Obama’s new mortgage bailout:
“the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes”
Guess who winds up paying for this. We do. Your tax dollars.
Also, why are these people at risk of default because they have no equity in their homes? That’s a sad situation to be in, but they’ve been making their payments so far; has something changed, so that they can no longer make the payments?
So they’re upside-down on a mortgage? So what? They are still responsible for the loan. Nobody made them take out that loan – they signed those papers themselves.
Why does the federal government have an obligation to guarantee loans, in any case? What business is it of theirs?
People should be free to excel and be profitable – or not – without interference from the government. Too much government interference is the proximate cause of this entire mess in the first place.