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August 16th, 2010 at 12:43 am
Phil
Now that I have structured my plays for tommorow, I will taks a moment to opine on your ‘housing plan, wherin the government takes up to a 50% ownership interest in residentual property that is underwater financially.
I think it would be a very bad plan for the taxpayer, as the government ownership interest is without rent service by the occupant. You have waived any payment whatsoever that otherwise would be owed to the lienhohder, without your program in place. Sure, this free money in the pockets of the homeowner is nifty for those that are interested in welfare, as this is exactly what it is. The taxpayer is screwed in perpetuity, as the occupant has no incentive to ever move out, as the co-owner ( government ) never receives a dime until the property is sold, which maybe never, unless it doubles in price ( good luck with that one ). Phil this is a welfare program, that destroys incentive and creates another entitlement that is structured in perpetuity. You asked "what is wrong with this" and I have responded. Where am I wrong?