The expansion of our responsibility for the failures of idiots continues unabated....
The Obama administration unveiled an expansion of its $75 billion foreclosure prevention plan yesterday, providing new subsidies to mortgage lenders and investors.
Under the expanded plan, some homeowners could see their payments fall significantly and the interest rate on their second mortgage pushed down to 1 percent.
Here's The Boy Wonder, tax-cheat Timothy Geithner's rationalization for having taxpayers pay for derelicts' second mortgages....
“Ensuring that responsible homeowners can afford to stay in their homes is critical to stabilizing the housing market, which is in turn critical to stabilizing our financial system overall. Every step we take forward is done with that imperative in mind,” Treasury Secretary Timothy F. Geithner said in a statement.
Responsible homeowners? If they were responsible homeowners they wouldn't have gotten a second mortgage they couldn't afford, or a first for that matter. These people need to be renters. They don't have the money or sense to own homes. So now those of us who have played by the rules and sacrificed things to live within our means are on the hook for deadbeats' new decks, kitchen remodels, and third cars?
I guess I can get that new roof on my house afterall. Thanks a lot.....suckers!
Thanks to Hotair for the link.
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