A very great many of us who live within our budgets have chosen not to purchase a home, and thus endure apartment living.

And yet, we’ll be paying for a bunch of privileged characters to live in comfort in their own home?

If this administration persists in this, yet another bribe with “obama money”, I’m here to tell you that there will indeed be a tax revolt.

It ain’t just mortgages that they are bailing out.

There is a program called “Last Chance” for renters who are in arrears at least 3 months and whose current balance owed is not more than $3000.00 or the landlord is willing to settle for a maximum of $3000.00 and allow the tenants to stay in the property.

How do I know about this program? Because I must confess that I have agreed to accept such a settlement on behalf of my distressed tenants.

It is administered by City/County EOC agencies but paid by The United Way which strikes me as a very weird arrangement indeed.

If you and I entered into such as scheme I think the charge would be “Money Laundering”.

They will vote for you. I am sure here in MI many would jump at that.

think Social Security is a Ponzi scam this bailout plan doubles it down.

As I understand this plan it comes about because obamanomics has shafted the economy and mortgage rates are at historic lows. Yet trillions of mortgages at higher rates as they are unable to refinance them due to declining home values. So you just magically reset all of them at lower rates. Wow what a deal for millions of homeowners. Does sound like pixie magic.

So how about all those Ginnie Mae & Fannie Mae holders who have trillions invested in securities that represent the ownership of those mortgages. The underlying securities are now paying 4% instead of say 7% or paying 3% instead of 5 or 6%. Do they get their income cut in halve? That would wreck the market value of their securities.

So who comes up with the 30 billion per year to subsidy the trillion in loan adjustments?

Does anyone know??

I have an idea and unless Bernanke can use magic dust its old man deficit.

I lost our home in 2004 about a year after my wife passed. Even though it was a tragedy, I didn’t expect anyone to save me. It was our fault that we planned on affording our home with both of our salaries. If we had been smarter then we would have only budgeted our home off of one salary. But again, this was our fault for not being financially prudent. It’s a shame that our son had to suffer, but that’s the way it goes. He will have learned an important lesson in life. It’s a shame these other homeowners will not have to learn from their mistakes. Instead, we’ll prop them up just so they can repeat the same mistakes down the road.

It would, if in fact it was good money & not the out of control printing press kind fueled by stupidity and a gigantic cynicism.
The thugs have dug themselves into a hole and all they can do is dig deeper. The problem is, they are dragging the normal people down with them.

Each new bribe is more galling than the last. It’s so blatant now. They have no shame at all. Then they’ll smack themselves on the forehead and say “hey, look at all this debt, we need a Value Added Tax!” And there’ll be plenty of Republicans who “reluctantly” go along.

And they’ll import from Mexico the support that they can’t buy from Americans (amnesty).

America, land of the bought, home of the dependent. ’cause that worked out so well for the Soviets.

Why are we surprised at this? It’s redistribution of wealth at its finest and buying off the middle class for their votes. In the meantime Barney Frank et al make millions because Fannie and Freddie have an unlimited bailout from the taxpayers (that little gem was announce at midnight on Christmas Eve). U.S. bankruptcy may be here a lot faster than we thought. And Obama will be president for life.

Can’t get the redistribution of wealth done it time?

One of the first things taught in economics is that if everyone had the same amount of wealth tomorrow, in 20 years the concentrations of wealth would be as they are now. That’s to say that human nature isn’t taken into account in the unicorn world of the socialist.

This last gasp will still further drive down real estate values. It will also drive down the tax incomes of local governments that depend upon property taxes.

These rats are cornered. We will nail them with pleasure.

It’s too bad many other homeowners lack the integrity that you have. It was the forced (by the government) purchasing and financing of homes that many people couldn’t afford that triggered the current economic crisis. You did the right thing, you bought a home that you could afford based on your circumstances at the time and don’t expect the government to give you a handout.

At the risk of sounding like I’m bragging, I must admit that I am not making my mortgage payments. That’s because I don’t have any. I paid off my house a few years ago. I’ve been in the same house for 27 years.

Great post, Moe. I can’t help but wonder: What about other “underwater” purchases?

Homes aren’t the only purchases that people end up upside-down on during the course of paying them off. Why doesn’t the Obama Administration help people recoup their investments in those things, as well?

My car loan has been upside-down since the day I signed the paperwork.

I couldn’t sell my college education if I wanted to. It will be upside-down until the day I pay it off.

I purchased an untoward quantity of consumer electronics on a line of credit with my local bank. None of these items are worth what I owe today- or even close. Most of them would have negligible resale value. Will government pay off the difference of these?

Why is it that, because some purchaser’s expectations were upset, the government has to intervene and “make it right?” This is endlessly infuriating to me, as someone who didn’t purchase a home at “exactly the wrong time,” but instead rented until the right moment.

Punish success and reward failure with a bottomless treasury for an insatiable lobby. Unlimited guaranty. Zero responsibility.

…but I can’t. Why shouldn’t it work? What in the past ten or fifteen years would make you think that a majority of people in this country are capable or willing of thinking past the next month or so? If someone’s willing to throw them a pile of money and thereby instantly alleviate the worry and stress and heartache that’s been plaguing them and keeping them from living the high-life they “deserve,” what would make you think they’d care about their kids or grandkids?

And after this, it’s student loan forgiveness.