More free shit for the Free Shit Army!
FHA Floats New Program To Use Taxpayer Cash To Pay Mortgages Of Delinquent Homeowners
FHA Floats New Program To Use Taxpayer Cash To Pay Mortgages Of Delinquent Homeowners | ZeroHedge
Further proving we haven't learned our lessons from the "free stuff" era of Covid "relief" that taxpayers funded and continue to pay for via out of control inflation, the government announced last week it is working on a way to
reward people who don't pay their bills "help struggling homeowners meet their mortgage obligations".
The program comes from the Federal Housing Administration, who posted a proposal for feedback on an initiative called "the Payment Supplement Partial Claim", which as the
government's press release says, "would allow mortgage servicers to use the FHA Partial Claim both to bring a borrower’s mortgage current and to provide temporary reductions to their monthly mortgage payments for up to five years."
Ironically, the Department is citing high interest rates as a reason for implementing the program, stating "The rapid and steep interest rate increases of the past year have limited the effectiveness of some of FHA’s existing loss mitigation options in assisting borrowers."
Interest rate hikes were, of course, due to out of control inflation, which was the result of government "freebies" for those who couldn't pay their bills to begin with.
Sigh.