Do you really think his proposal or I guess I should say law, will really work? What about the people that have lived responsibly? They live within their means, they make their mortgage payments, they are investing for their retirement, they are even paying their taxes. The only thing I have seen out of these stimulus packages is they will get a $400 tax credit for a person filing single and a $800 tax credit for filing jointly.
Now they (the administration) have been trying to get the message out that if they can stop the foreclosures on your street that the value of your home will not decline. The way I see it, this whole mess has already effected the real estate industry and believe for the most part the worst is already here.
Yes, it's not all the current administration fault for being in this situation but it is their fault for telling the responsible Americans that we have to pay the bill for the ones that didn't act responsible. If our tax dollars are going to benefit anyone, it should benefit EVERYONE!
I am truly sorry for the ones that are losing their homes due to foreclosures. I wish they never got into that situation. If we used responsible loan practices of earlier days, we wouldn't have these issues to deal with. I also really find it hard that they claim they didn't know this was going to happen. I think what they are really saying is, I had no clue the market was going to go down along with my interest rate going up and I now I can't sell my house and make the profit I was relying on. That is speculating and now I as many other responsible Americans have to pay for their speculations and that is not right or fair. What happened to what my mom taught me, you are responsible for your actions?
Now, the current administration wants to put all the blame on President Bush for these loan practices but it has been reported that President Clinton implemented the loan practices of FannieMae and FreddieMac, not President Bush. Yes, President Bush probably should have done something sooner but he does not deserve all the blame that the current administration is blaming him for.
Do you have any suggestions on how this needs to play out? If you could bend President Obama's ear, what do you want him to know or suggest on how to deal with this. Is there a way out to help ALL Americans.