Posted on 04/24/2025 4:37:16 PM PDT by grundle
Washington state governor Bob Ferguson just signed a bill to forgive debt.
It's not for college loans.
It's for mortgages.
Whoa!!!! Did he forgive them or transfer them to taxpayers a la Soetoros’ and Biden’s student loan forgiveness?
Just how does that work?
He just shot past Inslee in stupidity.
My daughter paid cash for her house in Spokane. She’s been bitching about property taxes here and now, no doubt, her taxes will go up to support these idiots.
What did the mortgage holders have to say about it? THAT doesn’t make sense. B of A or Wells Fargo said, “Go ahead - we like that idea. We only made the loans for the fun of it anyway! Needed the practice. “
I am not seeing that, I even searched for mortgage in the article and came up with nothing
can you give me the SB number ?
Maybe my dad should go and get a mortgage?
“”I am not seeing that, I even searched for mortgage in the article and came up with nothing —can you give me the SB number?”
AGREED....I said the same thing and I guess I exited before posting...I went through the entire thing - page after page and didn’t come up with anything related to mortgage forgiveness! What a useless bunch of garbage WA taxpayers are paying their legislators for!!
Democrats are stupid losers.
I’m not seeing it, either..................
SSHB 1696
Second Substitute House Bill 1696 modifies the Covenant Homeownership Program by raising the area median income threshold for eligibility to 120%, authorizing full loan forgiveness under certain circumstances and modifying one of the membership positions on the oversight committee.
So by what authority can he forgive a private loan to whom the state is not a part of?
if you look into this you will find that this only applies to lawmakers who must show they have had to stay in olympia over 6 days per year for more than 6 years.
they must also donate 6% of the forgiven amount to the Inslee Climate Foundation
Wait. What happen to Inslee?
THERE IS NO SUCH AUTHORITY.
THE BANKS WILL FIGHT BACK, AND THEY SHOULD DO SO.
“”Covenant Homeownership Program””
And who knows what that program is? So it boils down to a certain TYPE mortgage? What a bunch of garbage language. Where do these people come from who write this stuff? Voters in WA know what “modifying one of the membership positions on the oversight committee” means? You can bet it’s a positive for someone in the legislature and a negative for the borrower whoever that is!
Thanks for digging it out...We would have seen that when we were reading but it didn’t mean anything - only the words HOMEOWNERSHIP and FORGIVENESS would have rung a bell...worded so it would be difficult to pick up!!!
post is from clickbait bullshit on the interwebs ...
bill does NOT forgive mortgage debt in general, since those are private contracts that don’t involve the state, but affects only some of the loans the State itself makes ...here’s the actual FACTS:
SSHB 1696
Second Substitute House Bill 1696 modifies the Covenant Homeownership Program by raising the area median income threshold for eligibility to 120%, authorizing full loan forgiveness under certain circumstances and modifying one of the membership positions on the oversight committee.
and to clarify what a Covenant Homeownership Program loan is:
Covenant Homeownership Program is for zero percent loans from the Washington State secondary to the primary mortgage for first time home buyers who are not white and are “poor”
such loans are paid back to the State at the time of refi or sale of the dwelling, except with the new bill, under certain circumstances, the State loan doesn’t have to be paid back at all ...
the primary mortgage is unaffected by this bill, and no other mortgages of any kind outside the program are affected ...
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