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Foreclosure Scandal

March 2, 2009
Gail Jarvis
3/2/2009

I am surprised by letters in local newspapers from persons who actually believe the Obama stimulus plan is the way to cure our economic ills. These letter writers are optimistic about the plan even though many admit that they don’t fully understand it. Members of congress who voted for the plan didn’t fully understand it either; in fact, they didn’t even read it.

Although the public may be in the dark about the specifics of the stimulus plan, they are not fooled by House Bill 200: Helping Families Save Their Homes in Bankruptcy Act of 2009. Homeowners can easily grasp the unfairness of the government’s arbitrary reduction of the mortgage payment and interest rate for a neighbor living in a home comparable in value to their own. What kind of government would make them continue to pay $1,300 a month with a 5% interest rate while allowing their neighbor to pay only $500 with 3% interest? What kind of precedent does this policy set?

But liberals do not usually worry about the precedent they are setting or the side effects of their proposals. They are only concerned about the short-term benefits of their actions and how well they play with certain voting groups. The mortgage bailouts are indeed popular with certain groups of Americans and they fulfill campaign promises.

The story continues …..

One Comment leave one →
  1. Howard Rosenburg permalink
    March 5, 2009 1:27 am

    Redistribution of wealth in action. Who picks up the short fall tab? You know. Adjusting the loan balances, first w/ the BK judge utilizing the cramdown power now revisited [debt above value peeled off, made unsecured, liquidated), then the 31% housing ratio and if the debts to big to allow or the rate/pymnt too high to fit, another cramdown. By design. You voted the socialist pig, you should have expected trouble.

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