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


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