Read this article at the Wall Street Journal. This has got to be one of the biggest loads of crap. I might as well have gone and bought a huge house I couldn’t afford, transfer all my assets to someone in my family, then declare bankruptcy and ask the judge to lower the principal on the house to something I can afford.
I will admit I don’t know the details and the limits of the bill but this is just ludicrous. My wife and I bought a house that was within our means in 2001. We could have gone and upgraded a few years back to a bigger house or one that was more expensive but we decided to stay put, do a little work on it and keep paying it off…like responsible people. We didn’t go out and speculate and buy multiple houses or a bigger house than we needed or could truthfully afford. And now, people that did the irresponsible will get a break while people like me will have to pay more taxes in the long run to subsidsize this travesty.
Why should someone that was dumb enough to buy a house that has lost 45% of its value from its peak get a bailout (I know people in this situation)? Seriously, how can you even try to justify this any longer.
The America I grew up reading about doesn’t exist anymore. Just call us the handout country now.