Originally Posted by Guest

announced by the POTUS yesterday is as close to a "sky is falling" scenario as one can imagine in a country where part of the America dream is to own one's own home. A country where most (yes even today at 93%!!!!!) have done and are doing it right. Hard work....sacrifice...buying only what we could afford....being loaned only what we could afford...and if one defaulted....THEY TOOK YOUR HOUSE!!!!!!

Now in that 7% of which many....too many...over bought because there was no requirement for them to meet standards most of us had to comply with...many who did not have the earning ability to make the home purchases they did...hence they default...way too many...when they should be losing their home which they did not earn nor were entitled to in the first place....they are going to get a financial pardon from a bleeding heart....discriminating government.

If half of those who are in default are in the category described above, why are they just not being turned out and foreclosing? That is what has been going on for years.

The incentive we have all inherited from our roots is to work to be able to afford one's own home. That time HONORED means of achievement is being trashed. It has been shown recently that of foreclose-able home loans that have been restructured to result in lower more affordable payments....over 60% resulted in repeated defaults at the new payment levels. And now the government is going to do the same thing for more of the same who will by demonstrated track record do no better than previously. They do not know any better...they did not have the ability nor the incentive to keep their obligation. So just exactly what is it that is going to CHANGE the demonstrated behavior? Absolutely nothing. About the same as giving alcoholics an unlimited debit card to the local liquor store.

Any red blooded American who has had to do it the right way either is or will soon be upset at this give away to the undeserved. Yes there is a recalibration under way. Just watch and observe how many people who are currently making mortgage payments do in fact stop doing so because there is a gravy train wiyh loop holes to drive a truck through providing them help.

Forget party affiliation. The mortgage bail out is not going to make the unmotivated, take advantage of the system, entitlement class do anything any differently. It is an insult to the hard working home owners of America.

Last week we got a pork filled bail out joke that has no way to track to increased employment or recovery.

This week we get a mortgage relief joke that slaps the face of most of us.

The achievement standards for the America we all helped create are being so watered down it is down right staggering. I was on the side of wait and see. But there is nothing to wait and see with this proposal....there will need to be more....and more money sent in that direction. Those who have their cars reposessed and their homes foreclosed have demonstrated time and again, they are repeated offenders. What is there to wait and see.

Let's see in recent weeks some have learned they get to keep more of their money by making honest mistakes on tax returns. And now they are finding they will be able to get help if they don't pay their mortgage. They are also learning that one can be rewarded for failure like the bank, investment and auto executives.

I take back everything I ever said about the new administration being able to affect CHANGE. Quite the contrary. CHANGE is well under way...but I sort of expected it would be for the better.

Commentary regarding it is too early to tell is not needed. Defending these actions is like trying to convince one that if we all bail fast enough we can stop the Titanic from going down.....

Worse to come? No doubt. What can be offered when these monumentally funded fiascos do not work....and they will not work!!!!

Have at it....

BTK