This is so wrongheaded. Obama is on course to steal another $50 billion from taxpayers who use good judgment and pay their bills to prop up irresponsible borrowing. In doing so, he will prop up home values based on air. That proverbial air provided by a blower drying new dollar bills rolling off an imaginary old-style printing press. And it will eventually be replaced by the air you release in a sigh when you see your taxes go up one day as a result.
The New York Times claims this is the group of homeowners targeted to receive benefit from this O-bunko game.
The first group is made up of people who cannot afford their mortgages and have fallen behind on their monthly payments. Many took out loans they were never going to be able to afford, while others have since lost their jobs. About three million households — and rising — fall into this category. Without help, they will lose their homes.
So, taxpayers now have to pony up so people who purchased homes they couldn't afford can stay in them? And people lose their jobs, that's hardly a first. In what universe outside of the old Eastern Bloc does this make sense? And what's the motivator for anyone to ever spend within their means if Uncle Bam is going to rush in, giving away money you haven't earned because you screwed up?
It's insane. At least it was when we had a Capitalist economy.
As unfortunate as it is, home prices need to fall, not be propped up. Not allowing that to happen only perpetuates a cycle of revolving debt, while making it more difficult for hard working first time buyers to own a home.
Not to worry, I'm sure O-bunko has a plan to help them, as well. It isn't his money he's throwing away while damaging the most productive economic system on the planet - it's yours. And when he buys a home he just calls up someone like Rezko to help him out.
Boy do I feel stupid! I pay my mortgage on time. Now Obama figures, if I can pay mine, I must be able to help pay for somebody else. I knew I shouldn't have been paying. I miss the United States of America!
Posted by: RUDY SAVIANO | Wednesday, February 18, 2009 at 12:01 PM
Think about the over inflated home prices, lenders went on their greedy merry way and give home equity lines like lays potatoe chips (you can't eat just one)people maxing charging cards and then many refi's later they are maxed out with another crap load of credit cards, bad lending on the other end with purchasing and financing with all these hybrid loans. No regulation, within lending,banking, or investment brokerages. You can thank 8 years of Bush and all your political representation dems and repubs! Once the housing market started the balling rolling, and the economy started it's decline, the job loss, people just didn't care, my friend doing the foreclosure counseling said she had people going on 10,000. vacations because they gave up and made failure an agenda. I pay my mortgage on time and have a good job, but this has even hit me. My house sits for sale in an area where people are giving house away in short sales, foreclosures, or willing to take less. All my hard earned money in improvements judged as a good investment in my home has gone in the toliet and I can barely sell my house for what I owe after earning $280,000. in equity since 1999. Now my profit is a $10,000. and within weeks I could be in negative equity. We can point the finger all day, but the bottom line is we all are responsible for letting this happen we vote these people in office and all of us should take the responsibility to say hey!!! wait a minute, we are losing jobs, not everyone is meant to be a homeowner, equity in a home as a living wage????? Think about it!
Posted by: angela | Wednesday, February 18, 2009 at 12:35 PM
If you lose your job and have a mortgage looks like you will get help with a place to live in addition to unemployment insurance but
if you own your home and lose your job no such luck. If we want to provide more help to the unemployed fine. Give them more unemployment insurance payments but don't discriminate between two similar families based on what they do or don't own.
Posted by: bob | Wednesday, February 18, 2009 at 01:43 PM
Housing bailout to allow 400-year mortgages, control interest rates
[satire]
http://wineandexcrement.com/housing-bailout-to-allow-400-year-mortgages-control-interest-rates/580/
Posted by: Patrick | Wednesday, February 18, 2009 at 08:19 PM