Obama’s Mortgage Plan Helps Who?
At Dobson High School in Mesa (just a few miles from my home) Obama told the crowd about his plan to help borrowers in mortgage crises:
The housing market collapse helped trigger the broader economic decline, the president argued, and so acting “boldly and swiftly” to arrest a wave of foreclosures would have positive effects across the economy and benefit every American.
At this point, over 90% of homeowners are demonstrating personal responsibility, making their payments regardless of whether their mortgages are upside-down. Many, like myself, chose not to upgrade to a newer, bigger home when the market was booming. How, exactly, does it help us to take our money and send it to people who made irresponsible decisions? The only thing it does, in fact, is encourage more bad decisions as people begin to expect the government to bail them out when they screw up. Oh, and punish those of us who are fiscally responsible.