“It would not require a single new government bureaucracy, and would be designed to be self-financing over time — so it would cost taxpayers nothing in the long run.”
I guess I’m too stupid to understand how this will happen without costing taxpayers anything in the long or short run? How is the gov’t going to step in and buy hundred of billions of dollars worth of homes, refinance them, and then resell them to someone else? Where does all this magic money come from? Who’s going to buy them? Who will absorb the losses when they drop in value from the time the gov’t buys until they sell? Who determines whether or not the person is even capable of repaying the loan they never should have gotten in the first place?
Man, too many unanswered questions that only a politician could prpose and think we’d swallow completely and think it was a good idea. Sheesh, how do ANY of these clowns get nominated much less elected!
