Misguided housing subsidies promote unfairness, bailouts

The Obama administration released a report saying that most borrowers who had entered the anti-foreclosure program have dropped out, often because they could not document their income. Last week, Fitch, one of the major credit rating agencies, predicted that most people who do get new loans will default within a year.

HAMP or better known as the Home Affordable Modification Act,  is merely the latest in a multidecade series of misguided policies to promote homeownership. These policies have accomplished little but drive up home prices and promote irresponsible lending and borrowing. – USA Today

Why do we find this not surprising. This particular program comes with a $50 billon price tag. Is it fair for the taxpayer to pay for this?  There are simply folks that are better of renting. DSMW