Today the FDIC Chairman - Shiela Blair - proposed to implement a new Federal program - Cash for Keys. Under the program all delinquent Borrowers that are 90+ days behind on their mortage payments will receive a Federal check in the amount of $21,000. That's right - you heard it right. Here are the program guidelines as proposed by the FDIC:
* Borrowers 90+ days behind on mortage payments
* Receive $1,000 to seek financial advice
* Receive $20,000 to surrender keys to their home
* Must vacate property quickly - and - leave in good condition
For the rest of us ordinary taxpaying, law obiding, citizens - this is hard stuff for us to swallow.
Looks like just a 'Cash for Clunkers' for homeowners.
5 comments:
it's the brainiacs in the federal gov't mandating that everyone be lent money whether they could pay it back or not who created this mess! Now, they are rewarding people who don't pay their bills with $20k of taxpayers money?!?!?!?! this is exactly why our economy is in the toilet.
Our Country is in real serious trouble. This is the kind of thing one would dream about. Fact is - it is actually happening.
Our Government has lost its core values. We are definately headed for self destruction. What a fiasco.
I heard about this on the news today. I thought while I was listening to the news that I had made a mistake. But - now I'm quite sure I heard the news commentator correctly.
I would have never have imagined this kind of behavior from our governing officials. No wonder unemployment is so high. It really doesn't pay to work anymore.
5:52
One is better off to get laid off, draw unemployment for almost two years, default on mortgage obligations, and get paid $21k by our Government for forfeiture of ones home.
There really is no ethics in our Country anymore. The lazy are rewarded while the entrepreneurs are penalized.
Reward those doing the wrong thing. Punish those doing the right thing.
Got it.
What a sorry state of affairs. Wish Joe allowed cussing.
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