Good grief! The Senate is seriously considering taking $300 BILLION of our tax dollars to bail out people who shouldn't have gotten home mortgages in the first place. Congress uses the illogical but very emotional excuse of protecting 'the American Dream' which is supposed to be home ownership. Well, what about OUR American Dream. The one where we get to keep the money we earn and don't have to pay for the obvious political pandering of a Congress that has lower approval rating than the current president--about the only thing this Congress has done well.
Home ownership is not a Constitutional right that must be protected. What must be protected is the pocketbooks of taxpayers who have too few advocates in Washington DC. If they keep this up WE won't be able to afford our very modest mortgage which is hundreds of dollars below the rental rates in our neighborhood.
The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans. AP NewsHow is it that people manage to become adults, let alone congressmen, without the basic financial skills necessary to recognize that, like the lottery, an Adjustible Rate Mortgage only makes sense if you can't do math. These 400,000 people shouldn't GET loans at all. They're a risky investment. Why should America take on that risk? They need to be renters. They need to live with their in-laws. They need to get roommates instead of living off of America.
Regarding the crooks that took advantage of people's lack of sophistication regarding mortgages---they need to have everything they own sold at auction and that money returned to their victims. They need to get their own roommates--ones with striped uniforms in very special gated communities and they need to be there for a very long time. THAT's a housing plan I can back.