Republican legislators need to introduce a bill in Congress that would create fixed loans at 1.25% for homeowners that have paid their mortgages ON TIME EVERYTIME.
This would allow RESPONSIBLE HOMEOWNERS to refinance their current mortgages and PROVIDE BALANCE TO THE PLAN THAT SUBSIDIZES HOMEOWNERS THAT DEFAULTED.
SOCIALIST POLICIES should be EQUALLY APPLIED TO ALL CLASSES and not just benefit the irresponsible unqualified recruits of ACORN activists.
After all, if this is now the USSA, let's get it right!
Obama's response to critics: The plan will not support irresponsible homeowners.
"It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans. It will not help speculators who took risky bets on a rising market and bought homes not to live in but to sell," Obama said Wednesday. "It will not reward folks who bought homes they knew from the beginning they would never be able to afford."
And you believe that horseshit line? After Congress just appropriated 5.2 BILLION DOLLARS $$$$$$$$$$$$$$$$$$$ for "community action" groups like ACORN to proliferate?
What will happen is abandoned or foreclosed homes will be sold at 10 cents on the dollar to "connected" DemonRat supporters. Homes where the "unfortunate" people are "squatting" will have their mortgages reworked REGARDLESS of their ability to pay a fair price. THEY WILL REWORK THE PRICE OF THE MORTGAGE DOWN TO 30% OF THEIR WELFARE INCOME TO MAKE IT WORK. The FRAUD this policy will spawn in the inner cities (where ACORN operates and DemonRat voters live) will make Bernie Madoff look like a RANK AMATEUR!
Middle class howmeowners won't have a chance in hell to rework their mortgages under this plan. Welfare income won't come close to bridging the gap and they will be deemed the group "unable to afford their mortgage in the first place."
THIS PLAN IS ALL ABOUT REWORKING MORTGAGES FOR INNER CITY DWELLERS ON WELFARE! IT WILL ADVANCE THE DEMONRATS' PLAN TO REDUCE THE MIDDLE CLASS TO THE LOWER CLASS!
Additionally, responsible homeowners could reinvest their primary mortgage savings into buying up foreclosed homes and RENTING THEM AT PREMIUM RATES TO THE SCUMBAGS THAT DEFAULTED.
BTW, "public servants" don't have a job. They have a "position with benefits." Their only expertise is lunch, quitting time and paid time off.
I started out with a 7 year mortgage(payments were astronomical) and busted my ass and sacrificed to pay that thing off in 2.5 years(hate interest payments)
My reward? SQUAT!!
Thanks Obama,Reid and Pelosi.Hope you rot in hell.
That's just it. The lenders don't want someone that will beat them at their own game. They want the client portfolio full of borrowers that will and can afford to pay the interest over set time. That's where it yeilds the most money to the lender. Then they can give minorities low or interest free loans and integrate them into the neighborhoods and hope they pay the loan. It's a democrat thing.
Auto companies have been doing this for years, providing favorable interest rates and leasing terms for qualified buyers with good credit.
My attitude is foreclose on EVERYONE that is defaulting on their mortgage and PROVIDE INCENTIVES TO QUALIFIED BUYERS with favorable terms.
Oblahma's plan provides a disincentive for responsible homeowners and has no TEETH. I can't believe his puppetmasters are this ignorant.