Wednesday, October 31, 2007

Judge Hands HUD a Public Smackdown

biz men testifyingI try to stay away from politics here, but it pleases me to no end when one of George W's minions gets a public slap in the face for doing something that's blatantly political and hurts the Little Guy in the process.

You'll recall that on October 2, the Housing & Urban Development department (HUD) issued a ruling stating they'd disallow any more Down Payment Assistance programs (DPA) as of today. See post about AmeriDream & HUD here.

HUD later ruled on October 22 (for fear of the federal district court's review) that they'd extend the DPA programs till next February.gavel  Yesterday a federal district judge handed down an injuction against HUD. He said their October 2 ruling lacked "reasoned analysis" and was based on "flimsy support". You know you've made a big boo-boo when a federal judge calls your lawyers "flimsy" in public.  Ouch! Somebody over at HUD is gonna lose a job over this.

The good news for first time home buyers? HUD can't shut down DPA programs. You don't need to save tens of thousands of dollars for a down payment. Good folks like AmeriDream will continue to help by gifting you the down payment (by asking the seller for a donation which covers your cost).

Take that HUD! Score one for the Little Guy and bring on the buyers. Gawd knows we need 'em now more than ever.