The Bush administration plans to expand a government program that helps struggling borrowers keep their homes, as it moves to respond to the housing crisis amid more sweeping, costly Democratic proposals. The expansion — to be announced Wednesday — is designed to help about 100,000 homeowners, including many who owe more than their houses are worth, reduce their monthly payments, administration officials said. The expansion involves encouraging lenders to write down the value of the loans, they said. In return, the risk of default would be shifted to the government. (Wall Street Journal, Wednesday)
Make that taxpayers.
FEE Timely Classic
Reflections on Self-Responsibility and Libertarianism by Nathaniel Branden