Democrats in a Dem-ruled state set up a *faaabulous* taxpayer-funded grift
If you wanna see how cunning, corrupt, raaaacist lawmakers write totally corrupt laws to favor their voters, read the text of this classic from the dipshit racist moron Democrat "lawmakers' in a liberal state.
This 8-page POS bill is crammed with references to other state laws, which makes it extremely hard to see what the thing is really authorizing. That's intentional, so skeptical voters can't figure out what this POS is really proposing.
Short answer: it appropriates tax revenue to give favored groups money for downpayment and closing costs to buy a home. And then it specifies that if the loan has "been outstanding for at least 5 years," the "special-purpose credit program" established by this POS "may fully forgive" the loan.
Note the cunning, deliberately vague term *"may* fully forgive." No conditions specified, so if *any* loan is forgiven, all must be. And note further that the bill (soon to be law, because WA is totally Democrat-ruled) does NOT say "If the borrower/home"owner" has made all payments on the loan..." it "may be forgiven." Instead it's "if it's been outstanding for 5 years," with no other conditions.
Can anyone predict what will absolutely, certainly happen if this piece of shit passes?
Sure ya can, sparky: cunning grifters will get the cash, get a government-guaranteed loan, make a couple of payments, fight foreclosure for another 4.5 years, then sell and pocket the profit. The gracious Democrat state will forgive the loan of the downpayment and closing costs.
Let's take a typical home in lush, highly attractive Seattle, say $400,000. Lenders love borrowers who put down a large downpayment, since it's a sign that they'll make their loan payments every month rather than risk foreclosure (and risk losing their large downpayment!).
This bill allows the proposed "special-purpose credit program" to loan members of their "special protected classes" up to 20% for downpayment and closing costs--meaning that the borrower will have 18% or so to use for downpayment. Lenders will be thrilled.
But the normal rule of thumb--that borrowers who make such a large downpayment will be good risks--is out the window because the Democrat bill (law) gave the member of the special class the money!
This grift is absolutely guaranteed.
The state's Democrat lawmakers can't be so stupid that they didn't foresee this. Wait...
Seriously, you should quickly read this 8-page bill to see how utterly, intentionally corrupt it is.
Source: Washington State legislature
https://lawfilesext.leg.wa.gov/biennium/2025-26/Pdf/Bills/House%20Passed%20Legislature/1696-S2.PL.pdf?q=20250424140900