The Scary Obama Home Bailout 5.0 Plan

The NY Post explains Obama's latest "home foreclosure prevention" plan, courtesy of U.S. taxpayers. It is almost as scary as Obamacare from a cost perspective.

Now Team Obama has announced a daring new program -- call it ObamaHome 5.0. Instead of subsidizing delinquent homeowners, this program benefits homeowners who are underwater on their mortgages but continue to pay.

Obama will subsidize upper-income homeowners (folks owing mortgage balances of up to $729,750) by paying their banks if they reduce the principal balance to 97.5 percent of the home's value and payments to "affordable" levels -- 31 percent of the homeowners' income.