The Obami want to bail out those people in the country who are below water on their mortgages. “About 11 million households, or a fifth of those with mortgages, are in this position” The Obami think it right to buy up those mortgages to keep owners from walking away.
They want to help those who bought a house at the peak, maybe with zero down. We’ve tried restructuring the loans with lower interest rates and with stretchouts to get lower payments. Soon many of those reworked loans are back in foreclosure.
The Obami want to use $14 billion in TARP money to help those home owners out. I would guess that would include home owners who borrowed all their equity out.
The administrationâ€™s earlier efforts to stem foreclosures have largely been directed at borrowers who were experiencing financial hardship. But the biggest new initiative, which is also likely to be the most controversial, will involve the government, through the Federal Housing Administration, refinancing loans for borrowers who simply owe more than their houses are worth.
Four-fifths of the nation’s homeowners have played by the rules and are current on their mortgages. We who have played by the rules will get screwed twice. Using our taxes for the deadbeats or suffering from depreciating currency (inflation). Then the statists, having run up the nation’s debt, will seek new taxes. They love the European model so much that next, those in power, will float the idea of a VAT tax so popular over there to make ends meet. You and I know that ends will never meet, because they can spend it faster than we can earn it.
It’s time to throw every free-spender out of office!