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Another Bail Out - Not For Homeowners

Posted By admin || 24-Nov-2008

Dallas-Fort Worth is among several North Texas cities and counties that will get a slice of the $30.3 million from Congress' Housing and Economic Recovery Act . The money will allow Dallas-Fort Worth to purchase and refurbish foreclosed homes and protect home values in declining neighborhoods that have faced massive numbers of foreclosures. The money will also be used to provide down payment assistance to qualified homebuyers who purchase foreclosed homes.

"This money was designed to acquire, rehabilitate ... and make these houses homes again," said Brian Sullivan, a U.S. Department of Housing and Urban Development spokesman. "It's about making sure these homes don't become sources of blight in the community where the effect becomes almost viral."

The money is supposed to help neighborhoods at risk; but no money will go to homeowners facing foreclosure. I repeat, this money is supposed to help stop the effects of foreclosure; but NONE of the money is going to homeowners facing foreclosure. How will this money help to save communities if you won't use the money to save those already in the community facing foreclosure? This is why we need strong bankruptcy laws to protect "existing homeowners" from foreclosure. It is these bankruptcy laws that allow homeowners to stay in their homes that really help neighborhoods remain stable not handouts to investors who make a killing off of flipping foreclosed homes.

Categories: Foreclosures
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