Off The Cuff

Mortgage Bailouts By The Government? Not Anytime Soon

Posted by: From Arkansas in Are You Kidding Me?, Political News on Sep 03 2007

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The other day, it was reported that President Bush was pushing what the media termed a bailout for those who still had good credit despite the situation now that they are on the high side of interest concerning the teaser loans that were so popular a few years ago. Guess they can figure out now why it wasn’t a good investment or good idea.

If you were expecting Congress to do the magic act and bail you out, uh uh. They are going to drag their feet as long as possible while they take these things into committees and talk, talk, talk about it until they convince themselves that nobody really needs this at all. BAH!! This government is fast becoming useless to the American public. Is it any wonder people should be looking for new leadership?

Get this. Nobody knows HOW to stop the foreclosures on people’s homes. Nobody? Oh come on! Go ask that friendly banker that gave you the loan in the first place. That guy knows, not that he would share that with you. Actually, it would be in their best interests now to bite the bullet and help any and all folks that are coming to the end of the foreclosure process.

What is really horrendous about all this is that….you’re not going to believe this…between 1 million and 3 million people are going to lose their homes because of a bad mortgage that was all the rage a few years ago AND pushed heavily by the banks and lending institutions. Now, don’t you think it’s time for the lenders to cut the crap, go in and help these people they signed into these mortgage obligations?

I have to admit that I would not be all that interested in helping those who were buying on speculation without the money to back it up. That’s what those infomercials tell you to do, right? Just go out and buy a house, wait a bit and sell it fast for a profit? Those folks sort of did themselves in. But, the ones that are heartbreaking are the families that had to sign something like that just to have a home of any kind. They hoped the interest rates would stay put for years so they could have the time to pay it off. Life is not fair!

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