President Obama revealed plans for his housing bailout for homeowners yesterday. There are so many holes in this plan that it would not hold water. While giving his resounding oratory, he actually used the word “crisis” twenty-four times. Someone get this man a thesaurus and me a survival kit because the world is ending. Originally the plan was to give $50 billion towards Americans on the brink of foreclosure, but the president upped the ante to $75 billion. The goal is to prevent 9 million homeowners from being evicted and to stabilize the crippled housing market. Fannie Mae and Freddie Mac are also going to get an additional $400 billion. Aren’t they two of the culprits in causing this fiasco? The stock market is so giddy that it dropped nearly 300 points Tuesday and went up 3 points yesterday.
Where’s my money I wonder. I’ve been responsible. I’ve rented my entire life because I used to not make much money and then I was really debt heavy and now I’m saving to put 20% down. What is in this for me other than taking my money to give to the irresponsible? Republican leaders had alot of questions as well:
• What will your plan do for the over 90 percent of homeowners who are playing and paying by the rules?
• Does your plan compensate banks for bad mortgages they should have never made in the first place?
• Will individuals who misrepresented their income or assets on their original mortgage application be eligible to get the taxpayer funded assistance under your plan?
• Will you require mortgage servicers to verify income and other eligibility standards before modifying mortgages?
What will you do to prevent the same mortgages that receive assistance and are modified from going into default three, six or eight months later?
• How do you intend to move forward in the drafting of the legislation and who will author it?
I also would like to know what they are doing for the millions that have already lost their homes. Is this just a matter of timing? I actually would like to see Pelosi, Dodd, Waters, Reid and Frank cough up the dough because they have been the root of this problem. The Democrats in whole have the blame squarely on their shoulders for the most part. They created the environment that forced banks to make irresponsible loans. They used poor people and trained them to just sit and wait and let others do for them. They convinced people that owning a home is the American Dream which to me is way off. They convinced everyone that Fannie Mae and Freddie Mac were “just fine”. They have continuously rewarded bad behavior. And now they are going to force the responsible to pay while disenfranchising millions. How about those left upside down in a home because of this crisis?
Disenfranchisement breeds contempt and that is what this new adminstration and Congress are breeding throughout this country. If they keep this up, they just may have another huge crisis on their hands. The money bubble will burst and then you are going to have an enraged and hungry people. God help us if the Democrats continue to believe that socialism is the answer.