October 19, 2009

House That, Again?

Here at Orgle Manor, we have a saying: To pull "a Homer and the light-socket".

This means to repeat the same stupid mistake over and over again despite its obvious stupidity, a la Homer Simpson. Whenever we use it, we also accompany it with the line, "Zzzzzzzt, D'Oh!.....Zzzzzzzzt, D'Oh!......Zzzzzzzt, D'Oh! "

I got thinking of that when I read this article:

The Obama administration is unveiling a new program to provide support to state and local housing agencies to provide help to thousands of home buyers and renters.

The administration said the new program would help to support low mortgage rates and expand resources for low and middle income borrowers who want to buy or rent a home.

The program will feature two parts a new bond purchase program to support new lending by housing finance agencies and a temporary credit and liquidity program to improve access by housing agencies to credit sources for their existing bonds.

The new program will operate under a law that Congress passed in 2008 to bolster the housing industry, which has been battered by the worst slump in decades, a downturn that saw home sales and home prices plunge and mortgage defaults soar to record levels.

The government said the new effort was designed to provide hundreds of thousands of affordable mortgages for working families and enable the development and rehabilitation of tens of thousands of affordable rental properties.

Um, not to be all don't-stick-your-finger-in-the-light-socket-again about it, but wasn't the whole housing mess caused in the first place in large part by the guv'mint hustling people into buying property they couldn't afford?


Posted by Robert at October 19, 2009 07:51 PM | TrackBack

Yeah, but this program will be bigger. It'll be too big to fail!!!


Posted by: rbj at October 20, 2009 08:54 AM
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