Houston taxpayers could start footing the bill to help first-time homebuyers pay off debts and improve their credit scores, under a proposal before City Council this week.
The “Credit Score Enhancement Program” will give up to $3,000 in grants to individuals who are trying to qualify for mortgages through the city’s homebuyers assistance program. City officials say some applicants fall short of eligibility by only 10 or 20 points on their credit scores, and paying off some debt balances can quickly improve their numbers.
Let's see if I understand this correctly:
The "Credit Score Enhancement Program" will help people who can't afford to own a home by taking money from other taxpayers and give the homeless government grants (gifts from the taxpayers) so that the homeless can qualify to buy a home that they can't afford. So instead of having homeless people who can't afford a home, we will have ticked off taxpayers in addition to homeless people who got to live in a home they could not afford for a few months before the banks who made them loans they could not afford had to foreclose and repossess the homes from the now homeless who could not afford to own a home. This is liberal logic at its best!
Tell me, how is this any different than the subprime mortgages that got us into the mess in the first place??
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3 comments:
Oh, this is much better, believe me. On the first round, Fannie and Freddie GUARANTEED the loans by buying them from the banks. Hence, the banks had nothing to loose. In your Houston scenario, the lenders will be a lot more careful. In fact, I'd say the banks will be tighter than Dick's hat band. I studied Texas history, and this horse pucky move in the Houston City Council will live or die depending on the racial mix of the members.
I sure wish the Unrepentent Word Maven would put in her two cents here.
Remember this 1999 headline?: Fannie Mae Eases Credit To Aid Mortgage Lending
and no surprise:
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people.
Charity kills character. That's my point of view.
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