Obama Homeowner Bailout Program A 75 Billion Dollar Bust

The government has no business using taxpayer money to prevent foreclosures in the first place. As Jeb Hensarling has said,

We must remember that 93.6% of households rent, own free and clear, or are current on their mortgages…Programs…that force the responsible majority to subsidize the irresponsible minority should be rejected.

That brings us to Obama’s 75 billion dollar “Homeowner Bailout Program.” According to a report by the special inspector general for the Troubled Asset Relief Program (TARP), the program’s a huge failure. Just look at this quote from the report about the “Home Affordable Modification Program”…

In sum, until: :  Treasury fulfills its commitment to provide a thoughtfully designed, consistently administered, and fully transparent program, HAMP risks being remembered : not for catalyzing a recovery from our current housing crisis, but rather for bold announcements, modest goals, and meager results.

“(B)old announcements, modest goals, and meager results.” With 75 billion dollars of YOUR MONEY. In private industry, when someone screws up like this,:  he : gets:  fired. Heck, let’s be honest: very few companies can survive a 75 billion dollar screw-up. Typically, when a company fouls up this badly, EVERYONE loses their jobs.

How many government workers will be fired for this poorly conceived, poorly executed : debacle? Maybe the guy who wrote the report exposing it if it gets enough attention. That, my friends, is why government in this country is slow, stupid, and inept compared to private industry.

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