Did you overreach with your last home purchase? Buy more home than you could afford? Refinance to pay off debts and borrow more than your home was worth? Are you a chronic slow pay?
Fear not...help could be on the way.
Mr. Obama has unveiled his $75 Billion Housing Rescue Plan, which will bail out you and the other 10 percent or so of homeowners that have a little problem playing by the rules, don't read or understand the implications of contracts before they sign, or just generally go willy nilly through life and hope someone will help them out when crunch time arrives.
Mr. Obama's plan calls for measures that will allow up to 9 million homeowners to reduce their mortgage payments through government-backed refinancing arrangements. The Obama administration said it will provide more details on the plan and when it will go into effect on March 4th.
Granted, there are people who have played the game of life responsibly and need a helping hand during these tough times. They have lost their jobs, and they are hurting. But it's obvious who this plan is designed for...the folks in the first paragraph. We also understand that, if implemented, this money will go directly to the Mortgage Lenders and Mortgage Service Companies so they can "help out" those about to, or in danger of, losing their homes. In effect, this plan would give ANOTHER 75 BILLION to financial institutions to bail them out. To ease their losses from foreclosed homes that they have to sell and take huge losses on.
House Republican Leader John Boehner, R-Ohio, and Republican Whip Eric Cantor, R-Va., sent the president a letter asking, "What will your plan do for the over 90% of homeowners who are playing and paying by the rules?"
In addition to the above program, it appears that the government has pledged ANOTHER
Two Hundred Billion Dollars to Fannie Mae and Freddie Mac.
To keep them viable...
The Insanity continues.