Billions of taxpayer dollars are still being wasted on useless government schemes to bail folks out of mortgages they never should have been in.
And now, some Congressmen are showing no shame about upping the ante.
Republican Congressman Bill Posey and Democrat Gary Ackerman are circulating a letter in Congress to raise the amount of money taxpayers would insure on Fannie and Freddie loans… from $625,000 to $730,000.
Not long ago $730,000 was a lot of money for a house. These were the McMansions -- the showy trophy homes that are bigger than they have to be. Of course, real estate folks argue that $730,000 won't get you a lot in Manhattan or LA. But should anybody be leaning on taxpayers for a place where $750,000 only gets you a split level with 2 baths?
Maybe you should try renting, or move to a place where $300,000 can still buy a nice property. Is Congress really prepared to argue that a $730,000 house is some kind of Constitutional right that should be backed by all taxpayers?
We're supposed to be filling up the holes that Congress dug us into, not digging those holes even deeper. Any Congressman voting to raise the already-high amount of money guaranteed by a government sponsored mortgage should be offered a guaranteed one-way ticket out of town.
David Asman joined FOX News Channel (FNC) in 1997 and currently serves as host of "Forbes on FOX," a weekend half-hour program that offers an informative look at the business week (Saturday from 11:00-11:30 AM/ET). Asman is also an anchor on FOX Business Network, where he co-hosts "After the Bell" (4-5 PM/ET) with anchor Liz Claman. Click here for more information on David Asman.