Rewarding the Unsuccessful

by Sal on February 19, 2009

in Economy,Politics

Yesterday, we posted on Obama’s new lending program and how it will restructure loans for people who cannot afford their current loans.  Today, after reviewing some details of the plan, I have found it to be even worse than I initially thought.  Not only will the plan help restructure bad loans to people who could never afford them to begin with, but it will also reward these people by putting equity into their homes.  For people who are in foreclosure or in danger of foreclosure, the Government will restructure their loans and force-refinance them.  After that, if the recipient of the restructuring makes payments on time for five years, they will receive $5,000 applied towards the principle in their home.

Homeowners who have done things right, only taken out loans that they can afford, and have always been on time get nothing.  Which goes to prove that in Barack Obama’s America, it pays to be a deadbeat.

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