On the surface it sounds GREAT to everyone who might be helped stay in their house.
(The house that they bought that they cannot afford and have no real equity in anyway)
But there are more things not to like for those that won’t benefit from it.
IF it is allowed to work, it will artificially keep prices high. Anyone who it doesn’t directly help should be outraged.
She repeats that it’s not a bailout. What she wants to say is that it is not a bailout of homeowners..OK, sorta.
But she doesn’t admit that it IS a bailout of LENDERS.
There is no pain for those who were irresponsible.
Irresponsible buyers AND irresponsible lenders. This allows them to carry on their merry way “until the market improves” Let them suffer the consequences of their actions.
There is NO REASON for houses to increase in value at this time. The improvement is the falling prices for those waiting to buy.
For ANYONE to suggest that things will be better in 5 years is irresponsible and wishful thinking. It’s certianly not a guarantee.
It just passes the problem off to a diff group of folks and a different administration, who will be just as cluless what to do when they need to deal with it.
OK… what genius has the next idea that isn’t going to work either ??
