…and you get to play any member of the Evans family.
In an apparent massive land grab move described as “help” from the government, Obama is “mulling” over a plan that could make homeowners who are behind in mortgage payments, renters.
NEW YORK, July 14 (Reuters) – U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration’s thinking said on Tuesday.
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. (more…)
Well, duh! I mean if the government is now a major stakeholder in many large US banks, this is just the next step.
Now here’s where it will get real interesting. There are many people out there who simply could not afford to live in their house in the first place. They opted for the McMansion, took out an equity loan to buy a pool and other upgrades. Meanwhile, you have families who live in much modest homes who also cannot afford their home as well. At some point folks are going to demand for some kind of fairness because if both families have the same income, why does one get the nicer home with the pool while the other is stuck with the double wide? And with the Obama administration divvying up stimulus money based on states that backed him, “fairness” will once again become relative.
Everybody wave. America is slowly going bye-bye.
Sphere: Related Content
