Wednesday, March 4, 2009

Why?

Why does the new mortgage plan only help people refinance 105% of their loan? How does that benefit the hardest hit areas?

We are among those people who borrowed responsibly, but whose income has significantly decreased (and may continue to decrease) due to the economic slow down. I live in Phoenix, one of the areas hit hardest in this mess, and yet Obama's plan does not apply to me, and most people around me, because my house value has dropped TOO much! : (

I don't feel like I am entitled to help from the government by any means, but if they are going to hand out money to help responsible people with mortgages, I think I am deserving of a piece of that pie. Oh well, such is life...
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1 comment:

Grammy-C said...

I hear you, Linda. And such may be life as it is now, but that doesn't have to be the way life has to be. If the "crooks" (i.e. the mortgage lenders, who KNEW those loans could not be re-paid, and the banks who gathered together those bad mortgages and sold those clearly known worthless stocks to buyers, representing them as pricey merchandice) were made to pay the price, instead of getting a "bailout"; and all the people who carelessly lived well above their means, spent way more than they could afford to repay, were required to pay the price for their reckless behavior, instead of making their conscientious, live-within-their means neighbor pay their way out of their mess for them for them - this would be the capitalist society we are accustomed to. But make no mistake. We are moving toward socialism, where those who have (i.e., those who work) will be taking care of those who have not (i.e., the lazy, the foolish, the idle.) And it's going to cost every one of us who pays taxes trillions of dollars until our children's children's children have children. If this enormous debt passes (and it will) your grandchildren's children will not see the end of it. My opinion? We should pray for the Second Coming. Sooner than later. I'm sorry to be so pessimistic, but that's my opinion.

March 5, 2009 at 1:04 AM

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