For some reason my only the text I copied from Obama’s plan showed up. Here are my thoughts that were to go with it.
As the it states right in the plan it is to help “particularly those who received subprime and exotic loans with exploding terms and hidden fees”. From what I read basically the Government, aka the TAX PAYERS are going to fund lowering intrest rates and principle of those who never should have got a loan in the first place. Further, we the TAX PAYERS are going to PAY those lenders who issued mortgages they had no business issuing incentives to refinance the bad loans. Umm.. did I get that right? Someone help me understand how this is NOT rewarding bad behavior and punishing the responsible. On top of that the rates are held for 5yrs and then adjusted! So this plan “fixes” the problem created by subprime and exotic loans with an “exotic” loan??? Am I wrong in thinking that all this plan is going to do is cost us a shitload of money and delay what is inevitable, foreclosure, for 5 yrs? In turn will this not delay the correction in the housing market and delay any recovery?
Someone please explain to me how Santelli is wrong regarding this plan?
A thought on polls supporting this plan, if you were to poll only those who would pay for it, meaning those who actually PAY TAXES, what would the results be?
