And the state of Illinois can afford to do this because . . . why, exactly????? Come on, Liberals - explain it to me. I really want to know!
Please, no nonsense responses along the lines of "because it can't afford NOT to." This isn't a political board and I have little interest in meaningless campaign slogans.
May 23, 2011, 12:01 a.m. EDT
Illinois plan to cut mortgage debt is making waves
Would helping hand for ‘underwater’ borrowers make a difference?
By Ronald D. Orol, MarketWatch
WASHINGTON (MarketWatch) — A pilot program close to getting off the ground in Illinois seeks to use $100 million in taxpayer dollars to help potentially thousands of troubled mortgage holders in the state who owe more than their homes are worth.
Backers of the program, which needs the approval of the U.S. Treasury Department to move forward, argue that it will stabilize neighborhoods, reduce foreclosures, help the economic recovery and ultimately cost taxpayers nothing. Opponents insist it will leave taxpayers on the hook and drive better-off homeowners to engage in so-called strategic default, leading to more foreclosures and less stability.
Article continues: http://www.marketwatch.com/story/illinois-plan-to-cut-mortgage-debt-is-making-waves-2011-05-23?dist=beforebell
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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