Washington May Pay Mortgages For Jobless

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Not that this nation needs another moral hazard-ridden bailout plan, but Barney Frank has one. As the (official) unemployment rate continues marching along towards 10%, the internet gambling advocate has a $6.5 billion "TARP for Main Street" proposal ready to go. The plan would be funded by TARP dividends and allocate $2 billion in "loans" to pay the mortgages of the unemployed. With conventional lenders unwilling to modify mortgages in light of the end of the recession, Barney has found a new way for the government to increase its bailout losses.
Frank proposes home loan plan for jobless [Boston Globe]

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