Yes. They are giving out “reform loans” to low income borrowers. Some people will call this a bailout, but it is nothing that can be called that except to confuse the issue. They are basically taking a chance on people that they don’t really know, and doing it at taxpayer cost.
Now, let’s look at some facts for this loan program. So if you’re an individual that has made $25,000 to $50,000 and maybe a couple hundred thousand dollars, in an average year is the goal, that they are actually only going to be able to make $1,000 a month on their federal grant; it’s a lot less. But the federal government will make this money available to you. How much is the loan? Well, the basic level is $10,000 per year, but that’s a very little loan that they will give you in a relatively short period of time. But, even though they are giving this program to you and giving me this money, they will have to go out to do this and they are going to have to pay you back $1,000 to $2,000. They are not going to be able to give you any free money. They can’t hand you a loan. So they are only going to be able to give you money for five years. That’s it. The goal is to give you $10,000 a year at the minimum level. That is all they will get. So it is very hard to describe what is going on. I just wish the person would explain exactly what the plan is, because you could start seeing how the program is going to function under our current political system. You do not go in, and the person asks you if you would like to take advantage of this program for five years. They offer you a deal of $10,000 a year.
The individual understands that there is a $10,000 a year dollar loan with them. But the person that goes in comes back at $10,000 a year, and they keep their money. What does that mean? How much are they going to give you if you have taken advantage of this program? That’s an extremely important question, because if they gave everyone $500 a month, the value of this loan to you would be $50,000. Not a good deal. So you know, the government is giving you the loans at the minimum level and the amount of them that they are going to give up to the individual
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