Bush to Outline Aid to Mortgage Holders
Offering federal aid for strapped mortgage holders, President Bush is proposing to help hundreds of thousands of borrowers hard hit by the housing slump.
Let me rephrase this headline so that it has a glimmer of truth to it:
President Bush Wants to Make Sure Banks Get Paid On Stupid Loans They Made To People Who Could Not Afford To Pay
Of course, no one would ever throw their support behind bailing out large corporations who make bad decisions. The solution? Make it all about the little guy. That way everybody wins–Democrats and Republicans alike. That is everybody, right?
Well, everybody except for people who pay federal taxes and don’t overextend themselves. These are people whose financial role models are their grandparents, reasonable people who don’t buy what they can’t afford, not the federal government who spends as if it can just print more money any time it…
Oh, wait.
Nod to Rogel for alerting me to this!
Well, we can’t let there be a housing crisis in an election year, now can we? What else did you expect the gov’ment to do?
If the government can spend 110% of what it earns I don’t see anything wrong with Joe Consumer financing 110% of the value of his home!
Oh, did I mention that I’m a mortgage lender?
So the government is not going to “bail” them out, just give them a little help. WTF? Makes me want to go out spent more than I can afford.
“It’s not the government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford,”
“Yet there are many American homeowners who could get through this difficult time with a little flexibility from their lenders or a little help from their government.”