Menino - Send The Cities Your Tax Money (For Foreclosures, this time…)
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Boston mayor Thomas Menino asked for federal aid directly to the cities to help those facing foreclosure. Now I am sure that there are noble arguments that can be made and groups that will get the money to those that are truly needy.
But that is not the reason for the plea by Menino. It is pure unadulterated greed. Sucking up to the federal trough to get more money to spread more influence. If the money is spent by the Feds and the State, how can the mayors look good?
Like urban renewal, the war on drugs, and countless other programs that are essentially ineffective, governmental types are focused on getting and spending the money. So what if only 20 percent of the money makes it to those in need, lots of government jobs have been created.
With so much money on the line and it to be distributed quickly the politicians know they have to fight for their share. It is too bad they will not fight so hard for their constituents.
“I strongly urge you to provide direct funding to cities like Boston,” Menino said.
Menino argued that cities like Boston are struggling to deal with a growing number of foreclosed homes and can’t afford to wait for state governments to figure out how and where to spend the aid.
“I believe the focus on states seems to me a bit misplaced,” Menino said. “Cities - and especially mayors - are the ones dealing with this foreclosure crisis every day.” via BostonHerald.com.
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Comment by Heath Coker on 13 April 2008:
We don’t need a bailout, we need some work outs. The staff(s) at the servicingcompanies don’t have the pages in their manual to allow them to work out many of these loans. There are some who were inappropriate borrowers, but some just need modifications. there is a way to keep principle amounts the same, modify some loans, and minimize the losses of investors. Lets keep in mind that the investors took the same risks that the borrowers did, but their risks were a function of the borrowers’ risk as well as market risk. I wrote a suggested workout idea on the imexplode forum that is too lengthy to repeat here, but there are ways of doing this without taxing everyone.
http://implode-explode.com/forum/viewtopic.php?t=4395&highlight=foreclosure+solution