Last year the state of Arizona started the Save My Home AZ program with $125 million from the Obama administration. And now, nearly a year later, the program has saved exactly ONE home: [Thanks M!]
Of the 1,055 Arizona homeowners who have applied, only one has qualified for help from the program. A National Bank borrower is slated to get $40,000 knocked off a distressed home loan. Executive Vice President Greg Wessel declined to give details about the borrower, but he said two or three more are up for approval.
Can you see the headlines in the Arizona Republic if all three of those additional borrowers are approved? “Save My Home AZ Triples Success Rate In 2011!” It makes you feel good to see your tax dollars at work, doesn’t it?
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Wonder where the rest of the $124,960,000 went. Wait, I don’t want to know…
Linenoise-
I’m sure they have to maintain a staff to run this program, plus office space, letterhead, salaries, etc. That money can disappear fast, I’m sure.
Yes – Oregon launched a similar program in December with a couple hundred million in federal aid. I tried to help my ex complete all of the extensive paperwork as he had met all the screening criteria. After a month of meetings he was told he didn’t qualify as he had…a second mortgage. Which wasn’t part of their qualifying questions to begin with and was never a secret – all over the application. But then they called back and said they were reconsidering his criteria. More paperwork. More questions. But now he wasn’t qualified because he had a roommate – a friend who had lost his house. Its really a case of the insane running the asylum.
Government Entitlements as usual.
Sort of like Obama is going to cut $100 Million dollars in spending to lower the deficit. Oooops, he forgot to tell us his trip to the far east and renting the whole Taj Mahal besides the nearby hotels and his excessive entourage ran over $200 MILLION A DAY!!!!
The money is being used to hire union employees who will have pensions and lifetime benefits that anyone in the private sector would kill for, and consultants who will subsequently hire the bureaucrats who hire them, and will fund the campaigns of local politicians so as to ensure no waves are made. Oh, and the union bureaucrats will be around long after the administration’s money has run out, and when the government has budget problems paying for them, they’ll claim they have no choice but to fire teachers or police or firemen if they can’t raise taxes.
Corporate taxes should be simplified and rate lowered, Obama says. But many loopholes have a powerful constituency ? read more http://bit.ly/ihhwUz
This is deplorable. I’d like to know who the remainder of the $125 million is going towards. I seriously doubt it’s all going to be spent on the maybe two or three people they possibly might kinda sorta probably not really have.