It’s Personal Responsibility, Stupid
Too bad that liberals will never understand why… Homeowners who should never have received a mortgage are re-defaulting, even after having their loan terms renegotiated. Meanwhile, to “bail out” the homeowner in this economic downturn the Congress is considering…. buying and renegotiating loans for homeowners nearing or in default. Go figure.
“The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.
“Put simply, it shows that over half of mortgage modifications seemed not to be working after six months,” he said.
Michelle Malkin » Duh of the day: Give bad loan risks more money, get same result
Categories: Loony Left, National, Personal Responsibility Tags: bailout, homeowners re-defaulting, john dugan, mortgage crisis
The Truth: What Obama and McCain won’t tell you about your money
Some straight talk, not from the “Straight Talk Express” or the “Messiah for Change,” but from an American entrepreneur:
Not all homeowners deserve to stay in their houses.
Renting is a perfectly reasonable alternative, but the idea of Americans “losing their houses” is politically untenable. Why? Because America perpetuates a mistaken culture of homeownership. Owning your own home is the kind of BS sacred cow that got us into this mess: Our parents tell us to buy a house. Our friends are impressed if we own a house in our twenties. The government literally encourages us to own a house by offering tax deductions. Homeownership is the American Dream!
The Truth: What Obama and McCain won’t tell you about your money | I Will Teach You To Be Rich
Categories: It Must Be Said, Personal Responsibility, Politics & Government Tags: barack obama, home ownership, john mccain, mortgage bailout, mortgage crisis
John Linder : Government Should Stay Out of Capitalist Market
We could put the 10,000 brightest people in the world in a room to attempt to find the right solution to our economic problems and they still could not make a decision as wise as the result of millions of tiny decisions made every day in the market. Markets are efficient. They punish bad behavior and reward good behavior.
Categories: National, Politics & Government Tags: bailout bill, john linder, mortgage crisis
Three Steps to Change the Nation’s Future
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy.
Categories: National, Politics & Government Tags: dave ramsey, mark to market, mortgage bailout, mortgage crisis
Mortgage Crisis: Fault the Borrower
Though politicians have worked hard to turn mortgage borrowers into America’s largest new victim class, in fact a good deal of our current financial trouble isn’t a result of predatory lending, according to Terry Jones, associate editor of Investor’s Business Daily. It’s a result of predatory borrowing. BasePoint Analytics, which looked at some 3 million loans from 1997 to 2006, found that as much as 70 percent of early defaults on mortgages involved some kind of fraud by the borrower – whether in overstating income and assets or by gaming the appraisal system. Source: Townhall magazine
Categories: National Tags: mortgage crisis, mortgage fraud, predatory lending
