Court tells Bush administration to rethink down payment aid ban
Posted by: in Stocks Money NewsFiled under: Law, Politics, Housing
Federal Judge Lawrence Karlton has ruled that the Bush Administration must reassess its plan to outlaw a down payment assistance program that is used by more than 100 thousand low and middle-income borrowers. He ruled that the Department of Housing and Urban Development failed to complete a “reasoned analysis” and that agency head Alphonso R. Jackson may not take part in that analysis.
The New York Times reports that “The administration sought to ban the aid, contending the program leads to higher housing prices and a disproportionate number of foreclosures.”
What makes this unique is that the Bush Administration was not seeking to eliminate federal assistance but rather seeking to eliminate private assistance with down payments.
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