[JohnGalt]

Another $400 million in welfare give aways...how big was that temporary tax rate reduction?

Et tu, Katherine Harris?

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[alisasny]

So basically they are going to give a handout to people who have NO savings and expect that they will be able to keep up with mortgage payments when unforseen expenses come up.

Interesting!

[Pan_Yans Wife]

The new homeowners will pay property taxes, so the politicians like luring them in.

[Phantom Lord]

No downpayment is needed to purchase a home. There is a wide variety of 100%, 103%, and 107% purchase mortgages available. And you don't even have to have good credit to qualify! This is nothing more than welfare.

[conservababeJen]

gimee, gimee, gimee, gimee.........

Ya know... when I bought my first house, I had to SAVE money for a down-payment...Imagine that. Stupid me.

[Beck_isright]

Katherine Harris - Republicrat in action.

[Lijahsbubbe]

Supporters said children of homeowners do better in school and have higher high-school graduation rates than the children of renters

Children of parents who have discipline and are responsible do better in school.

Do they need more people to keep the re-fi bubble going?

[Orangedog]

Why don't they just start dumping money from helicopters and get it over with?! It's bad enough that Washington was handing out more of my tax money in the form of "rebates" to people who don't pay any federal taxes. Now we get to make a downpayment on a house and pay their closing costs! Grrrrrr!

[Lijahsbubbe]

this striking inequality in our land of opportunity

I agree. I demand reparations. We got no assistance on our home.

[shhrubbery!]

Yeah, I heard this on Sean Hannity's radio show yesterday when he had Katharine Harris on as a guest.

Harris positively burbled over her 'first' bill. Sean, to his credit, didn't react too positively when he heard her description of it.

[Moonman62]

The White House said the legislation would reduce a disparity in homeownership - three-fourths of non-minority Americans own their own homes but less than half of blacks, Hispanics and other minorities are homeowners.

So I guess they are going to discriminate against poor white people in order to make this come out the way they want.

[Moonman62]

The White House said the legislation would reduce a disparity in homeownership - three-fourths of non-minority Americans own their own homes but less than half of blacks, Hispanics and other minorities are homeowners.

Now they won't have to sell their BMW's or their Lexus's in order to make a down payment.

[OXENinFLA]

A FL congrassman last night stated the amount of money the DEMS have put forth in Amendments.....................$890 BILLION.


I'm going to post his remarks as soon as I find them in the record.

[Squawk 8888]

This is absurd- I don't know what the US market is like but here in Toronto there are real estate agents tripping over each other in the rush to offer low-downpayment, no-downpayment and rent-to-own deals. All without a nickel from the taxpayer.

[truthkeeper]

The bill, said Rep. Katherine Harris, R-Fla., the chief sponsor in the House, "empowers tens of thousands of low-income Americans to overcome this striking inequality in our land of opportunity."

Well isn't this special.

[pau1f0rd]

One step closer to socialist Europe. We don't even have this in England.

[FITZ]

Supporters said children of homeowners do better in school and have higher high-school graduation rates than the children of renters, and that this new group of homeowners would boost the U.S. economy.

Children of homeowners do better because their parents aren't taking food stamps, WIC and the rest but are setting a good example by studying hard themselves and working for a living. If the government has to buy them their homes, it's just another very large welfare program that will grow and grow and grow. Why should someone work hard to save up a downpayment while someone else can just get the government to hand it to them?

[StriperSniper]

The socialist revolution is almost complete. : (

[Lurkd Long Enough]

Please wake me up when this spending orgy is over. The money to rebuild iraq is one thing, but where in the heck did this boondoggle come from?

Welfare for a down payment on a house. Who would have thunk it?

[HamiltonJay]

I got news for you guys, governments been subsidizing home ownership directly and indirectly for years... this is just one more in a liteny of programs that already exist.

In fact, FHA, VA, HUD already underwrite or insure huge amounts of mortgages out there.... unless you paid all cash for your house, you probably were subsidized in some manner by the government as well.

I don't agree with this program, as I don't think it helps anything... but mortgage industry pretty much exists in america today because of government backing.