Mortgage Bailout Keeps Getting Worse

by Sal on March 6, 2009

in Economy,Politics

The mortgage bailout keeps getting worse the more we hear about it.  The bailout applies especially to people whose home is worth more than 31% of their gross income (This includes your gross income before any taxes, as well as your entire mortgage payment, including taxes and insurance), yet the home value limit is extremely high.  So people who overreached and bought $700,000 homes they couldn’t afford will receive a bailout, paid for by people who may have purchased more modest homes, but did so within their means.

Now, I have absolutely nothing against people who own $700,000 or $800,000 homes.  People who have the money and have earned it are certainly entitled to have the kind of home they want.  What I do object to is taxpayer money going to people who didn’t have the money but still bought a $700k home.  This will also cause the mortgage crunch to deepen, because by allowing loans and mortgages to be restructured, you are changing the market for mortage terms and conditions, as well as home values.  Obama’s doing absolutely nothing to solve the crisis, he instead is simply redistributing wealth and changing the very makeup of our economic system.

{ 3 comments… read them below or add one }

Snoop-Diggity-DANG-Dawg March 6, 2009 at 4:25 pm

…by allowing loans and mortgages to be restructured, you are changing the market for mortage terms and conditions, as well as home values.

Absolutely. He not only abrogates contract law, but rewards irresponsible, fucktard behavior.

Be a moron! Responsible people will pay for it if anything goes wrong!


Mr. Blue March 6, 2009 at 8:05 pm

Responsible people will pay for it if anything goes wrong!

Only as long as we allow it. Unfortunately, the mentality of these losers is that they feel so entitled to live in their own home. You can blame that one on the clinton era :(


Terence Harte March 8, 2009 at 4:55 pm

Thank you Ms Malkin for you observations and logical, fairly fair articles. I am an Anglo-African. I place Anglo first because it’s where I was born and more my culture than Africa. So as you can see, I don’t follow trends. I try to view both sides in the knowledge that both sides believe themselves to be right then form an opinion that is just that. Not the word of right or wrong. I, as a perminant visa holder, could not vote, but I would have voted for Obama, seemed very leval headed and his socialist style,I thought, was just to gain the vote. How could he receive so much corporate donation. Finances do have to be brought to an internationally competetive leval or like empires before we’ll fall. However, this “ticker taper parade” approach to bailout is fool hardy. What would each of us have learnt, to not take responsibility for our own mistakes, that the wealthy should be blamed for being business minded. Business is about making money. Their responsibility is to profit. The government should have stuck up for us or us for ourselves. Tried to say this,met a cold and dark reply.Now I keep my mouth shut in public. People will do what they want anyway. Did the every day person save money for retirement? No. Do we live beneath our means? No. So why just cast blame. I’m getting every penny I can, investing in building affordable property and setting myself to be both a prepared for the soon lack of cash or growing debt. And to be apart of the solution. Federal funds will run dry, services will be drastically cut and taxes will be gained another way. People will need fair and honest help. The way houses are valued, the currant equations used. All wrong, for real prices. All right, for a sliding scale,so as to maximise profit, but people lie to themselves and voluntarily “declare income” The wealthy should not be made to suffer for doing business and the less wealth should be taught how to utilise common sense and put aside the “more credit attitude” Plus be more honest, we know what’s being done so we can gain high wages and still live the American lifestyle. Don’t blame, just say, hey, we do what we choose to, to maintain. Why should America fall like empires past. Hold on for as long as possible. But sooner or later, we will have to gain allie instead of adversaries. And I’m give our President more time. At he hasn’t started a war and his image(yea,black) should gain more chance of economic unity. Sorry, a bit long. This is the only blog reply I’ll post. Ms Malkin’s writing stired me, greater brevity and less snobish sounding than mine. Please forgive.


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