Why should you be responsible? What’s the point? Why try? We live in a country where you get a ribbon and a trophy for coming in last place. Some schools have done away with grades because it might hurt the child’s psyche if they should fail. Now how they ascertain if the child passes or fails, I have no idea. Is there no more ill consequence for poor or bad behavior? You can’t even win in high school sports without losing, if you remember the basketball story. This is the absurd garbage we’ve been teaching kids and now we’re teaching adults the same thing. We’re teaching them that it’s ok to come in last, you’re still first in our book. That’s the message from the government on the mortgage bailout.
I mean really why do you and I pay our mortgage, if you have one or two or three? Why pay it? What’s the point, it seems there is not failure in failing anymore. You scrimp, you save, you do without to get enough money to buy a nice house, something you can afford then you scrimp, you save, you do without to make the payments and keep it up. Then along comes the sub-prime lending, 110% and 125% mortgage value loans, Zero down, no credit, bad credit loans and the Fed forcing banks to give loans the the economically challenged (i.e. POOR/bad credit) because it’s not fair that only people that can afford a house can buy one. As a result the property prices in many portions of the country go through he roof giving rise to house flipping, over buying and over reaching, even a few TV shows. Now I know I’m simplifing a rather complex issue and if you are reading this, odds are I don’t need to explain to you how this whole fiasco started. (Think Democrats blocking re-regulation.)
The short it is rather easy, the Obama led government is encouraging bad behavior by creating a no consequences culture with the bailout of mortgages. Here’s how it’s going to work, again simplified.
Bankruptcy judges will reduce the value of mortgages, this is known as a cram-down, and gives participants up to $1,000 a year if they make their mortgage payments on time. I ask you, have you made your mortgage payment on time? Did you get a $1000 a year for doing what you should have done anyway? Likely not. Well we get a slice of the pie if the bad debtor sells in a few years for a profit? Will they pay back the money that was given to them and taken form us? Don’t hold your breath.
Also according to the plan it “will provide a monthly balance reduction payment that goes straight towards reducing the principal balance on the mortgage loan. As long as the borrower stays current on his or her payments, he or she can get up to $1000 each year for five years.”
That $5000 straight off the bottom line, straight to principle all at the expense of the tax payer. So I wonder if I travel are they going to be required to house me? After all I helped pay their mortgage, seems I should get to stay at their house if I choose, I own part of it and you do too.
The plan also includes a one-time $1,500 payment to mortgage holders who modify loans for borrowers who are still current on their payments, if the borrowers are determined to be “at risk of imminent default.”
Financial institutions also will receive an up-front $1,000 payment for each modification they perform, with an added $1,000 yearly bonus for three years for every borrower who stays current on their new mortgage.
This is money paid directly to those financial institutions that made the bad loans for modifying the loans of those the can’t repay their loans … is you head hurting yet? I bet your wallet is. Why don’t I go crash my car into another person’s car and then make to owner of the other car buy me a new one, that makes sense doesn’t it???
The cost of this plan in addition to the the hundreds of billions already spent is $75,000,000,000.00! This is your money that is being given to reward those that failed to do the right thing. If effects about 7% of all mortgage holders, meaning that 93% of Americans are flipping the bill for the 7% that failed. Now to be fair, there are those that bought what they could afford and perhaps lost a job, a spouse died, serious illness, they have a legitimate reason for there problem, but there are a lot of folks out there the bought McMansions and far more house than they realistic could afford and the responsible is paying it.
So I ask you, why do you pay your bills, seems nothing bad will come from it, sure you say your credit score will suffer, well if the credit market is locked up what difference does it make? Why should you be responsible? Why should you do the right thing if nothing bad will come of it, I mean it’s not like your going to get kicks out in the street … right?
Well I for one have to much self respect and pride to take a handout from the government … then again I bought a house I could afford and live within my means, crazy huh?
Where are the bad mortgages? Looks to be in mostly liberal areas …
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YO! Where’s my pony?
Oh and I blew my entire trust fund on cocaine and art school, I can has bailout?
This is pathetic.
If I’m in a red state does that mean we’re totally screwed? I’m still getting a check this year, right?
We forget that GWB kicked this all off, poor OMGObama couldn’t save the collapse no matter how many zeroes he’s got in his “budget”