Anthony Randazzo on Obama's Next Bailout

Under a new revision to the Obama administration's Home Affordable Modification Program, second (and third) homes—whether owned as a rental property investment, as a vacation home, or just as an extra mortgage from a house-flipping project gone array—are now eligible for taxpayer subsidies to reduce the principal on the underlying mortgage. As Reason Foundation Director of Economic Research Anthony Randazzo explains, this means that even though those investors made a poor economic decision, taxpayers will still be forced to help foot the bill.