Some people just don’t learn from history – even if it was just 8 years ago (I guess history doesn’t exist, for Progressives, pre-Obama other than “It’s Bush’s fault!”. When word came out that the Feds (re: Obama Administration) were thinking about buying mortgages of those who were going into foreclosure, people went nuts. Why would those that had played with the risk/reward and took out mortgage after mortgage, refinancing over and over and pocketing the cash from house appreciation (and staying mortgaged to the hilt) be bailed out when those that had played by the rules had to fork over the tax monies to make that happen? WHY should I have to pay for the stupidness and profligateness of others?
So now they want to do it again (emphasis mine, reformatted):
NYC to Buy Unpaid Mortgages to Protect Residents From Foreclosure
NEW YORK (AP) — New York City is taking a novel approach to addressing enduring pockets of the home foreclosure crisis by buying long-unpaid mortgages, with plans to help owners stay in their homes if possible or use the properties as affordable housing if not, officials say. It’s among the first cities to pursue buying such loans directly from the federal Department of Housing and Urban Development, officials say. Housing advocates and some lawmakers have pressed HUD to make it easier for cities and nonprofit groups, as opposed to investors, to buy troubled mortgages.
We’ve been through this before with the CRA
Read more