Reply With QuoteWell, it is nice that they found a use for all that extra cash they have just lying around.
US taxpayers bail out California homeowners, as banks fail to pay their share.
Originally, banks and lenders were supposed to pay 50 percent of the cost of reducing the principal for those whose homes are worth less than their mortgage. But when the banks refused, California took the controversial step of paying the entire amount, up to $100,000.
"We thought, you know, 50-50 was much more attractive and we'd have much more traction with lenders, and it just didn't turn out to work as well as we would have liked," said Diane Richardson, legislative director of the California Housing Finance Agency.
The program, known as the Hardest Hit Housing Market fund, is part of a $7.6 billion federal effort to help underwater homeowners in 18 states. California received $2 billion. But when banks and lenders who service loans refused to write down even a small portion of the negative equity loans, California decided to use the taxpayer money to pay 100 percent of the mortgage reduction.
http://www.foxnews.com/politics/2012...y-their-share/
Gotta buy them votes ya know.
Well, it is nice that they found a use for all that extra cash they have just lying around.
Eff this outhouse of a state. In the next year or two I'll move out or help start that armed insurrection LAWB's been talking about.
Paladin, I left 12 years ago and never looked back. Best thing I ever did next to marrying my wife.Originally Posted by PALADIN
One good earthquake. That's all we need.....
The houses are not the problem, it's the properties. If we could have torched our way out of this problem we would have done it ages ago.
Better start stockpiling, the rest of the west is full up of golden state refugees. Funny thing is they didn't learn their lesson and immediately start turning wherever they move to into Cali-lite.
Real Californians are the ones who stood by the highways and railroads with shotguns and made those poor sad Okies go some where else during the great depression. We're still here, we're just biding our time.
Sadly they started to show up here in droves. Grrrrrrrrrrrrrr Always taking about how great Cali is but still living here. I really hate that.
Think about. They're like locusts. They turn their home into a $hit hole and then leave for greener pastures. And then turn that into a $hit hole. Rinse and repeat. Good lifestyles don't spread because they LIKE it where they're at. In the end everything is turned into $hit holes unless you stomp the everlovin' fvck out of the roaches.
Did you just refer to my people Locusts? I will burn your city to the ground mother****er!
Like you did your own home? Yeah, that's the problem.
I'm going to make sure an extra shipment of paroled gang bangers and meth makes it out your way.
Them's fighting words from someone whose state's only claim to fame is Mormons.
And we like it that way. Boring old Utah so don't come here.
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