Is this latest obscenity possibly for real? What fresh hell is this? Geez, politicians stabbing common sense in the back and throwing away money with both hands while the shell-shocked taxpayer stands by, open-mouthed with horror.
Ed Morrissey is outraged, as any sensible person should be, really.
Anyway, all this is, frankly, a stupid way to "stimulate" the economy. A few (billion) fistfuls of dollars won't do a thing if underlying policies and practices are rotten -- and they are.
Dear Congress,
You are all a lot of reprehensible, reckless fools and should be thrown out of office at the earliest opportunity.
Sincerely yours,
MM, Outraged Taxpayer
1 comment:
What I don't quite get are these demends for something for the mortgagee.
Situation one: I owe $1 million on a property now worth 650K and heading south. So they cut my mortgage by 200K so I can pay the rest off. This is a favor?
Situation two: I bought the place for 500K and added another 500K in HELOC's and other doodads. Now they bail me out of 200K of my self-created mess. Which actually helps the bank more than me, because they are still going to sell me out like a cheap pair of shoes because I STILL can't make the payments.
Situation 3: They bail me out of 200K of my 1 million and I CAN make the payments now. Errrr, see something wrong here? Yup, I guess so. Anyone who can make payments on an 800K mortgage has a ABOVE AVERAGE INCOME!
The average US taxpayer has by definition an AVERAGE income, while the benificiaries of this errr - benefit have above-average income. So those with alow average incomes get to bail out those who are better off.
Situation four: Lifetime renter. Maybe someday I can afford to purchase a house with my savings. If inflated house prices come down to a decent level. So the US government decides to subsidize keeping housing prices high. Riiiiiggggghhhhhttttt (Think of Bill Cosby playing Noah talking to God).
There might be a few situations where this might make sense, but not many. The poor suckas who got lured into those sub-prime deals are long gone. They're worrying about making the rent payment - or maybe about getting out of the shelter. Mortgage 'relief' is the last thing THEY need. Maybe help in rehabilitating the old credit rating, perhaps. But even then....
One thing which could be done is work on developing same affordable housing alternatives somewhere between the projects/trailer park and the utterly unaffordable subdivision. Maybe 'subdivisions' with decent sized plots which don't exclude double-wides, something like that?
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