The Legend Of Minta Garcia

They aren't really going to use tax dollars to keep a school bus driver and mother of two in an eight hundred thousand dollar home, are they?

If so, we don't need any more proof than that this is a bad plan.

Michelle follows up on another item as well. This is where your tax dollars will be going folks.

Pathetic. American dream my azz.

If these people are to qualify for this program, I can only imagine where our money will be wasted.

Comments

[Lala]

BTW Obama spoke the stock market is falling

RASMUSSEN-America HATES Obama Mortgage Plan

http://yidwithlid.blogspot.com/2009/02/rasmussen-america-hates-obama-mortgage.html

[Fred Beloit]

I have an anecdote, I have an anecdote and an antidote. I have an anecdote/antidote. In my neighborhood there are three nearby foreclosures. Two were owned by a realtor who temporarily rented the houses out. He walked away from his mortgages when he saw he wouldn't be able to flip the the houses for a profit, as he had done successfully early in the bubble. One was owned by a day-trader who lost money when the market started to drop...duh. Neither of them deserves to be helped by my money nor yours. Who will be investigating all these cases and making the call, Joe Biden? I don't see this investigative structure, do you?
The antidote? Tax revolt or tea party and freezing revenge at the next election.

[Bobbi]

this is Minta's facebook http://www.facebook.com/people/Minta-Garcia/622856725

[vivek]

This is USA every one has the right to a home of any budget irrespective of their salary. Dont like it, too bad, let your taxes come to good use.

[Yeah dude]

above poster...you are an IDIOT. In a capitalistic society NO ONE HAS ANY MONETARY RIGHTS especially the right to a home of their own!!! we have the right to life and liberty, other than that you are on your own.

your exact attitude is the reason why we are in this situation. No one has the right to anything they have not rightfully worked for.

[Bill]

Minta Garcia seems to be an example of what's wrong. I will add this much information: She has a husband and he's a construction worker. So they are a two income family. On the downside, I know this much, together they probably just break the six figure category for their area. Which means they got into debt at the rate of 8x their annual gross income. I think they were probably irresponsible in their borrowing. (although we lack certain information, rate of interest, amount of downpayment, other debt carried).

Now, I would also say that this is just as much a case of irresponsible lending. Did the bank require 20% down, an excellent credit rating? Did the bank figure how many times their annual income they were getting into debt? Did the bank look at other debt? I would say this is a case of irresponsible lending too.

There's blame to go around here (and certain government policies says that the very Congress railing at the banks is just as responsible). The question is do we let those people sink? I'm not sure that's so good. The property gets foreclosed, the bank can't unload it, it sits empty, dragging down property values around it. Encourages crime (or god knows even squatters these days). The bank has lenders too, so it may not be able to repay them -- with enough accumulated bad debt, it defaults and the government takes over, guaranteeing deposits (so it pays bail outs anyway). The homeowner now needs a place to live--choices, move in with a relative or find an apartment are the best options. But, they could also end up in a shelter (on the public dime), on the street (a public nuisance and a target for crime); possibly losing work with no place to live; needing public assistance for medical care and food.

So, think of all the consequences when you multiply this one story out over tens of thousands of people. Then think, do you have responsibility for this situation too? The bail out may be the cheapest way out and the way to living with your conscience. At the same time,I do think there should be a way to "weed out" the unworthy from the help that is offered--speculators, people who really really should have known better.