Bonehead Of The Day Award
by Jerry Lerman

Now follow us on Twitter @Bonehead_Award

   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?

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
Click here for the original story

Stumble It!

Use the RSS feed to see new stories as they are published

You can also use the RSS feed to add the Bonehead Of The Day stories directly into your blog!

Add to Google Add to My Yahoo! Add to My AOL Subscribe in NewsGator Online Subscribe with Bloglines Subscribe in Rojo

Now follow us on Twitter @Bonehead_Award

The RSS feed is at:

Bonehead Of The Day Award

Add The Bonehead Of The Day Google Gadget To Your Webpage
Click here to see what it looks like ando find out how to get it

Copyright (c) 2008 - Gerald Lerman -- All Rights Reserved

Subscribe to BoneheadOfTheDayAward
Powered by

or send a blank Email to:

The Email addresses of everyone who signs up for the Bonehead Of The Day Award are kept private and confidential. We never sell, trade or otherwise disclose anyone's Email address or personal information. We only use Email addresses for sending out the Bonehead Of The Day newsletter. Our list manager, YahooGroups has a similar privacy policy which you can see by clicking here.

You can see our privacy policy by clicking here.