10% of the mortgage amount forgiven? No, 10% of the mortgage amount sent over to other taxpayers.
Now then, 10% of a mortgage on a property that was 100% financed and worth double its intrinsic amount is going to do what? Nothing except forestall a foreclosure till next year to the one after as the mortgage kiting refinancing goes on.
Stupid is as stupid does.
Yup - just like "scholarships" for minorities at colleges and universities. Those don't mean the college or university is going to demand less money for minorities to attend their school.
Nope.
What they mean by that is they will charge whites MORE to "take up the load."
Why not just do this for everything?
For instance, how about when a white buys a gallon of milk, he or she is charged an extra dollar, while a minority is charged a dollar less? Isn't that fair?
“10% of the mortgage amount sent over to other taxpayers.”
I keep hearing radio ads saying something to the effect that individuals with credit card debt over $10K (I believe that’s the figure) can have up to half of that debt “forgiven” under some new government program. It’s hard to contain my anger thinking about the “privilege” of bailing out individuals who have gone wild with their credit cards.
And I’m wondering if any of the geniuses who designed this program have considered the downstream effects. For every individual who gets bailed out and uses this opportunity to straighten out and fly right, my guess is that there will be 2-3 others who will party on figuring that at some point, the “government” will bail them out.