The skids have been greased in Congress and the White House to pass a massive bailout of mortgage lenders, including the quasi-federal Fannie Mae and Freddie Mac. It will add billions to the deficit, reward the most scandalous of the lenders and the least responsible of the borrowers.
The dumbest thing you could have done, as it turns out, is scrimp and save to pay your mortgage on time, even putting your wife and kids to work, in order to meet the higher payments as your adjustable mortgage goes up. How Norman Rockwell and sappy. You should have just waited it out, and put it on the cuff, with everybody else.
A typical presidential election year vote-getting ploy, the bailout is a slap in the face to the 94% of American mortgage holders whose payments are current and are not close to default.
That President Bush would sign off on this abortion of a bill, greatly lowers him in my estimation. History will prove him to be a hero in the war on terror, but a disaster in handling money. This proves it.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment