Are you frightened by the Homeowner Affordability and Stability Plan? If you’re not, have you read it?
http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/FactSheet.pdf
This really gets my goat! People who got more of a mortgage than they should have are going to get their mortgages renegotiated, AND they’re going to get ,000 (,000 a year for five years) to go towards their principal, in addition to the payments they make.
So…let me get this straight. *I* did the responsible thing. I got a mortgage that I could afford, haven’t fallen behind on it, forego many other things that I’d RATHER have, so that I can pay my mortgage each month….and now, those who made poorer choices are told by the government, "That’s okay that you didn’t do the responsible thing. We’re going to bail you out. Here…have a bag of money!"
That’s crap. That is socialism at its best. We’re on our way down the slippery slope…and if you don’t believe it, you haven’t read it!
http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/FactSheet.pdf
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Related posts:
- Homeowner Affordability and Stability Plan
- Homeowner Affordability and Stability Plan
- Homeowner Affordability And Stability Plan?
- Obama’s new homeowner plan?
- Has anyone applied for a modification on thier mortgage through Obama’s homeowner affordability plan?
Tags: affordability, choices, crap, factsheet pdf, goat, initiatives, money, mortgage, mortgages, slippery slope, socialism, treas gov
Print This Post
Posted in
My fear happened 4-5 years ago when we bought our last house. I knew then that the prices for homes were overinflated. Some folks even said then they were waiting for the "bubble to burst".
Doing the responsible thing is all relative, depending on where you live. If you live in a major metropolitan area, your situation is not the same as someone who lives in an area of more moderate real estate prices. In some places you could not buy a house without buying one where the price was way overinflated. Many people did do the responsible thing and only bought houses they could afford, even with the price overinflated, because then their option was to rent at overinflated prices.
At the time this happened was when someone needed to intervene and put a halt to runaway home prices.
Now in those places where every house on the market for years on end were overinflated, those same houses are on the market for sometimes 100,000 less than they were when the buyers bought their houses. *See LeHigh Acres, Florida*
Granted, I don’t think the government should necessarily bail out mortgages, but then again I don’t think the government should have bailed out GM and banks, when those folks had resources to access. I’m much more in favor of the government helping people with loans than I am with grants and/or bail out money.
Everyone needs to be responsible, but there is a point where when a system is corrupt, all of it needs to be canned, and those responsible need to make amends.
If you believe that this is socialism, tell me where it should stop. Should we deny people access to emergency care or healthcare, simply because they do not have the funds? Should we deny folks public education because they are in poverty? Should we allow folks to simply go live on the street or in homeless shelters because they now are hit with mortgages, in some cases by the same banks who are being bailed out by the government, by unscrupulous companies who would have had them believe they could afford their mortgages?
The slippery slope was greased long ago, now we are living with the results.