Wednesday, July 15, 2009

Taxpayers To Become Largest Slumlord In History

First, Congress ordered banks to give mortgages to people that didn't have a snowball's chance in hell of paying them. Now, Obama and Congress want to keep that voter bloc in play by subsidizing bad loans, bad legislation and bad habits. With your dollars.

Obama mulls rental option for some homeowners-sources
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.

Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty.

As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.

This will cause Barney to put on his best purple dress and dance the night away doing an Irish jig with his friend Chris.