Mommy Government

Resolution Trust Corporation II

The Democrat clamor for a housing bailout

Michele Malkin found a mortgage blogger [Another F*ed Borrower,] who, with all due respect, is one of several million people who, because they pay attention, know how the liberal mind works and saw it coming from 10 miles away. Yup, there's a movement afoot to make you assume the loan obligation for people who got in over their heads with ARMs (Adjustable Rate Mortgages).  “     I told you it was only a matter of time until the politicians started talking BAILOUT for people that bit off more than they could chew. They can’t have it both ways (or can they). They can’t have 70% ‘home ownership’ (more like home mortgageship) on one hand, and then use taxpayer money to say that nobody loses a house on the other. The thing is, 70% of the population probably shouldn’t be owning a house, and certainly not at the prices that many of them paid. The coming ‘foreclosure boom’ is going to realign the home ownership percentages to more realistic levels and realign housing prices to levels that reflect incomes…     …apparently, biting off more than one can chew is no longer an individual problem, it is society’s problem. Who knew that the ‘leaders’ of our country were so against personal responsibility. Aside from the capital gains tax, ’society’ didn’t really benefit from the massive property appreciation, so why should society have to foot the bill for the ‘bad investments’ that were made.     Sadly, it isn’t just politicians on the national level that are screaming BAILOUT! Seems that Los Angeles City Councilman Richard A[l]arcon wants CITY, STATE, and FEDERAL funds to bailout CITY homeowners that cannot afford their mortgages!! ”  Build a city on land below sea-level, and when it gets swamped go to the taxpayer.  Build a house on a a river flood plain, and when it gets flooded - taxpayer.  Deposit your savings in a bank paying 12% interest when everyone else is paying 2%, and when it folds - you guessed it.  I have a good deal of empathy, but not sympathy, for home-owners who will lose their homes, but hey, you took a chance.  I toyed with a 2% ARM several years ago, but opted for the safe 6% FRM.  Perhaps Inspector Hamilton put it best. "This stinking death cult compost heap needs to be destroyed and outlawed ball decent people." I'm going to say a rosary and drink some Scotch.