This is not for those who obtained a mortgage in good faith, knowing that they had the means at the time to make the monthly payments.
And let's not forget that the overwhelming majority of Americans are still paying off their mortgages on a monthly basis, just as always, even in this economic downturn.
But to those who fall into a different category, listen up.
If you obtained a mortgage knowing full well that you would not be able, in the long run, to afford to pay back the money you borrowed, and now you are expecting a government bailout, you are nothing more than a blood-sucking leech.
Why should I as a taxpayer have to pay for your mortgage just because you can't?
And get this. A study was recently conducted which shows that those who got into trouble a few months ago with their mortgage lenders and worked out a reduced interest rate and payment deal are now in trouble once again. Many of these are seeking yet another 'deal.'
Where does it end?
Personally, I don't want a bunch of blood-sucking leeches all over me, and I don't think most you do, either.
Saturday, March 07, 2009
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1 comment:
OK. So, I bought my house in 2006 but I bought in an adjoining county in a small farm town, where the home prices were still reasonable and the pace and quality of life were to my liking.
So I have a reasonable payment and it's do-able for me even now, I have a normal mortgage and a decent interest rate.
However, here's where this "new freedom" economic "plan" can start feeding on itself.
What if the tax burdens and general inflation (brought about in part because of irresponsible borrowers and lenders) moves my finances over the line, such that I get squeezed so hard by the new cost increases that I, too, can no longer afford my home (which was plenty affordable before Porkulon?)
If I lose my house to this, I add to the burden, making it possible that Porkostimulus happens again, raising taxes again, raising inflation again, and then others fall to the ever higher cost of living, leading to... another wave of Porkulon?
It's called a "cascade failure" and it could, in waves, eat even the most responsible buyers out there.
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