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.
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.