The latest idea floating around the White House is allowing people to live in their homes if they can’t pay their mortgages. Or, maybe he’ll just given mortgage money to the unemployed.
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.
Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty.
As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.
Uh…I guess I’m a little slow on the uptake. If you can’t afford the mortgage payment how can you afford the rent? And where does one even start with the housing stipend? This is his way of trying to appease the unemployed – who are going to only get angrier with him as time goes on. Nothing like mortgaging our kids’ future to buy a few votes.
I have a better idea – send the “housing kitty” back to the Treasury to pay down our debt.
