In an effort to let more struggling borrowers keep their homes and prevent defaults on unaffordable home loans, the Bush administration is expanding a federal program to allow more homeowners to refinance mortgages.
The administration plan encourages lenders to write down loan values which would reduce the monthly mortgage payments. It allows the Federal Housing Administration to insure more mortgages and expects about 500,000 families will refinance into prime-rate mortgages by the end of the year.
The agency is expanding eligibility standards, allowing certain borrowers with adjustable-rate mortgages to refinance.
"Our plan will help hundreds of thousands of desperate families who have no place else to turn for safer, lower cost ways to keep their homes," said Brian Montgomery, the federal housing commissioner, in a statement on Wednesday.
So no one can sell their home and move into an apartment like everyone else does when they buy a home they can't afford? Is that what Brian is telling us?
And Bush is an idiot for falling for this "poor me" attitude that people are giving out these days.
Let's put it to you this way: Would everyone be wanting the government to bail people out if someone bought a Mercedes when all they could afford was a Honda?
The fact that this even an issue is ridiculous. If you bought a house you couldn't afford, your only solution is to either make more money or sell your house.
Period.
The American taxpayer and the government doesn't owe you shit. I'm sick and tired of reading example after example of reckless spending and then seeing these people play the part of the victim. You bought it, you couldn't afford it, you need to sell it or file for bankruptcy. You're not a victim, you're a fiscal idiot.
Travis
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