Free money ? For Real…..
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Holy shit, I don’t think I can improve on the one comment I saw attached to the article:
First “food stamps,” now… “house stamps!”
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Most of the benefit is to the banks, who otherwise would bear foreclosure expenses eceeding the amount being provided via the Emergency Homeowners’ Loan Program.
At $1 billion total, though, it is nano potatoes compared to earlier taxpayer bailouts to the financial services industry.
This program differs in that it attempts to help out some homeowners while it is helping the banks.
A modest windfall for a few lucky down-on-their-luck homeowners. Taxpayers realize some societal benefit in cases where those homeowners are able to resume full payment of their mortgages and avoid foreclosure after the EHLP payments end.
I can see the cons as easily as I can see the pros. Weigh them as you see fit, but do so with awareness of who the beneficiaries are.