I read the Houston Chronicle headline this morning and thought surely it must be April 1st and it was just a joke. In their infinite wisdom the Houston City Council and Mayor proposed to use $444,000 to pay off credit card debt to artificially inflate credit ratings of people that would not otherwise qualify to get a home loan. This is money leftover from a $1.5 million appropriation the city made for emergency home and roof repairs after Hurricane Ike.
WOW, where to begin? I guess you could start with that fact that it would be financial fraud to try and falsify credit ratings for the purpose of obtaining a loan. In the second place, isn't this why the financial institutions are in so much trouble now, because they loaned money to people that couldn't afford to pay it back? And last but not least, apparently the Mayor & Friends haven't had the opportunity to get out of their offices lately. Otherwise they would still see the hundreds if not thousands of blue roof tarps covering up hurricane damage. Here's a novel idea - how about using the money for the purpose it was appropriated for?
I'm Just Saying - WTF were these people thinking?
UPDATE - After news of this tax payer scam reached national attention the mayor has now decided to remove this from tomorrow's city council agenda. Duh!
Tuesday, February 24, 2009
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