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

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