Will the Handouts Never End?
Posted by Benjamin Dona on Tuesday, August 31st, 2010 at 7:32pm.
Once again the government is set to throw more taxpayer money right out the window in the name of bailing out homeowners facing foreclosure. Quite frankly, such a move no longer shocks us as much as it makes us just want to scream "stop this insanity."
Here's why. The government is going to make $3 billion available through a couple of different programs whereby so called hard hit homeowners facing foreclosure will be able to apply for up to $50,000 "deferred payment bridge loans" that are zero percent interest, non-recourse subordinate financing good for 24 months to help them pay for their mortgage principal, interest, mortgage insurance, taxes and hazard insurance payments. So, let's see if we understand this right. They have no jobs or are facing some form of severe financial hardship and we are supposed to believe that within 24 months things are going to turn completely around and they will then be back on their feet and just fine? Well, if that's the case, then why the non-recourse stipulation?
Obviously, the morons in control in Washington don't understand that such moves are not actually helping the problem as much as they are perpetuating it. Our guess is that when the country finally goes bankrupt from all this absurdity they will stand up and say to the rest of us that they did not honestly think such a thing could ever happen.
Yeah right. And didn't you know pigs can fly too.
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