An administration desperate to recreate the housing bubble is resorting to ever more bizarre measures with the taxpayers’ money. The latest is that if you can show a loss of income (how hard is that?), HUD will pay your mortgage and related expenses up to two years and $50,000. Nominally an interest free loan, as a practical matter this is yet another direct subsidy to homeowners. What don’t they understand about “When you realize that you have dug yourself into a hole, the first thing to do is stop digging?”