I am not certain just how this worked but Redding has already gone through all of the money they got that was to help people make down payments on homes and is talking of another tax increase to cover some that was given to people who they don't feel will be able to make the payments on the homes they bought. Why would they loan them money to buy still way overpriced homes if they know they aren't going to be able to make the payments? It seems to me the people in this case are as dumb as the local politicians as they wouldn't settle for a home that they could afford to make the payments on. This looks like another of the repossession things coming a year or so from now.
Ron
