Friday, August 13, 2010

"Here's $50K. Pay Your Mortgage."--HUD

Where the Hell is this going?

The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation’s toughest job markets.

The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs.

Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.

--quoted at Hot Air

So. You have no job, you're losing the house. What does Obama do?

"Lend" you another $50K! (Not his money, of course...)

This is a desperation move calculated to keep housing-values up, when it's perfectly obvious to everyone that housing values are going down. It isn't called a "bubble" for nothing, you know.

2 comments:

Deekaman said...

The housing problem never goes away until the gummint quits trying to "fix" it.

Deekaman said...

The housing problem never goes away until the gummint quits trying to "fix" it.