Posts Tagged ‘Obama modifications’

New Efforts To Aid Homeowners Won’t Cost The Taxpayers Another Dime

Further efforts to abate the foreclosure crisis won’t cost the taxpayer any additional money is the word from the Obama Administration. This includes the new HFA Hardest Hit allocations and revisions to HAMP to reward lenders who write down principle balances.

This is because all of the money that is being used is coming out of  TARP (Troubled Asset Relief Program) funds. $50 billion, to be exact, and the government has come nowhere close to that allocation.

While the Wall Street Journal calls this $50 billion a “slush fund,” it is a good thing that further outlays from that fund need no congressional approval. If they did, it would be likely that programs like HAMP, designed to help struggling homeowners would get bogged down in congressional politics.

It is also a good thing for taxpayers already laboring under massive budget deficits run up in the last decade.

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