Friday, August 27, 2010

Housing Policy Failure

I wrote about this a couple of weeks ago and today Mona Charen of National Review speaks of the greater failure of the HAMP program.
The president’s $75 billion program guaranteed that homeowners with Fannie or Freddie mortgages would be eligible for refinancing to lower rates if their mortgages were between 80 and 105 percent of the home’s worth. Other borrowers facing foreclosure would be able to refinance their mortgages down to 31 percent of their monthly income. Didn’t this mean that taxpayers who didn’t buy too much house or who paid their mortgage bills on time would be subsidizing those who did not?

Well of course it does

Obama's Manichean World

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