Obama mulls “rental option” for homeowners
On the “Bailout News” front, our president is contemplating a program to reward homeowners behind in their mortgages by allowing them to rent their domiciles while their local bank is left holding the bag.
Reuters’ Patrick Rucker reports:
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.
As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.
Meanwhile, those who play by the rules, making their payments on time struggle to be responsible. What’s wrong with this picture?
We feel for those who may lose their homes. But making the responsible taxpayer shell out for this scheme that will hurt banks as well as us goes against the essence of personal responsibility.
It makes the rest of us out to be suckers.
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