ProPublica: Billions Meant for Struggling Homeowners May Pay Down Deficit Instead

[marmar]

Billions Meant for Struggling Homeowners May Pay Down Deficit Instead

by Lois Beckett
ProPublica, Aug. 25, 2011, 3:28 p.m.


With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first half of this year, the Obama administration is scrambling for ways to help homeowners.

One place they won't be looking: an estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent.

Instead, Congress has mandated that the leftover money be used to pay down the debt.

Of the $45.6 billion in Trouble Asset Relief Program funds meant to aid homeowners, the most recent numbers available show that only about $2 billion has actually gone out the door. ..............(more)

The complete piece is at: http://www.propublica.org/blog/item/as-administration-scrambles-to-help-homeowners-billions-left-unspent

[nineteen50]

1. And it continues

The largest transfer of debt from private to public in history. "Privatize profit socialize losses".

[marmar]

2. Yep.

nt

[amborin]

3. K&R sorry, marmar, I posted the same thing not seeing your OP

[Bluebear]

4. It bears repeating

[Starry Messenger]

5. k&r