- Posted by Christopher Estep on February 12, 2008
In what could best be described as hearkening back to the "good old days" of Nixon price controls, President Bush, not content to bribe voters with with other people's money in a so-called "stimulant package", has taken the idiotic step to put a 30-day freeze on foreclosures for "homeowners who qualify" which I interpret to mean as many people as possible.
Dubbed "Project Lifeline," the new program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus on previous relief efforts.
The program was put together by six of the nation's largest financial institutions, which service almost 50 percent of the nation's mortgages.
These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.
This is meaningless, symbolic crap that does nothing to help anyone and forces lenders (many of whom aren't among the six largest) to extend themselves even further and shoulder the burden of their borrowers' inability to pay (and most likely, read a contract as well).
That's all we need, Mr. President! Keep convincing people that there is no personal responsibility in anything. If we fail, Daddy Government will help us out!
The simple fact is that banks already do what this program is attempting which is why they're going along with it. Do you think a lender wants to own property? No!! The last thing that a lender wants is to foreclose. They will talk to you and they will work things out with you if at all possible.
We've got to stop treating adults like babies. Just because someone cries like Hillary Clinton does on days that end in Y, doesn't mean we need to save them. Life is hard. Life is not fair. If you withhold people from the Refiner's Fire, they'll never be strong and we're condemning them to a life that's tougher than Rosie O'Donnell's feet.
Grow up, people! Quit expecting Santa Bush to save you!