Quote of the day

Wednesday, February 18, 2009

Obama New Stimulus Package

President Obama with great pride signed his new stimulus package over 1,000 pages which our representatives were given less then 2 days to read.
Today while watching one of the finance channels the announcer was talking about what the new mortgage package for Freddie Mac and Fanny Mae would be like.
First people who are at risk of loosing their homes will get a lower interest rate in order to try and stave off the loss.Second a person who has tried different approaches and not been able to keep from foreclose can go to a judge and he can order how the interest rates and payments will be made and thirdly,you'll love this one,once a year the home owner,for making their payments,will get $1,000.00 as incentive to continue to pay off their mortgage.Sweet huh? so if you own your home for 10,20,30 years and are paying your mortgage you could end up with....we you do the math.
Now the rest of us who are hard working,have paid a mortgage for a number of years and have not had to default will get ,you guessed it "NOTHING".Thanks President Obama and all our wonderful representative for keeping us all in you hearts and mind.
I'm sorry to say this but not every one should own a home.Yes people should have a place to live but that does not always entitle you to home ownership.
Now don't get me wrong there are some people out there who need help buying their first home.With the prices of homes being what they are it can be very difficult to try to get a down payment together but if you have a good work record and can afford to up keep a house then I'm all for helping them.
I am not in favor of people who have little to no income buying things they can not possible afford just to have a home.Its very difficult to own a house there is repairs,taxes,insurance and home ownership requires you to be able to maintain and pay for these things.It does no good to give people things that will put them farther into debt.
We are in the mess were in because people got greedy and lenders got predatory.They took advantage of people who were more interested in owning a home then how they were going to pay for it.
This is not just the republicans mess my own Senator,Chris Dodd head of the finance commision and a democrat,was right there helping to push this mess on every one and when it collapsed he said "How could they have let this happen" like he was an innocent.
Now that were in this mess its time to try to get out.If you own a home you can't afford sell it and move back to an apartment where a landlord will pay for the upkeep.If you have to take a loss go ahead sell the house settle with the bank pay whats left for the next so many years and consider it a learning experience maybe next time you wont be sucked in by a con artist and will pay more attention when signing a contract. They say if it sounds to good to be true it probably is.So live and learn.

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