Congressional leaders add weight PACE restoration battle

Ed Wright at 04:21 2010-07-21 said:

Does anyone with a memory of what created the mortgage mess in the first place see a pattern here? When reasonable minds, in this case “Fannie & Freddie” correctly point out the fact that the government’s beloved “PACE” program destabilizes their loan programs… somebody throws a fit and files a lawsuit. GEE… I.Q. CHECK HERE; just because a lawsuit is filed, how does it change the fact that the “PACE” program destroys the checks and balances that Mortgage Insurance adds for the lenders and note holders? If solar power is so valuable, why does the government not just set up a separate loan program to fund it? Why tie the “PACE Loans” to tax bills? OH, That’s right, this is part of Obama’s creating jobs… “New Hope” thing. “Smart Idea,” further destabilize mortgage’s LTV ratios to benefit the Solar Industry. Some might say a “Bright Idea!” Perhaps we could also “Adjust” credit and income ratio’s so everyone qualifies (especially purple, green and blue people). This would help the Real Estate Industry and Home Builders, boost the economy ect… Lord knows we sold a lot of homes playing around with just these sorts of programs. Smart Idea! yes/no?

In this case the “Smart Idea” is to sell something that nobody would typically purchase at the prices being charged. Add a few solar industries lobbyists (weasels), and BAM!!! We found a way to trick the U.S. tax payers into funding another special interest boondoggle. WOW!! What a concept! Something like the old 200 dollar toilet seats the military purchases. Nobody but our politicians would fund such misuse of taxpayer dollars… but here we go again throwing money down an overpriced rat hole. Lawyers will make it work; Lucky Lawyers, at least they still have jobs! Permalink