I can't see having the Government take over the mortgages of deadbeats being a good idea.
The Democrats will never let the Government foreclose on these people and kick them out of their (unpaid) houses. Really, in what way is having the Government be your lender going to get these people to pay when they are not paying now? If anything it would be another reason not to pay. If I did have a mortgage I certainly would want the Government to take it over so I could cry to them that I needed it slashed, and stop paying as proof of my need. Let's remember that many of the people who can't afford these mortgages any longer already took the cash out of their houses. They should be foreclosed on if they can't pay the money back!
There has to be a better way to get credit moving into the economy again. How about giving this $700 billion to those of us who acted responsible all this time and kept paying our bills. I don't own a house. How about giving me a sweetheart loan? How about giving me money to replace my old car? How about some vacation cash to reward my remaining solvent all this time? How about a little more cash for a flat screen TV and home entertainment system? How about a hundred thousand or two to increase my stock portfolio? I'm good for it!
P.S. One of the causes of this credit crisis, Casey Serin is back online. I would think that it is too late to help him with a bailout as he lost all six homes he bought. But what about all the other idiots who played the same game he did?
"Dyan Harmell bought 19 homes with 4-million dollars in mortgage debt. Pulte's in-house lender continued to sell her homes even as she showed a loss on her rental income . . . her sole income.""'They had me close Monday, Wed, Friday on two houses each so it wouldn't show up on my credit report,' said Harmell." - Bubble Markets Inventory Tracking
People should go to jail. Good luck getting Democrats to admit that, especially with Democrat members of Congress getting sweetheart loans as payoff for not taking regulation seriously.
Video Link (Updated 30 Sept.)
2 comments:
I believe the reason behind the government buying the toxic mortgages is to remove them from the market, thus removing the potential trigger to the meltdown. However, I completely agree with you that when they say that this securities will pay for themselves, it's an outright lie, for the reason you mentioned above.
It seems that our government now is winning a war! The war on Savings! How can McCain even talk about bailing out deadbeats when honest taxpayers with savings accounts are being screwed?
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