Obama, Please Keep Me in a House I Cannot Afford.

Real Estate Agent with RE/MAX Preferred Properties

I just read an article that JPMorgan Chase CEO Jamie Dimon does not agree with the new Obama plan to write down mortgages to stem foreclosure.  Here is that article and below is what I think of this "brilliant" plan.

JPMorgan Chase Is No Fan of Latest Obama Plan to Stem Foreclosures

Stemming Foreclosure is a fallacy, have we not learned from the mistakes of our past.  We are creating a country of people who expect to be bailed out by our government when mistakes are made.  Foreclosure and unemployment are not our problem; individuals' waiting on someone else to fix a problem is the conundrum.   Instead of expecting Americans to step up to the individual responsibility of the agreement they made with a lender our government is going to require a loan write down so they may live in a home they couldn't afford to begin with.  Please do not confound my disappointment with the moral ignorance of some individuals in this country with favoring corporate giants who fill their executive pockets and the war chests of politicians.  They will most certainly not be paying for this venture, those of you who make sound financial decisions and keep your preverbal handshake agreement will pay; this will continue so long as you remain silent.  The only change Obama, the democrats and in fact most politicians are making is that which is sliding into their pockets and that of their friends.


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Comments (9)

Melissa Juarez
Massachusetts Buyers Broker Agency, LLC - Quincy, MA

Thanks Joey for your opinions in this post. You have a point! Have a great Spring.

Apr 14, 2010 12:32 AM
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Joey, it is very complicated but simple is simple = if you can't pay, you don't stay.

Apr 14, 2010 12:34 AM
Joey Remondino
RE/MAX Preferred Properties - Vienna, VA
Broker, GRI, E-Pro

Melissa, thanks for the comment.

Kathy, I agree with you why must people make things be so difficult.  Thanks for the comment.

Apr 14, 2010 12:45 AM
Gary Pike
Better Homes and Gardens Real Estate Metro Brokers - Powder Springs, GA

I don't believe people should be given any advantage over another in solving their problems but as has come to light with the WaMU testimony when outright fraud was committed by the banks to approve loans that the applicant wasn't even aware then help should be given as well as jail time.  When all the investigations are done on what happened I think we will see that a limited number of people caused this pain and are the ones that should pay the costs.

Apr 14, 2010 12:56 AM
Sandra White
John L Scott Real Estate - Port Townsend, WA
Experienced Residential Resale Broker

Joey, this has angered me from day one, and I know it will cost all homeowners in the end if we can renegoiate a contract with a bank 5 years down the road.  They will load up all the profit on the front end and everyone will pay through the nose for getting a home loan in the future.  This government is a shocking and appalling joke!

Apr 14, 2010 12:58 AM
Joey Remondino
RE/MAX Preferred Properties - Vienna, VA
Broker, GRI, E-Pro

Gary, I do agree there are some in the banking industry who were practicing fraud and they should go to jail.  The other challenge are those individuals who were "keeping up with the Joneses" and should have known what they could or couldn't afford.   Thanks you for your comments.

Sandra, That is very possible.  Thanks for the comment.

Apr 14, 2010 09:10 AM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

It would be really nice if Obama actually had ANY business experience.  But alas... he has run nothing larger than his own mouth. 

Apr 14, 2010 03:11 PM
Michael Delaware
North Sky Realty LLC - Battle Creek, MI

Too many people bought too much house that brought on this fiasco.  The truth is, if you pay you stay, if you don't you won't.  Nothing big government can do to change that, other than tell people to not borrow and save and pay cash for the house.

Apr 15, 2010 12:29 AM
Joey Remondino
RE/MAX Preferred Properties - Vienna, VA
Broker, GRI, E-Pro

Lane and Michael,

I agree with both of you.  Thanks for the comments.

Apr 19, 2010 12:52 AM