http://truthingold.blogspot.com/2012/01/taxpayer-money-for-mortgages-more.html
I need to unload two huge sources of irritation today based on reports that I guarantee you will not be presented on Fox News, Fox Business, CNBC, Bloomberg, CNN etc.
I sourced these from an excellent source for housing market news, http://www.housingwire.com/. I mentioned the other day that FRE had implemented a program to enable those without a job to go for up to 12 months without making a mortgage payment. While the thought of this is nice, make no mistake, the expense of this will be funded by you, the Taxpayer. Now Fannie Mae has implemented the same program. And, all you need for the first six months is a phone call to your mortgage servicer. Here’s the LINK
So now, if you lose your job, you can get jobless benefits for up to 2 1/2 years and if you have a Fannie or Freddie funded mortgage you can live in your home for free for 12 months. Maybe in Tim Tebow’s spiritually ideal world of charity for anyone in need this is a great way to run society. But the expense of both the jobless claims and the housing welfare is something that our country and taxpayer base just can not afford. But just like the $278 million per hour that the Obama Government borrows every day, why not spend now to get votes and worry about paying for it later. This mortgage “forbearance” program is nothing more than another layer being added to the Government’s welfare State.
- livsez
