Tuesday, February 24, 2009

Good Money After Bad, Part Deaux.

I don’t know if it’s a sympathetic knee jerk reaction, or if the tentacles of Socialism are already spreading outside the Washington Beltway to inside the Houston Beltway…

Houston City Council is actually considering using your tax dollars to help pay off personal debt for some individuals who could not otherwise afford to buy a house as first-time home-buyers.

There are all sorts of caveats and conditions that must be met in order to receive dole-outs of up to $37,500 to buy homes in areas you’re not necessarily going to see advertised in The Chronicle’s Sunday Real Estate section…but still: How incensed are you to know your tax dollars could be “cleaning up the balance sheets” of some wanna-be home owners who lack sufficient credit ratings to make the grade for a first time mortgage?

Isn't the government putting people into houses they couldn't handle what got us into our current financial mess?


Charlie Domino said...

Brent, socialism hasn't just arrived in the City of Houston, it's been going strong for years.

To explain the $37.5k reference you made to the readers: Take a good hard look at LARA: the city funds this "Authority" to buy up lots (it currently owns over 800), then it turns them over to developers under undisclosed terms (see http://www.houstontx.gov/lara/minutes/2008jan.pdf ). After the homes are renovated or built, then Houston Hope (another taxpayer fleecing) uses our money again to give buyers their down payment.

Now what's happening is that too few people are qualifying for the loans, and the builders may lose their profits on the already sweetheart deals. So Mayor White is going to toss another $3k on top, to pay off credit cards so they can qualify.

Socialism, or cronyism? Wonder who those developers will be contributing to in the upcoming Senate race?

Anonymous said...

It is disgusting to me. I am in a difficult position as a homebuilder. This industry is well known for it's self serving stances. You can bet that the Greater Houston Builders Association is 100% behind the city councils idea. The great American dream of home ownership blah blah blah....on and on. I am traveling with a large contingent of homebuilders to Austin tomorrow for what they call "Rally Day". A covert name for lobbying. I will be interested to see if i get nauseous or really feel that my voice was heard!!

Anonymous said...

Frickin' disgusting. Revolution is the only option is our elected morons continue on their merry path!!! William Ayers is looking like a fairly wise man at this stage of the game...(i am just kidding....i think)

Brent Clanton said...

After discussion in City Council today, the notion of using public dollars to help private individuals get into houses for which they could not qualify was summarily killed. Good riddance.