership and commitment to our communities imparts a degree of stability that is particularly valuable to society. ”

“ The National Housing Act, which President Franklin Roosevelt signed into law more than 60 years ago, made homeownership available to millions of families who previously could not have afforded to buy their own homes. The G.I. Bill of Rights extended the opportunity of homeownership to a whole new generation of Americans, enabling millions of our service men and women to start a new life in their own homes. ”

“ Another obstacle to homeownership is the often complicated process of buying a home and getting a loan. My budget for 2005 would more than double funding for housing counseling services from 2001 levels. ”

“ He knows that we can put the dream of owning a home within reach for more families, so long as we’re making loans in the right way, and so long as those who buy a home are prepared for the responsibilities of homeownership. ”

“ Four, we must promote new hope through homeownership. And that's the aim behind my HOPE initiative, to give the least advantaged among us a stake in their neighborhood by turning public housing tenants into homeowners. ”

“ For the better part of this century, America has made homeownership a priority of national policy. The National Housing Act of 1934 created the Federal Housing Administration's home mortgage insurance program, empowering more than 23 million Americans to buy their own homes. ”

“ Purpose.—The purpose of the HOPE for Homeowners Program is— `` (1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership; `` (2) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages; `` (3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets ”

“ In general.— To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. ”

“ That act provides that an owner of a large estate may sell to his tenants the holdings they occupy, and his untenanted land to any one who desires to buy it, in such tracts and at such prices as may be agreed upon, corresponding to the income now derived from that particular property. No landlord can sell a few acres here and there of good land under this act, although, of course, he is at liberty to dispose of any part of his estate at any time at any price that he may consider proper. ”

“ Although a stipulation was made that no one person should be allowed to build more than four houses, it was found necessary to revise the arrangement in order to prevent speculation. In 1900, therefore, the estate was handed over to a Trust on behalf of the nation, the whole income to be directed to solving the housing problem. The houses now built are let to tenants at moderate weekly rentals, which include the annual ground rent, equal to about 1d. ”

“ The Authority may foreclose on any property or commence any action to protect or enforce any right conferred upon it by any law, contract, or other agreement. The Authority may bid for and purchase at any foreclosure by any party or at any other sale, or otherwise acquire, and may administer, any low-rent-housing project which it previously owned or in connection with which it has made a loan pursuant to section 9, annual contributions pursuant to section 10, or capital grants pursuant to section 11. ”

“ It determines what persons may occupy the living quarters. It assumes most of the financial risks of these housing projects by insuring the mortgagees. It provides police and fire protection, sewerage and water service, and access roads. The United States is not a mere lessor who, having leased the property, allows it to be managed by the lessee. The great decisions as to management are made by the Government. The lessee is, indeed, a managing agent.
The lease makes the buildings and improvements property of the United States. ”

“ A homestead which is owned and occupied by a debtor as his dwelling place is exempt from seizure or sale for debts other than taxes, those secured by a mortgage on it, or those incurred for its improvement or repair, or for services performed by labourers or servants. But a homestead so exempted may not be larger than one-fourth of an acre if it is in an incorporated place having a population of 5000 or more, than half an acre if it is in an incorporated place having a population of less than 5000, or than eighty acres if it is outside an incorporated place. ”

“ Every householder being the head of a family, and every resident who has attained the age of sixty years, [89] is entitled to a homestead not exceeding in value fifteen hundred dollars, exempt from execution or attachment for any debt, contract, or civil obligation, while such homestead is actually occupied as such by the owner thereof, or his or her family. The homestead may consist of a house and lot or lots in any town or city, or a farm of not more than one hundred and sixty acres. ”

“ Our administration is already encouraging certain low-income public housing residents to own and manage their own dwellings. It's time that all public housing residents have that opportunity of ownership. ”

“ Though many houses have been sold in this way, a considerable part of the village is still the property of our company, and those that have been built by other parties are in accordance with a plan of streets laid down; and I should say are about equal to the others in comfort and conveniences, it being the interest of the person investing his money to get the best return he can for it; and that he may get his house let and a fair rent for it, he must build as good a house as the tenant can get for the same rent from another. ”

“ To-day, if a municipality builds, it can get the whole amount at the lowest price—31⁄2 per cent. A Public Utility Society, such as a Tenant Co-partnership Society, can get two-thirds of the value. An individual who wants to buy or build a house for himself can get four-fifths under the Small Dwellings Acquisition Act; but hardly anyone takes advantage of that Act, and probably most people are ignorant of it. A private speculative builder can get half, but if he has little capital of his own he needs more than half, and he can get more on mortgage. ”

“ Another important step we're taking for American homeowners is to modernize the Federal Housing Administration. The FHA is a government agency that provides mortgage insurance to borrowers through a network of private sector lenders. ”

“ A landlord leases his sites in the first instance to builders, for periods of great length. When the building leases fall in, and the houses become the landlord's direct property, it is almost invariably an object with him to lease them for periods, shorter indeed than the original building lease, but always of considerable length. As long as houses are in the hands of a building lessee, or his representatives, the ground landlord can derive no profit from them beyond the rent reserved in the lease, and can exercise no control over them outside the covenants contained in that document. ”

“ The ownership of the home in the competitive system does not make the owner so careful to avoid waste as our system makes the tenant. As I have said, the occupant, be he owner or tenant, can enjoy only the use of his house during his life.
“In the competitive system how many owners waste their houses? Some are drunkards and mortgage them and waste their value in drink. Some are gamblers, and lose the value at the gaming table. Some insure them and burn them to get the insurance money. Some go into business, mortgage the home for money or credit, fail and lose the property. ”

“ His opinion confirmed my own, nor must I forget to mention that this estate was to be purchased without money as it was offered on its own security in mortgage.
In the enclosure of this immense waste, called forest, there were two allotments purchased by the proprietors, one of 1,638 acres, and another of 1,113, in all 2,751 acres, which were a copyhold tenure, at a small fine certain. In addition to which they hired, at the same time, on a long lease, 1,614 acres more, being an allotment to the King, at a rent of 50l. in money, and 50l. to be laid out on improvements. ”

“ Tenants, I say, and at long lease, if they behave well: with power eventually to purchase the piece of land they live on for themselves, if they can save the price of it; the rent they pay, meanwhile, being the tithe of the annual produce, to St. George’s fund. The modes of the cultivation of the land are to be under the control of the overseer of the whole estate, appointed by the Trustees of the fund; but the tenants shall build their own houses to their own minds, under certain conditions as to materials and strength ”

“ Director shall require each enterprise to report the number of rental housing units affordable to low-income families each year which are contained in mortgages purchased by the enterprise financing 2- to 4-unit single-family, owner-occupied properties and may, by regulation, establish additional requirements relating to such units. ”