A new billion dollar federal program sponsored by HUD has reared its ugly head. No doubt, in an attempt to buy Democrat votes before the 2012 election, HUD and a non-profit neighborhood organization have announced that homeowners who are under water and in trouble can borrow up to $50,000 to catch up with their mortgage payments and late fees. The kicker is that the loan is not only interest free but also does not have to be paid back if the home owner stays in his house for 5 years. HUD forgives 20% of the loan balance for every year home owner keeps his home.
At this age of spiraling debt and worsening economic malaise, this only furthers the nanny state mentality and digs our hole deeper. Whatever happened to the traditional American self reliance - a basic ingredient of American exceptionalism? Must the state be there at every turn, holding our hand? Do we not have any dignity left as a nation anymore? God help us.