In the latest news from the White House, it is being hinted at that millions of Americans who saw their homes slide into foreclosure could have the government (with our tax dollars) buy their homes back for them from the bank/lending institute at greatly discounted price (30 percent discount is being tossed around), and then negotiate out low interest 30 year loans so that these families can keep their homes. Now here is my question on this proposal.
We have played by the rules, made all our house payments. Despite this playing by the rules, we have seen (because of the mortgage crisis) the value of our home plummet, and we are currently paying mortgage payments 2.5-3 points higher than the mortgage interest these people in foreclosure would be paying under Obama's new plan. Where is the fairness in that? Why should I and others like me have to keep paying a mortgage at full original price, and at a much higher rate of interest while those that caused its value to plummet get a greatly discounted deal courtesy of my taxes, and GET A GREATLY REDUCED INTEREST rate on top of it all that will be made possible because of my taxes.
Does Obama really see this as fair? This takes those who were behind us in the proverbial food line if you will, and puts them WAY AHEAD OF US! Such a move makes us slaves to our now over valued homes and the mortgages on them, or forces us to just walk away from them...is that what you want Mr. Obama?
We have played by the rules, made all our house payments. Despite this playing by the rules, we have seen (because of the mortgage crisis) the value of our home plummet, and we are currently paying mortgage payments 2.5-3 points higher than the mortgage interest these people in foreclosure would be paying under Obama's new plan. Where is the fairness in that? Why should I and others like me have to keep paying a mortgage at full original price, and at a much higher rate of interest while those that caused its value to plummet get a greatly discounted deal courtesy of my taxes, and GET A GREATLY REDUCED INTEREST rate on top of it all that will be made possible because of my taxes.
Does Obama really see this as fair? This takes those who were behind us in the proverbial food line if you will, and puts them WAY AHEAD OF US! Such a move makes us slaves to our now over valued homes and the mortgages on them, or forces us to just walk away from them...is that what you want Mr. Obama?
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