So, let’s see … if I understand it correctly, I’m eligible for mortgage assistance under Obama’s new housing bailout. I bought this house two years ago and its value has been dropping ever since. That puts me “under water” on my mortgage, since almost nothing I’ve paid in these first two years has gone toward … Continue reading Where’s my piece of the bailout pie?
The Great Bailout of 2008, ill-conceived and hastily enacted in early October, is continuing to implode. $700 billion, more money than most of us can imagine, is half gone, Treasury Secretary Hank Paulson has unilaterally changed the rules for its distribution, and the oversight committee has yet to be named. This, you’ll recall, is the … Continue reading The bailout boondoggle, GM, and me me me
These days we have politicians of all stripes promising help to homeowners who’ve gotten in over their heads. Can’t pay your mortgage? Just hold out your hand. The government is coming to the rescue. Rescue? From your own irresponsibility in buying a home you couldn’t afford? From your own failure to plan for the escalating … Continue reading Home ownership is a responsibility, not a right
President Bush announced the subprime mortgage rescue plan today. It will freeze those subprime rates for the next five years! That means the guy who signed for that 3% loan is set for the next five years, while I continue paying 6.7%. I’m not the sharpest crayon in the box, but somehow that just doesn’t … Continue reading Let’s reward bad decisions and predatory lending
In its infinite wisdom and great generosity (with my tax dollars), the U.S. government is now considering a plan to freeze mortgage rates for homeowners who’ve gotten in over their financial heads. Excuse me?! How is this fair? I shopped long and hard for a small home I could afford at fixed-rate payments I felt … Continue reading Mortgage assistance plan unfair to majority