Mortgage Aid is a Waste of Money

$300,000,000,000.00 in funds for mortgage aid.  I hope this doesn’t get passed for several reasons.  First of all, it’s such an obvious attempt by both Democrats and Republicans to pander.  This probably wouldn’t be happening were this not an election year.

And why does the gov’ment need to do this?  Can’t financial institutions (who are in trouble if they don’t get paid) work this out with borrowers (who are in trouble if they can’t pay) on their own?  They got on this boat together, both knowing its hull was full of holes.  Why should everyone else have to come to their rescue now?

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

Does this mean I can look forward to being offered aid when I make a bad financial decision as well?  What  about the guy who started piling up cash years ago when people were getting interest only and adjustable rate loans because he knew there would be an opportunity to buy foreclosed property cheap in a few years for cash?  Why isn’t that person, who made a good financial decision, being rewarded?

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Comments

We don’t have a mortgage crisis. We have a character crisis.

It really pisses me off when we bail out people who gambled and lost. Maybe we should reimburse people for their lottery tickets that didn’t pay off.

Marty, we have a “can’t do math–that’s someone else’s job” crisis. Maybe we should just pump more money into public education. That should fix it.

HM,hmm…writing off lottery ticket purchases. That’s an interesting concept. Ever though of running for State Rep?

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