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| Miss, for the last time, please quit ruining my BFFFFA picture. |
It's late and I can't find CW. So here it is folks, that's right, what all of us wait for each and every Friday here at the Conservative Wahoo. I know we are all suffering from non-partum depression after the last election but that's no reason not to keep your gripe on. So let 'em rip and put some key strokes in the comment section.
And so it came to pass.
ReplyDeleteMany of us during the 2008 election and financial crisis, when we learned how insane and pervasive the Fannie and Freddie government mandated sub-prime market was, and the price we the taxpayers were being required to pay, were none to thrilled with GWB's or subsequently Barack Obama's response to it all.
I for one thought a vote for Obama was in part a vote for free houses. The problem was literally "too big to fail". If every "homeowner" who had acquired such a loan and for whatever reason couldn't pay, and was subjected to the normal process and foreclosed on, then the real estate market would be destroyed for at least a couple of years, untold numbers would be thrown out in the streets and God only knows where that might lead. At least that's what we were told.
So, every effort has been made to keep these people in their houses, and I mean every effort. The Making Home Affordable program in February 2009 has all kinds of things to offer "foreclosure alternatives". But what it can't do is make somebody pay their mortgage if that somebody thinks they will eventually get their house for free, and Rep. Elijah Cummings is proposing just that with "principal reduction".
The Democrats are waving around a Congressional Budget Office's (CBO) analysis that "... shows that providing loan reductions for borrowers underwater on their mortgages through the Home Affordable Modification Program (HAMP) could save taxpayers billions of dollars, avoid thousands of unnecessary defaults and provide a boost to the economy." Rep. Cummings said the programs of the past haven't worked and we should have done this to start with, and would have had it not been for those damned pesky right-wingers “Rather than implement these programs years ago when their benefits were obvious, ideologues ignored this evidence and harmed our nation as a result."
So if I've got this straight, by forgiving these loans and giving people free houses, when the whole process was a corrupt government scheme from beginning to end in terms of qualifying for loan, the mandates on banks to make these loans, the banks laying off this "toxic" debt on us and using it as an excuse to rob us blind etc., now the answer is to just say the hell with it, take the house you had no business being in to begin with and go.
Oh yeah, that makes a lot of sense. So I guess I was right, free houses was the goal all along.