Posted on 02/24/2009 6:28:09 AM PST by Grumpybutt
Houston taxpayers could start footing the bill to help first-time homebuyers pay off debts and improve their credit scores, under a proposal before City Council this week.
The “Credit Score Enhancement Program” will give up to $3,000 in grants to individuals who are trying to qualify for mortgages through the city’s homebuyers assistance program. City officials say some applicants fall short of eligibility by only 10 or 20 points on their credit scores, and paying off some debt balances can quickly improve their numbers.
The proposal has aroused critics who say the city should not use public funds to help people pay down car loans, credit card balances, or other debts — even if the slight credit bump would help them realize the dream of home- ownership.
(Excerpt) Read more at chron.com ...
Somewhere I read the definition of insanity was doing the same thing over and over but expecting a different result. Haven’t we had enough of financing those who can’t qualify for a loan on their own, it’s a big part of what is driving the melt down now.
Houston can’t find a way to use $444K to help repair a few more places in town? They have “free money” and can’t wait to spend it on something totally unrelated to what it was earmarked for.
As a real estate agent, this really pisses me off. I work with a lot of people, young people especially who have worked their butts off to get their little 3.5% mandatory dp and their credit scores where they need to be. Where the heck is the incentive to just do the right thing anymore?
They’ve been talking about this all morning on am talk radio in Austin. The first time I heard them talking about it, I thought it was a joke... then I found the article.
There are no words to describe how mad it makes me to think of this happening - even if it’s just one city, it’ll turn in to another one and another one.
Houston must must be rolling in taxpayer money, to be able to payoff $3000 in credit card bills for people
What wonderful warm generous people they are, to tax everyone to help pay the credit bills of the overly leveraged. Happy plasma TV, everyone!
This is Academy Award grade insanity.
An ass-backwards way of trying to purchase equality of outcome for slugs using tax money our unborn grandkids won’t earn for another 30 years.
The Democratic Socialists now control the country and they are not about to let this crisis pass. They are doing everything to sustain the economic turmoil, until the system has collapsed world wide.
Do the names Detroit, Philadelphia, New Orleans,... ring a bell?
ALL DEBTS ACROSS THE BOARD FORGIVEN....LETS JUST START OVER!
OBAMA'S YEAR OF JUBILIE!!!
This should be called Credit Score Alleviation Mediation (SCAM).
Looks like Mayor White has killed this for now. Notice how the councilman who floated this idea has not been identified.
As for the councilman who floated this, I give him a choice: Either immediately enroll in a basic economics class (on your own dime, BTW) or immediately submit your resignation from city council (since he is not qualified).
Houston Comical rewrites article to cover Rat bastard White’s 180 deg retreat on this socialist maneuver.
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