HUD: Free 50k loans to the unemployed to keep their homes ! (via Hot Air)

[seabelle]

http://hotair.com/archives/2010/08/12/hud-offers-interest-free-50k-loans-to-unemployed-homeowners-to-stem-foreclosures/

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....more

Wasn't the old fashioned way of fixing this called "rent".  Better yet, let the gov take over these mortgages and have the owners pay them rent ?   How does one pay off 50k in 2 years if he can't pay a mortgage?

 

[Eupher]

*Sigh.*

The idiots simply don't get it.

[seabelle]

*Sigh.*

The idiots simply don't get it.

Waiting for the outrage from the RNC to stop the madness. 

I am outraged that my son's home is underwater (bought during the bubble...in Florida! A double whammy!), but he's never missed a payment.  When he tried to re-fi to a conventional mortgage from an interest only so he can at least pay down the principle, he was told ..... he wasn't behind on payments AND he made too much money, those who missed payments go to the head of the line!

Oh and it gets better.  He's a fed and got transferred to DC, so he looked into a short sell and found out, he'd lose his clearance.  So he's stuck with it, but fortunately was able to rent it out and now renting in DC.

Grrrrrr....


 

[NHSparky]

Just one more reason to blow the bridge and go Galt.

[Chris_]

This kind of stuff really gets under my skin.  We play by the rules.  We rent.  We cannot afford a house.  We make decent money for Las Vegas.  Enough to pay rent, bills, groceries, and still have a little bit left over.  I wish we had more money left over, but we have a lot of money STOLEN from us every other week to pay for programs like these.  Programs for people who bought houses they couldn't afford.  I'm just going to stop right here.  I could rant about this for another two or three paragraphs.

[RobJohnson]

This kind of stuff really gets under my skin.  We play by the rules.  We rent.  We cannot afford a house.  We make decent money for Las Vegas.  Enough to pay rent, bills, groceries, and still have a little bit left over.  I wish we had more money left over, but we have a lot of money STOLEN from us every other week to pay for programs like these.  Programs for people who bought houses they couldn't afford.  I'm just going to stop right here.  I could rant about this for another two or three paragraphs.

 

[true_blood]

Redistribution of wealth!! That's all it is.
Take from "the haves" to give to "the half-nots". Just another way of collapsing the system as well.

[AllosaursRus]

This kind of stuff really gets under my skin.  We play by the rules.  We rent.  We cannot afford a house.  We make decent money for Las Vegas.  Enough to pay rent, bills, groceries, and still have a little bit left over.  I wish we had more money left over, but we have a lot of money STOLEN from us every other week to pay for programs like these.  Programs for people who bought houses they couldn't afford.  I'm just going to stop right here.  I could rant about this for another two or three paragraphs weeks!

Fixed it for ya!