The federal government can’t even give money away to help the unemployed pay their mortgage.
A $1 billion program to assist the jobless will likely end up spending only half the funds, at most, because so few people met the strict criteria.
The Housing Department, which had to approve the applications for the Emergency Homeowners’ Loan Program by Friday, expects that only 10,000 to 15,000 people will qualify. That’s only a small sliver of the roughly 100,000 who applied.
The only way the market will recover is after it hits the bottom. Programs such as this will most likely just prevent the inevitable. So am I to be happy that the government is failing even at giving money away? Do I fear its success more than its failure?