Friday, April 16, 2010

Political Tide Turns Against Aggressive Mortgage-Modifications - Developments - WSJ

  • Republicans and Democrats are both not completely supportive of the Home Affordable Modification Program. Just 6% of American's are in default, is it the best interest of Government to make the other 94% pay for it?

    tags: foreclosures, bail out, HAMP

    • Rep. Jeb Hensarling, a Texas Republican, is:

      Yet another chapter in ‘America: The Bailout Nation,’ as coauthored by the President and by Speaker (Nancy) Pelosi.  It takes $50 billion from taxpayers or borrows the money from the Chinese to bail out banks that made bad loans, and to bail out many who bought more home than they could afford, speculated in residential real estate or used their home equity as an ATM machine.  We must remember that 94% of Americans own their home outright, rent or are current on their mortgage, and they are being asked to bail out the other 6%.  It’s a policy that says to the citizens who work hard, who live within their means, who save for a rainy day, ‘You are a sucker.’ When you are struggling to pay your own mortgage, you shouldn’t be forced to pay your neighbors as well.

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