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