I’m probably not being fair to CNN for putting this story in the “Um, DUH!” category and making fun of their headline, since I am amazed that they would actually publish the story, but, DUH! The story is from the 5th, but, still relevant
Ask most Americans whether they’re in favor of spending taxpayer dollars to help delinquent mortgage borrowers and you’re likely to get an emphatic “No!”
But the government didn’t ask its citizens before it committed hundreds of billions of taxpayer dollars to guarantee loans through various foreclosure prevention initiatives such as FHASecure and Hope for Homeowners, which let troubled borrowers refinance expensive mortgages into more affordable loans. Nor did it take a vote before it agreed to fund the new streamlined mortgage modification programs for loans backed by Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500).
And now there is the possibility that some of the hundreds of billions of dollars allocated for the Treasury’s Troubled Assets Relief Program will go towards bailing out borrowers.
Taxpayers are mad – especially those who held off buying their own homes or were careful not to spend beyond their means.
“All these idiots who bought homes they couldn’t really afford are going to be rewarded with loan modifications, but what about those of us who didn’t make stupid decisions?” asked Jay Black, a CNNMoney.com reader who rents in Queens, N.Y.
“I could have purchased two years ago using an option ARM, and now the government would be paying to reduce my balance. But I didn’t. What the hell do I get?”
Exactly! Like most of you, I was responsible with my loan. Who’s going to hook me up and reduce my rate and/or pay off some of my loan? Will the Dem Congress and Bush throw, say, about 50 g’s my way? Or, how about Citi? My mortgage is through them. They received a boatload of money, think any will trickle down to reduce the amount I owe? Insert sarcastic snorting sound here.
{sarcastic sounding snort}
I want my free money! 🙂