Think your tax dollars are being put to good use? Think again. Not only are irresponsible states like California shelling billions of them out to fraudsters, but California is also apparently using federal dollars to pay delinquent mortgages.
Yes, you read that correctly. Your tax dollars are being used to pay the delinquent mortgage of some irresponsible Californian.
That’s because the US Treasury decided to back and approve Newsom’s $1 billion dollar mortgage relief grant program, which would provide financial aid to the thousands of Californians who fell behind on their mortgage payments during the Covid pandemic.
Adding more details on the program, Just the News reports that:
The program will fully cover overdue housing payments of up to $80,000 per household. According to the governor’s office, the funds will go directly to the homeowner’s mortgage services via a one-time grant funded by the American Rescue Plan Act’s Homeowner Assistance Fund.
Those eligible for assistance include California residents at or below 100% of their county’s Area Median Income, own a single-family residence or condo, and faced pandemic-related financial hardship after Jan. 21, 2020, according to the governor’s office. Applications will be accepted through an online portal in the coming weeks.
Describing the necessity of the program, Gavin Newsom said:
“We are committed to supporting those hit hardest by the pandemic, and that includes homeowners who have fallen behind on their housing payments. No one should have to live in fear of losing the roof over their head, so we’re stepping up to support struggling homeowners to get them the resources they need to cover past due mortgage payments.”
He doesn’t describe why it’s now injustice that people have to pay their bills; Americans have survived for many years without the government money machine paying their bills for them.
And while California will be footing some of the bill, the US taxpayer will be on the hook for the vast majority of its price tag. As the program’s term sheet reports, “The initial allocation of HAF funds is approximately $100 million,” but the “U.S. Treasury would increase the final allocation of HAF funds to approximately $750 million.”
Because Treasury approved the program on Monday, that $650 million in extra funding will flow from Uncle Sam’s coffers to the mortgage payments of irresponsible Californians.
Oh, and for those defending the program on the basis of it protecting homeownership, don’t think that that’s what it’s actually intended to do. Again according to the term sheet, it’s an equity program meant to help the “disadvantaged.”:
CalHFA will affirmatively target socially disadvantaged and vulnerable homeowners using a data-driven approach that uses a combination of Qualified Census Tract data (HUD) and Owner Vulnerability Index (UCLA). This will include data-driven targeted marketing and community engagement along with engaging housing counselors, as well as using levers in the program design to ensure that outcomes effectively prioritize socially disadvantaged individuals.
So, now your dollars are funding a hugely expensive equity program for irresponsible Californians.
This story syndicated with permission from Will – Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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