Vote-Skankin' Congress Wants Another $15 Billion Homedebtor Bailout
Here we go.
Another $15 billion worth of taxpayer money down the drain. If this passes, it will be money that could just as well be flushed down the toilet. $15 billion won't make a dent in the problem. Nor will letting local governments buy foreclosed homes take care of the crime and other problems.
Those come from the fact that vacant houses invite crime, freeloaders, vandalism, etc. A city- or state-owned property that's empty is no better (and probably much worse) off than a bank-owned property. The bank at least has an incentive to unload it to someone who might do something with it. Governments will argue, try to reward their cronies, attempt to score political points with more useless taxpayer-fleecings (i.e. "improvements).
Note to dopes in Congress: You can't stop this. Get your votes some other way. Scuttle back to your lobbyists and find another boondoggle opportunity -- maybe reward homeowners who grow corn in their yards for ethanol.
Let the prices fall. Let the homes foreclose. Let responsible people pay market prices (yes, getting lower) for homes, and the problem will solve itself. It won't be painless, but it won't be throwing bad money after bad, either.