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Mortgage assistance plan unfair to majority

MoneyIn its infinite wisdom and great generosity (with my tax dollars), the U.S. government is now considering a plan to freeze mortgage rates for homeowners who’ve gotten in over their financial heads.

Excuse me?! How is this fair? I shopped long and hard for a small home I could afford at fixed-rate payments I felt I could handle. I passed on a new, more expensive place that I loved that would have had similar payments — if I had accepted the special this-week-only, no-doc, 3% adjustable rate mortgage the builder was offering.

Now you’re telling me that if I had bought that place, I’d be in line for a handout from the government, a cash bailout or a lock on that 3% loan?!

How very shortsighted of me to assume I’d have to pay off my own loan, at the 6.7% rate I contracted for. Now I’m stuck not only with paying off my own loan, but with supporting the guy who accepted that 3% loan.

Hey, I’m retired. I’m on a fixed income. I played by the rules. I studied the market and shopped for a home and loan appropriate to my circumstances. Where’s my handout? Am I any less deserving than the buyer who didn’t read what he was signing, who didn’t properly manage his own finances? Am I less deserving than the predatory financial institution or sales rep that promoted subprime loans?

4 Comments »

  1. As a fellow fixed rate mortgage holder, I am also frustrated. Considering the likelihood of freeze being more likely today since the government has stepped makes me even more angry.

  2. I agree. Well, that’s what people get for voting in a man who’d be in jail now for stealing from his company in Texas if not for the fact his father elected all those who were responsible for jailing him.

"Nothing is more dangerous than ignorance and intolerance armed with power." ~ Voltaire

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