Texas Gov. Rick Perry Rents Home, Taxpayers Foot the Bill
This is a story about what I call America One versus America Two.
In America One, only a very small fraction of the millions facing the prospect of losing their homes to foreclosure are actually helped by the Obama administration's mortgage modification programs. While in America Two, a fat-cat politician (well, OK, so he happens to be the governor of Texas) gets to have taxpayers pick up the tab for what the Associated Press refers to as a "sprawling rental home in the hills above the capital."
If you live in America One -- that would be most of us -- you might be one of those homeowners who have come to the conclusion that it is more cost-effective to default on your mortgage and walk away. Because: Why try or a loan modification for a house that you are unlikely to ever afford -- so long as only interest and not the principal of your loan is what is modified?
On the other hand, if you live in America Two, and Texas Gov. Rick Perry certainly resides there, you not only do not have to concern yourself with annoying things like mortgage statements each month, but you get to have the public pay for a pad with five bedrooms, three dining rooms, seven bathrooms, and wood floors the color of pecans roasted in the Austin sun. (I know politicians are dirty, but, come on--seven freaking bathrooms? What is he doing, baptizing himself in all that money?)