This article mentions a program that I was not aware of. I am all for assisting those in distress but is this the way to do it?

First of all, my best guess is that the many of the homeowners that are assisted will end up walking away from their home anyway. This will just be buying them some additional time at tax payer expense and prolonging decisions that need to be made regardless of their employment status. I could be very wrong on this and it might just apply to my area, but I see a lot of people that got in way over their heads during the housing boom with mortgages that they could not afford or should have qualified for in the first place. With or without their job.

Secondly, we are talking about a government run program. Do I have to say a whole lot more? I already question some of the requirements that are listed but how in the world is this going to be administered? Anyone heard of HAMP and HAFA? They also list where they believe most of the money is going and I wonder how they came up with half of the money going to California? I see disaster written all over this.

I’m bracing for the phone calls because I am sure that the media will present this as the next best thing since sliced bread. Oh well, at least we aren’t bailing out companies that should probably be allowed to go bankrupt in the first place.

http://bit.ly/g4tCC3

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