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Skip to comments.1 billion in homeowner aid offered
Posted on 06/20/2011 4:24:33 PM PDT by MeneMeneTekelUpharsin
Homeowners facing foreclosure can now tap into a $1 billion program of emergency loans to help tide them over a temporary financial crisis, the Department of Housing and Urban Development (HUD) has announced. Beginning today, homeowners in 27 states can file preliminary applications for the Emergency Homeowner's Loan Program (EHLP). Eligible homeowners can obtain interest-free loans of up to $50,000 to help cover mortgage expenses for up to two years. The program is available to homeowners who have seen their incomes fall and who could lose their homes to foreclosure due to circumstances beyond their control, including involuntary unemployment, underemployment, economic conditions or an illness.
(Excerpt) Read more at community.nasdaq.com ...
Mr. Government Man, the economy stinks. Now where's my $50K?
Although the verbiage indicates this is to benefit individuals who might experience foreclosure, its real purpose is to bail out the banks again. They're kicking the can down the road some more.
........failure is not always a bad thing - being responsible for yourself is the first step.........
So what’s another $ billion down the shithole?
Why can’t these idiots allow the housing market to find it’s clearing level, and then allow a normal market recovery??
Infuriating. Not only is it unfair to those who have sacrificed to pay their mortgages on time, but also to those who have been waiting patiently to buy a home they could afford. This bailout is yet another way to artificially prop up home prices, instead of allowing them to fall to the level they would have been, had there not been a housing bubble. Here in California, houses are still 3 times more expensive than in other parts of the country. This ridiculous stop-gap measure will fail. I predict that most of the freeloaders who get these loans will be back underwater in two years.
What incredible logic! Providing another loan to deadbeats. Most of the individuals receiving loans are not home owners. They are home occupiers, stiffing the legitimate home owners (note holders). This program is just another outrageous moral hazzard.
to hell with the banks and the squatters that aren’t paying their mortgage!
kick their ass out in the street!
WHAT IN THE GOSHDARN FARGIN FARK???????????????
the Emergency Homeowner’s Loan Program (EHLP) = crack
Because the act of "finding a clearing level" would take down some of our largest banks, the investment banks who packaged those mortgages into tranches of CDO's, and the firm (AIG) that insured those CDO's. As I said, this is to bail out the financial industry, not mortgage holders.
Capitalism is dead. There are no more free markets or even semi-free markets.
Yep! This time, the bailout cash goes through the homeowners account. It's getting real complicated. Can and will the Government keep track of who is responsible for the debt. There's a lot of questions here!
This just don't feel right! Somehow, someone will have to pay that debt. Who?!?! Who's money is this that the Government is throwing around??
Who did the government borrow it from?? The Chines or Oil States? I don't think so! The Fed?!?!
As the nun said to me 50 years ago, "Put a gold star on your forehead. You've answered oorrectly."
Unemployment insurance on STEROIDS! Stop this nonsense.
Unflippin’ believable. Boy were my husband and I chumps for never buying a house we couldn’t afford, taking out a second for toys and doubling down on our mortgage payments.
That might be true if this was 100 billion. It’s not, it’s 1 billion, meant to help Obama get re-elected.
Now the homes are $50k MORE under water. It also puts another lien on the property.
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