Why The Mortgage Plan Stinks

A nice article in OregonLive.com, which echoes the sentiment of many, regarding the Mortgage Bailout. Basically asking the simple question “what about all the people who bought houses, have been budgeting, cutting their expenses, and paying their mortgage ON TIME??? What about the people who know how to live within their means?

But back to Mr. Obama and his plan to bail people out of mortgages that many had no business taking on in the first place: He’s making a lot of us who bought homes we could afford — rather than homes that put us on the financial edge — look like complete chumps, has-beens and idiots.

His plan would take billions of taxpayer dollars and give them to banks and investors so they could lower borrowers’ interest rates and make other changes to the terms of their home loans. This is exactly the sort of thing that I worried about when Obama talked to us about being our “brother’s keeper” in his convention acceptance speech. His plan will teach people to be even more irresponsible with money; to acquire more and more and more because the threat of failure is getting lower and lower.

Complete CHUMPS!