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Taxpayer Subsidy Of Mortgages Expands

From those champions of deadbeats at the Associated Press:

Congress passes anti-foreclosure bill

Congress sends president bill that encourages banks to spare homeowners from foreclosure

Anne Flaherty, Associated Press Writer
Tuesday May 19, 2009

WASHINGTON (AP) — Congress on Tuesday sent the president legislation that encourages banks to spare homeowners from foreclosure, after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy.

The House voted 367-54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.

"In the last few weeks, we have cracked down on corporate and mortgage scams and helped more struggling homeowners keep their homes," said Senate Majority Leader Harry Reid, D-Nev. "And in the coming weeks, we will continue to protect people … who keep our economy moving, and we will restore their confidence."

The bill would expand an existing $300 billion program that encourages lenders to write down an individual’s mortgage if the homeowner agrees to pay an insurance premium. The program, set to expire in 2011, would swap out a homeowner’s high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.

Because of strict eligibility requirements, only 50-some homeowners are refinancing through the program compared to the 400,000 people it was estimated to help.

The legislation would expand eligibility. For example, the program currently bans participants who intentionally defaulted on the mortgage or other substantial debt. The Senate bill would narrow that prohibition to defaults within the last five years

Isn’t it wonderful?

Now, even if you have intentionally defaulted on a mortgage you can still have the taxpayer pay for a large part of your mortgage. As long as you pay insurance.

Isn’t this a great country?

This article was posted by Steve on Wednesday, May 20th, 2009. Comments are currently closed.

16 Responses to “Taxpayer Subsidy Of Mortgages Expands”

  1. 1sttofight says:

    Is it to late for me to close on that $2.5 mil lake front house Mrs. 1st and I have had our eye on but could not afford?


    Silly me, I actually thought you had to make the payments.

  2. Liberals Demise says:


    • Confucius says:

      “Amen!” to that!

    • Right of the People says:

      Meet me outside the White House, I’ll be the one with the M-60 and the big smile. Let’s take this sucker back!


    • 1sttofight says:

      Meet me outside the WH, I will be the one with a half bottle of Bourbon and a machete prepared to trim the federal gov.

  3. proreason says:

    Why this pretense of linking the theft of our money to mortgages for deadbeats?

    I would just as soon give them the money directly.

    That would save the expense of “monitoring” the loans, plrying the foreclosure game, sending out notices for non-payment, tracking the amounts the deadbeats are not paying, etc., etc.

    It will be cheaper.

    And the results are better.

    My way……they get free money for booze and drugs but no house to wreck.

    • Liberals Demise says:

      They have to hang their sheets in a window ……………….. somewhere!!

  4. AConcernedCitizen says:

    “encourages lenders to write down an individual’s mortgage if the homeowner agrees to pay an insurance premium.”

    I thought that is essentially what higher interest rates were, the lenders insurance against a homeowner that is a high risk to default on the loan.

  5. proreason says:

    “”In the last few weeks, we have cracked down on corporate and mortgage scams and helped more struggling homeowners keep their homes,” said Senate Majority Leader Harry Reid, D-Nev

    What about the biggest scam of all time……the Community Reinvestment Act?

  6. MinnesotaRush says:

    Mabe we should take a page out of the Democrat’s play book and just change the name for “foreclosure”.

    I kinda like “kickin’ my fat butt outta da house for not payin’!!!”

    Imagine how that’d look on their signs, too.

    “Stop .. kickin’ my fat butt outta da house for not payin’ .. now!”

    I like it! And .. the signs would have to be a little bigger. The nitwits would get more “exposure” (if ya’ know what I mean).

  7. Rusty Shackleford says:

    Looking at the picture, I can only say how proud I am to see so many fine, hard-working white middle-class Americans standing up for what’s right.


  8. Colonel1961 says:

    Seriously, why am I sitting here in my office today (currently taking a break) and trying to earn money to pay my damned mortgage? What’s the point? Where’s my free cheese?!?!

  9. navymom says:

    Is it just me or does anyone else notice that everyone is wearing the same caps, carrying the same professionally printed signs, are all the same race? Where is the main stream media’s outrage? Who is paying for all this “Group Speak”? I am sure this was covered by all the the main channels (wouldn’t know, I don’t bother to watch anymore. My BP can’t take it). But, these questions should be applied to both sides. What racists these people are. The president is half white and they are not. What racists! Just playing by the rules the liberals have layed down.

  10. U NO HOO says:

    “The Senate had voted 91-5”

    Who were the thinking 5?

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