Friday, January 1, 2010
Another $27 Billion of Stimulus Money Blown
The program to assist home owners facing foreclosure has turned into a giant boondoggle for the mortgage bankers.
The average house being rescued was valued at $177,000. There were 31,000 cases the government helped out, at a cost of $27 Billion tax dollars.
$27,000,000,000 / 31,000 = $870,967
Let me repeat this, "our so called government" spent $870,967 dollars each, to save thirty one thousand failed mortgages valued at $177,000 each.
It would have been 4 times cheaper to outright buy the houses and gift them to these distressed homeowners.
Classic Cloward and Piven.
Steve
The average house being rescued was valued at $177,000. There were 31,000 cases the government helped out, at a cost of $27 Billion tax dollars.
$27,000,000,000 / 31,000 = $870,967
Let me repeat this, "our so called government" spent $870,967 dollars each, to save thirty one thousand failed mortgages valued at $177,000 each.
It would have been 4 times cheaper to outright buy the houses and gift them to these distressed homeowners.
Classic Cloward and Piven.
Steve
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