Even Though HAMP Failed Miserably, White House Commits $3 Billion to "Help" Homedebtors
pic credit: Thomas Hawk via Flickr
HAMP was an abject failure (ask anyone who tried to get their loan modified and I'm sure they can tell you) but since the government only knows one method of problem resolution (throwing money it doesn't have into the bottomless pit), it's decided to throw some more cash at the problem in the hopes it will go away. OK, I'm sure the White House is reasonable enough to know that the problem will never go away so let's change that to "get better enough to keep the pitchforks at bay for a few more months".
The White House on Wednesday said it would spend an additional $3 billion to help distressed homeowners in the states with the highest jobless rates to pay their mortgages.
The latest round of funding pushes the total federal commitment up to $4.1 billion. The government already runs two other programs to help homeowners modify existing mortgages or make their monthly payments.
The White House is authorized to spend up to $50 billion to help homeowners under the Troubled Asset Relief Program originally created by the Bush administration to bail out Wall Street.
The government has bailed out everyone from automakers to the unemployed and still hasn't made much headway when it comes to clearing up the economy's clogged pipes, what makes it think this $3 billion it does not have and cannot afford will somehow be different?
Free money for everyone! Hey, I'm broke and angry, where's my cut? It's a shame I'm being left out of the free money party because I am A) still employed and B) a renter. Way to reward me for my responsible behavior, you asshats. If we ever get out of this mess I am SO buying a bunch of crap I can't afford at the start of the next bubble blowing party, screw that.