Only Suckers Pay Their Mortgages ...
… with their own money, anyway. Uncle is now handing out $50,000 checks to homeowners threatening to default on their mortgages.
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.
A check for fifty grand? That’s got to be the biggest welfare payment not made to a farmer that I ever have heard of.
Notice this is another TARP tumor: In spite of the new financial-reform bill’s promise to roll up TARP, we’re still using “saved” TARP funds for spending shenanigans of every stripe.