"County officials promoted the counseling program yesterday as well as another program they hope to kick-start if they get the $7.2 million in federal funds they're seeking. That program would enable the county to purchase foreclosed homes, refurbish them and then sell them to people."
But is the county preparing to draw the taxpayers into the housing and mortgage-aid business?
Laudable in its efforts to help those economically strapped, sources in the real estate community have hinted that an aspect of federal mortgage aid could be administrated by county government officials.
The fiscal question is simple enough: Should Westchester's county bureaucracy get in the business of public banking?
Some would rightfully argue that some government authority has to administrate such federal aid. Others fear it could become another inefficiently run county government department that could end up in other its head in bad mortgage debt over time. Wouldn't private banks and private mortgage brokers -- along with many experienced real estate professionals -- be better at close this complicated mortgage aid deal?
The author of this post is certainly not negating the value of some mortgage rescue, since it's clearly an issue of discussion in the real estate community, but how far and who gets bailed out?
... And at what cost, and what happens when the federal supply of dollars dries up and Westchester's taxpayers have to foot that bill?