You’re Paying Someone Else’s Mortgage

The white house released details of a $75 billion loan modification program today.  The government will be throwing more money into Fannie-Mae and Freddie-Mac, which have already received some $200 billion.  On top of that, “the government will also subsidize interest rate reductions to get borrowers to affordable monthly payments.” CNN Story

If you can’t afford your home, don’t worry!  We’ll get everyone else to pay for it!  It doesn’t matter that millions of responsible Americans pay their own mortgages, or even better, pay rent because they decided to wait until they could afford a house before they bought one.  Suckers!  The Obama administration has decided, once again, to punish the responsible and reward the greedy.

Wait, there’s more!  Obama wants to allow judges to lower mortgage principles.  If it hurts too much to be responsible, take it to the judge and maybe he’ll simply decide that instead of owing $400,000 on your house, you’ll only owe $200,000!  Boy, that sounds like a great incentive to get banks to lend again! Story

Advertisements

0 Responses to “You’re Paying Someone Else’s Mortgage”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s





%d bloggers like this: