Bonehead Of The Day Award
by Jerry Lerman

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Houston Planned to Pay Off Debts Of First Time House Seekers To Artificially Boost Their Credit Scores
Because it worked so well with sub-prime mortgage lending

Houston, Texas, Mayor, Bill White, has dropped plans for the city to pay off some of the debts of first-time home buyers as a way to artificially raise their credit ratings so banks can be fooled into providing them home mortgages. But dropped only after a loud public outcry ensued.

Maybe using the money for education so some intelligence might find its way into government might be a more appropriate use of all their spare money.

Why did they think this was a good idea?

The Nobel laureate level economic experts which make up Houston City government have decided that banks are being too tough on people and should have lower lending standards. So reverting to fraud and subterfuge to put banks at higher economic risk is apparently justifiable.

"We don’t talk to them about this unless their credit score is pretty close ... "

Houston Chronicle 24-Feb-09
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Bonehead Of The Day Award by Jerry Lerman

Bonehead Of The Day Award
by Jerry Lerman