MORE billions in housing aid coming to 17 states, this is unreal.

Discussion in 'Economics' started by S2007S, Aug 11, 2010.

  1. S2007S


    It truly doesnt get any better than this, the spending just continues and continues and continues, this is becoming unreal at this point, ENOUGH of the FUCKING handouts, this is NOT the way to stimulate a worthless economy. These handouts are only keeping housing prices propped up well above where they should be, which is at least 20-40% lower than where they are right this minute. One program is giving out $50,000 at 0% for up to 2 years. There is no lesson being learned from this crisis and doing what they are doing is only going to create the next collapse in our economy.

    Obama administration to provide $3B in housing aid
    Obama administration to send housing aid to 17 states with high unemployment rates

    Alan Zibel, AP Real Estate Writer, On Wednesday August 11, 2010, 3:24 pm

    WASHINGTON (AP) -- The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation's toughest job markets.

    The Treasury Department said Wednesday it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs.

    Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.

    The administration was required to launch the HUD emergency loan program by the financial regulatory bill signed by President Barack Obama last month.

    The Treasury is using money from the $700 billion Wall Street bailout to pay its share of the program. Officials said they won't know until next month how many people are likely to be helped.

    California will get the largest share of money for the Treasury program, at $476 million. Florida is in line for nearly $239 million. Illinois will receive $166 million and Ohio will receive $149 million.

    The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent, or about 530,000 homeowners, have fallen out of the administration's main effort to assist those facing foreclosure.

    That program, known as Making Home Affordable, provides lenders with incentives to reduce mortgage payments. So far, it has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009.

    Also receiving money are Michigan, $129 million; Georgia, $127 million; North Carolina, $121 million; New Jersey, $112 million; Indiana, $83 million and Tennessee, $81 million.

    Alabama is due to receive $61 million, South Carolina, $59 million; Kentucky, $56 million; Oregon, $49 million; Mississippi, $38 million; Nevada, $34 million; Rhode Island, $14 million; and Washington, D.C., $8 million.
  2. Its just election year stuff. $3 billion isn't even large enough to be a rounding error on what the gov't spends. Its going to HUD homeowners - low income folks. Its just welfare in another form.
  3. Its not that much money really. They are trying their hardest to keep it together now...
  4. But that is exactly the point: Trying to put a bottom in the housing market. The idea is to try and lure in demand (i.e. suckers) from the sidelines in order to get another upswing going.
  5. Stok


    Just the liberal socialist buying more votes until this great Country is 50%+ dependent on the gubernment that the USA as we know it is GONE *poofff*