The American Spectator

sre| 2.18.09 @ 10:43AM

According to CNBC:

It will also establish a $75 billion fund to reduce monthly payments for another 3 million to 4 million homeowners "stuck in sub-prime mortgages they can't afford as a result of skyrocketing interest rates or personal misfortune," Obama said.

Skyrocketing interest rates? Wha?

By the way, $75 billion divided by 4 million is $18,750. Which I, after working hard, saving and living within my means, get to pay to those who didn't.

I think I am the one suffering a personal misfortune.

Sean| 2.18.09 @ 11:52AM

I don't see why the government should be propping up home prices. This problem has happened because home prices have gone through the roof the past 30 years. It is time to let pricing fall. I didn't partake in the insanity and I do not want to foot the bill.

asdf| 2.18.09 @ 12:09PM

I know it's easy to pick on people when they seem to have dug themselves a hole. I applaud you for your fortune for "living within your means."

There are many people like my family who had a subprime loan and were advised to refinance out of it. Unfortunately the "perks" of refinancing meant having to pay not just the increased mortgage (which we could afford) but having PMI added when we didn't for our "subprime" loan and escrowing our property taxes (we paid our tax bills with our summer jobs - as my wife and I are teachers).

Along with having our motgage lender go out of business during our refi and being shuffled to 3 companies in a month we had numerous fees added to our new mortgage. Unlike our original mortgage we didn't have a lawyer present to answer our questions and we ended up signing papers that increased our monthly bill to twice what our previous mortgage was and $600 more than our "balooning" subprime mortgage was moving up to.

While I don't think it's right that you have to pay to help me out, I also think it's always slightly more complicated than even the "solution" might be. We live in a nice neighborhood in a small city. We don't live extravagently. We just found ourselves in a hard situation. I wish our refi would have helped us out instead of putting us in the hole. I wish I wasn't pressured into signing or that I had sought advice. If I could have just said no this wouldn't have built up to being nearly impossible to afford my home.

Real American| 2.18.09 @ 12:12PM

we need a taxpayer bailout.

sre| 2.18.09 @ 12:25PM

To asdf:

I have to say, nothing you said convinces me that I should have to bail you out.

Living within my means was not my "fortune," it was a rational decision.

You describe several screw-ups you subsequently made to dig your hole deeper. I'm sorry. I've made mistakes too.

Doesn't mean I've asked others to pay my way out of them.

Here's the thing. I lived in a small house for 17 years. I always wondered who all the rich people were buying those big houses. Turns out they weren't rich, just overreaching. So the overreaching comes home to roost. What happens? My retirement funds tank AND I have to pay to bail out the overreachers.

Does that make ANY sense? I did NOTHING WRONG and I HAVE TO TAKE A HIT!?!

By the way, are you going to ask me to fund the losses in your teacher's pension fund too?

Sean| 2.18.09 @ 12:57PM

asdf

I use to work for a school district and made less than the average teacher. Most teachers there would always complain about being poor yet would buy new cars and overpriced homes all the time. I don't know why people like me making less than you should have to pay for your poor decisions.

Republican Base| 2.18.09 @ 1:45PM

I got mine!!

You can't take it!!

Get off my lawn!!

sre| 2.18.09 @ 2:09PM

Democratic Base:

You have more!!

That's not fair!!

Give it to me!!!

Pat| 2.18.09 @ 8:18PM

Housing bailout to allow 400-year mortgages, control interest rates

[satire]

http://wineandexcrement.com/housing-bailout-to-allow-400-year-mortgages-control-interest-rates/580/

Laid Off| 2.19.09 @ 2:51PM

This bailout is going to help you people who did not get sucked into the gimmick of credit telling us to get more buy more and be more! Prices of housing will go up and your home will be worth more. People will be able to spend more therefore, you won't lose your job. Get real and open your mind to what it can do for you. I applaud this step our government is taking.

What about the loan officials and credit companies that enabled this to happen. We have to be there for each other. This did not just happen to the people who took a chance and or lived above there means. and quite frankly that money in your 401K that you lost was never your's! It was a part of the rising inflation! So get off your high horse about what a responsible person you are and start looking at the big picture.

sre| 2.19.09 @ 5:35PM

Right. It's always someone else's fault. Someone telling you to buy more. The gimmick of credit. The loan officials.

Sorry. It happened to you because you bought more than you could afford and had no safety reserve.

We have to be there for each other?? How come guys like me always have to be there for guys like you but it never seems to work the other way?

Tell you what - as long as I'm supporting you, how 'bout you don't lecture me about finances.

Laid Off| 2.20.09 @ 8:02AM

sre
Don't Kid yourself! You're not supporting anyone. And who said I got caught up in the credit spree. I did not buy more than I could afford, I simply got laid off. What happens when you get laid off? You don't have money coming in. Again, your close minded ways prevent you from seeing the big picture. You need to try and stop thinking about what your losing and see the benefits this will bring for our country that desperately needs a radical change in our financial economy!