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Re: Illinois plan to cut mortgage debt is making waves 

By: fizzy in ROUND | Recommend this post (1)
Mon, 23 May 11 10:43 PM | 70 view(s)
Boardmark this board | De's Test Board 		Msg. 33053 of 45510
(This msg. is a reply to 33036 by Decomposed)
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"Backers of the program, which needs the approval of the U.S. Treasury Department to move forward"

I haven't read the article but it sounds to me as if the money will be borrowed or granted from the Federal level. So, the bankrupt state of Illinois sees this as a sure win; it gets badly needed money to sink into its rat's nest and the taxpayers who supposedly won't lose anything are distributed across the US while the profiteers are all in the state of Illinois??


I have come to realize that men are not born to be free. Liberty is a need felt by a small class of people whom nature has endowed with nobler minds than the mass of men. -Napoleon

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The above is a reply to the following message:
Illinois plan to cut mortgage debt is making waves
By: Decomposed in ROUND
Mon, 23 May 11 3:50 PM 		Msg. 33036 of 45510

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

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