Skip to comments.Resentment Grows Over Paying for Others' Foreclosure Misery
Posted on 02/20/2009 2:51:38 PM PST by metmom
Michelle Fry is a suburban Atlanta homeowner who has seen the value of her modest one-family home drop by more than half in the past year. She now sees a national mortgage bailout plan that appears to reward people who bought more house than they could afford and can't pay their bills. And she has a simple question for President Obama:
"Why am I paying for them?"
"We are very frustrated and scared," said Fry, 32, a newly expectant mother who works as a creative director for a public relations firm. Her husband Sam, 38, is a truck driver for a local printing company. Their combined household income is less than $100,000.
(Excerpt) Read more at foxnews.com ...
For 5 years. Then the loans go back to what they are today...just like the ARM re-sets that caused the problem in the first place.
People get low terms in the beginning with higher terms later because they can afford the low teaser rate. They plan to sell or refinance before they have to pay the real rate. It was a gamble. They lost.
It's not just a question of banks not wanting to write down the value of their assets. The massive write-downs turn banks insolvent overnight. Under law, insolvent banks must close or merge. They are ALL insolvent because they have a mountain of assets that are now greatly devalued.
The entire banking system has been built upon predictable valuation of property securing loans. That valuation has collapsed.
You paraphrase Cicero here and are completely correct.
they get to buy all the goodies and still get bailed out....
it does not pay to be honest and hardworking and tax paying....
No, it's not - the press was told not to ask that question in the FAX from the White House. ;-)
Why? Who gets to decide what is "modest"? How long is "temporary"? How much "relief" should be considered? Does the manner in which the person lost their job have any bearing on your altruistic use of my money?
Any way you slice it, your proposed actions are the very definition of communism -- "from each according to his ability, to each according to his need", with the government elite deciding both the "ability" and the "need". If you forgot, this failed experiment was tried in the Soviet Union.
So many who would call themselves "conservative" don't even know the meaning of the word anymore.