Rhode Island Giving Away $43Million In Taxpayer Money! Can that be true? Who would give money to people who won’t be able to pay it back? The Obama Administration would.
The problem is it isn’t the Administrations money to be doling out. They’re just taking it and unless something changes quickly, we’re bound to see more of this.
Just yesterday I penned an article explaining why banks are hesitant to hand out loans. It seems I was a day early as those in Rhode Island won’t have to rely on banks and may not even have to qualify in order to get government handouts…umm…money.
Rhode Island is getting $43 million in federal aid to help homeowners stave off foreclosure.
The U.S. Treasury money announced Wednesday that the money will be made available through something called the “Hardest Hit Funding Initiative” which is managed by the Rhode Island Housing Agency.
The Rhode Island Housing agency, on its own website, says that it is a self-sustaining public agency that generates its own operating income, without state funding. Hmmm…seems like their site needs a bit updating.
Barbara Thompson, executive director of the National Council of State Housing Agencies (NCSHA), said, “NCSHA is pleased Treasury has approved the state HFAs’ plans to help struggling homeowners keep their homes under the Hardest-Hit Fund initiative
According to various press releases, the $43 Million that is being given to Rhode Island is intended to prevent avoidable foreclosures for Rhode Islanders who are unable to make mortgage payments because of hardships including job loss or underemployment.
The funds complement existing federal and lender programs and are only available to owner-occupied homeowners who have exhausted all other options.
Rhode Island Housing Executive Director Richard Godfrey calls the program “another valuable tool” to help stressed homeowners.
If you could see me, you would see that I have my hand raised as I have a question of fundamental economics. Aren’t people who “are unable to make mortgage payments” and are underemployed ( wow that’s a euphemism if I ever saw one…) the definition or a borrower who is not credit worthy?
Would you lend money to someone who was unable to pay you back? Yet that seems the actual qualifying criteria in order to receive money from the Obama Administration.
I’m sorry and I empathize with people losing their homes but isn’t giving away free money what got us into this problem in the first place? Isn’t the definition of insanity doing the same thing over again and expecting a different result?
These Socialist programs do not work yet billions are being spent / handed out. Billions of dollars collected from those who CAN afford to pay simply given to those who qualify by being in that segment of the population who specifically are unable to pay the money back.
Does anyone else besides me see this as being backasswards?
This kind of stuff makes me wonder why I get up to go to work in the morning. It also what DRIVES me to go to work in the morning.
RI Commerce Digest: $43 million in federal money to help hardest-hit … PROVIDENCE — Rhode Island is getting $43 million in federal aid to help homeowners stave off mortgage foreclosure. Wednesday, the US Treasury announced …
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