Whether you watched Tuesday's Presidential debate is irrelevant. More than likely you have by now heard that McCain has come up with a new program to help struggling homeowners. This new program, which McCain wants started immediately is to have the Treasury buy back the defaulted loans at loan value.
What this means is that if the home was purchased at 250,000 but is now only worth 200,000 ---we (the taxpayers) get to eat completely that 50,000. Here's a quote from McCain's adviser from an article about this in the Washington Post (article here):
Douglas Holtz-Eakin (McCain's senior policy adviser) said that taxpayers have to cover the loss because the economy has deteriorated so rapidly. "That's the only way to get a rapid and broad-based response."
I say....Bu$$crap!!
Now I am one of the most bleeding heart liberals that I know. However I think the mortgage companies that made these bad loans should eat that 50,000. Not ME. I PAY my mortgage---and have "made do" without a number of things recently that I would have liked to have had if the economy wasn't so bad-- but I have still paid my mortgage. Don't get me wrong I realize that some people have lost their jobs...and I think we should help them but there is a difference between that and buying a home to expensive for what you make. I do know that some people were "preyed" on. However, I also believe that anyone that has ever lived out on their own should have a least a basic idea of how much home they can, and conversely can't, afford.
I think food and medicine are a God given right---especially in as rich of a country as we used to be or even still are comparative to most countries. However, buying someone a house is crap. No one bought my house and I started out with a small one that was in a bad neighborhood for my first. I have saved and worked to build equity to afford what I have now. My home is now worth about 35,000 less than it was---since I would like to sell it will the government come pay me that difference of what I will lose?? You betcha they won't.
Thursday, October 9, 2008
I HAVE to??
Posted by Monica: Dancingfarmer at 11:49 AM
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2 comments:
Well said, Girl! I feel the same way. I 'paid" my dues as well-I bought a small (750 SF!) house in the ghetto. Worked on it when I could and paid my mortgage. When DH and first son came along, we lived in that tiny 2 bedroom house until we could afford a down payment on our first homestead (a manufactured home; I refused to buy at the limit they gave us. The house was 100,000 less than the figure they gave us. And, really, we struggled sometimes with the much lesser mortgage payment!) Plus, I have two houses sitting on the market right now at less than the price I paid for them 8 and 4 years ago. My current home has dropped as well to a point we have no equity (or very little). Years ago, a dumb early 20 something, I ruined my credit. I had to pay for 7 years with high interest rates or even credit denied. I lived pay check to pay check and no one offered to help me when I couldn't pay my mortgage and was threatened with foreclosure (I ended up digging myself back out of the hole, fortunately). I think the banks and businesses that backed these loans need to go down the same hard road as us "bad debtors".
And, before I sound like a raving conservative, I consider myself to be waaaay to the left. I think we all need vital programs like health care and decent food and the right to choose, etc. But this program smells of corporate power to me.
If the GOV decided to do this, you can bet $$ out of that bu$$crap that we will lose vital programs here in the US. My job will be one of those because I am a minor player in the fight against exotic organisms that come in throught the ports. We will lose beautiful federal parks (I just wrote about this!) and preservation programs. We will lose child insurance programs and maybe even free clinics and such. It is not a good deal for us taxpayers any way you look at it...(I mean we did already spend our wad helping the corporations, right?)
You go girl! Your speaking my jive :-D
Oh by the way....hope that job stays right were it's at for you.
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