Ninety percent of American homeowners have busted their asses during this God-awful, government-induced recession to make sure they didn’t miss a mortgage payment.
It turns out they shouldn’t have worked so hard, because President Barack Obama is pulling another $75 billion out of Fantasy land to pay for the 10% who didn’t.
From USA Today:
Obama’s plan calls for measures that will allow up to 9 million homeowners to reduce their mortgage payments through government-backed refinancing arrangements. Just how that will work isn’t clear. The administration said that on March 4 it will provide more details on the plan and when it will go into effect.
Until then, homeowners in trouble – many of whom have adjustable-rate loans with rising payments and little chance of refinancing because of falling property values – are being urged to check with their lenders to see whether they might benefit.
Here’s a hint – if you work hard and pay your bills on time, it’s extremely doubtful you’ll qualify.
In fact, they’re probably working on the details right now to make sure you don’t qualify, because rewarding fiscal responsibility is the last thing the federal government wants to encourage right now.
After all, this whole “keep people poor and scared” shtick is working out pretty well for the bureaucrats.
Oh, and on top of all this new money, Obama’s Treasury Department announced yesterday that it’s dumping another $200 billion into Fannie Mae and Freddie Mac, the twin mortgage behemoths whose government-backed Enron accounting created the global financial crisis in the first place.
So while Obama is gift-wrapping another multi-billion “relief” package for his core constituency and rewarding the bureaucrats who created the nightmare, the people who played by the rules remain trapped in ridiculously high mortgages – and will have to pay higher taxes to bail out everybody else.
But hey, “The One” has spoken.
By david February 19, 2009 at 11:45 am
GREAT RESPONSE TO A GREAT IRRESPONSABILITY.YOU TELL EM MANDE. OH YEA BE SURE TO TELL YOUR READERS IF THEY WANT TO BE GOOD PARENTS, TEACH THERE CHILDREN TO CHEAT, AND SPEND. ITS THE NEW AMERICAN WAY.
By Pat Hendrix February 19, 2009 at 1:26 pm
Sigh. This K. Rockney “pull yourself up” bullshit is getting a little old. They’re trying to keep people paying on their loans so that the banks and inevitably the taxpayers don’t end up carrying all the debt. Sure, I rent and it annoys me, but the alternative is worse.
As for “responsibility,” let’s not forget that our friends in the banking industry, certainly not a constituency of the Democratic Party, are being floated to the tune of a trillion dollar. Why not? George Bush bankrupted two companies and walked away richer than when he went in. His corrput brother ran a Savings and Loan into the ground and left unscathed. Heads you win, tails you win. Give me that deal.
By Bigman February 19, 2009 at 3:01 pm
When can we expect an article about Sanford accepting the bailout money that he has been bashing for so long. I am against all bailouts but the banking bailout, which I am starting to oppose, but it looks like to me sanford is now talking out of both sides of his mouth when he says on national TV that we will take it. Until an article is written about that, this site has zero cred.
By fitsnews February 19, 2009 at 4:36 pm
Bigman- We will have some insight on that as soon as a decision comes from the governor’s office.
Sanford would only be going through a PR exercise in not taking the money (which if the legislature followed suit would then be spent in other states), but people are watching him, Jindal, Perry, Palin and a few others closely to see how they play this.
The position of ideological purity on this one would be to announce that SC is refusing all of the bailout money, while aggressively lobbying the legislature to reject it and exploring a legal challenge to Clyburn’s “Mark Sanford amendment.”
There may be some money he just can’t touch, though, although we will leave it to you to determine whether he’s secretly happy about that or not.
Of course based on the way this federal government is behaving, the truest position of ideological purity would be to secede from the union and install Sic Willie as the state’s benevolent dictator.
Unlike Sheriff Leon Lott, though, we have no tanks. And dictators tend to need those.
-FITS
By Natasha February 19, 2009 at 4:47 pm
Let’s do it Sic, I know Mab will join us, secede! Yeah baby…
By Mab February 19, 2009 at 5:25 pm
Mab is in!
The Mighty Peacemaker will be rendered inoperable by the time Obama and his money printers bankrupt our country. And bankrupt our faith in ourselves!
By Randy February 19, 2009 at 7:39 pm
Hell yeah boys, Drinks at Pavlov’s are on me tonight. I’m going to get fing wasted, not worrying about paying my mortgage, not even about to bother showing up for work tomorrow and try to take home some nice 19 year old freshman.
Wonder how I can afford to drink my mortgage away, Obama is coming to save me.
HELL YEAHHHHHHH
By BIN News Editorial Staff February 19, 2009 at 9:34 pm
sic(k) willie, you are not Rush L. or Bill O.
You may think so, but you are not.
Although all three of you have characteristics in common.
Like problems with the law, drugs or booze, problems with women (remember Bill O’s “pay her off and sweep it under the rug” effort?). Remember Rush’s drug problem(s) that he was busted on?
sic(k) willie…we’ve met Rush and Bill’O. You are not even close.
Except you are ahead in CDV convictions.
BIN News Editorial Staff
Flair and Balanced
By roofus February 19, 2009 at 9:52 pm
I’m with you Randy. I will go out and quit my job. I’ll get my eight most favorite girlfriends pregnant. I’ll get a large, digital, plasma screen TV and a nice, comfortable Lazy Boy recliner. Obama will make sure that schmucks that work every day will pay for my lifestyle of ease. It’s time to make the Welfare System work for me! Bring it on! Welfare Nation! Bring it on!
By Pat Hendrix February 20, 2009 at 11:51 am
Hey, roofus, I know you like to keep it fact free, but Welfare ended in 1996. Try keeping up.
By roofus February 20, 2009 at 12:52 pm
READ THE WELFARE STIMULUS ACT THAT JUST PASSED CONGRESS. YEA! THE NEARLY 1 TRILLION DOLLAR WELFARE STIMULUS ACT THAT YOUR DEMOCRAT BUDDIES JUST REFLEXIVELY RUBBER-STAMPED WITHOUT EVEN READING! TALK ABOUT MIND-NUMBED ROBOTS…