30 Comments on Obama Mortgage Bailout Plan Promotes Bad Financial Behavior

JO on Fri, 20th Feb 2009 2:26 pm


I have to say, this is exactly the scenario I pictured, though I do believe alot of people made mistakes due to the banks allowing them to even have mortgages they couldn’t afford to begin with. They were naive, and yes, stupid to think they could have it all. I sincerely hope some kind of discretion will be used when “helping” people. It (the banks) should be closely monitored; and what I wouldn’t give to be on THAT board!

Martha on Fri, 20th Feb 2009 2:59 pm


I understand this article. But at the same time there are thousands of people on the other side of the fence who got hit hard by everything that has happened, eevn if they didnt borrow money they couldnt pay back. What the sad truth is, is that everyone will have to pay for the reckless and greediness of the American People and the mortage bailout plan is just one step toward fixing the problem. It’s not Obama’s fault we were so greedy, he just got stuck with trying to fix it.

Dug on Fri, 20th Feb 2009 4:24 pm


20 years ago I bought a house I could afford and have diligently made all payments when due. When the banks started with their creative financing I seriously considered selling my bare bones house and creatively financing a fancy new house, but decided against it because it just didn’t seem honest.
Now I see that my tax money is going to help these people who have been living in luxurious homes that they knew they couldn’t afford and I am more than mad. Please join with me in telling our President how we feel.

diane on Fri, 20th Feb 2009 4:28 pm


DEAR PRESIDENT BARAK OBAMA,
Let me get this straight, as I read this to understand my situation, as my Pretax income is 73710.00 per year divided by 12 is 6142.5 per month times 38% = 2334.15 this is a statement of fact.
So what I understand is if I am stupid enough to be paying that much on my home I will be cut a break.
I have lived within my means, have lived in, and yes periodically refinanced the house that I have lived in for 21 years. My present mortgage is for 97,000 at 5.6% with a monthly payment of about 650.00 per month on a house that I have lived in, been current on my mortgage, improved on with the funds from my refinance, and have not gone out and borrowed on the inflated equity that “flippers” did in anticipation of making money, and now I find that this bail out that my tax dollars is funding does not include me because I am not over extended enough. How FUC>>> IS THAT? Why should I lose out while I see my value drop because my neighbor “flipper” made a mistake, walked away and brought my home value down with him because I was fiscally responsible?
Why should I bail YOUR ASS OUT? I am not benefitting, am I?
Where is my share of the pie? Obama said in December he thought we should get another stimulus check and that if it were up to him, it would have been before he got in office. Well you are in Obama, WHERE IS IT? NO MENTION OF IT SINCE HE GOT IN!!!!
I am tired of hearing about people losing their jobs and not being able to make ends meet. WE ARE IN A DEPRESSION>>>>HELP ME AND MY FAMILY OBAMA!!!!!
We pay the bill. My wife had her hours cut from 45 to 10- 24 per week. But yet I won’t be eligible under your plan. Only the stupid and the greedy that got in at the last beat of the music in the musical chairs game of flip this house and paid ridiculously high prices and have not yet walked away from their homes that they cant sell but for a loss will see any bail out from this. Not the honest Joe the plumber, Joe blow, Joe the jack of, regular Joe the poor working slob will benefit. We will be taxed with the job of bailing these incompetent get rich quick assholes out. Thanks for your stimulus plan but for me it does not arouse me to erection.
Try again with sincerity, instead of trying to pay back and bail out your cronies.
And to think, I voted for you.
I am very disappointed.
Diane

diane on Fri, 20th Feb 2009 4:33 pm


DEAR PRESIDENT BARAK OBAMA,
Let me get this straight, as I read this to understand my situation, as my Pretax income is 73710.00 per year divided by 12 is 6142.5 per month times 38% = 2334.15 this is a statement of fact.
So what I understand is if I am stupid enough to be paying that much on my home I will be cut a break.
I have lived within my means, have lived in, and yes periodically refinanced the house that I have lived in for 21 years. My present mortgage is for 97,000 at 5.6% with a monthly payment of about 650.00 per month on a house that I have lived in, been current on my mortgage, improved on with the funds from my refinance, and have not gone out and borrowed on the inflated equity that “flippers” did in anticipation of making money, and now I find that this bail out that my tax dollars is funding does not include me because I am not over extended enough. How FUC>>> IS THAT? Why should I lose out while I see my value drop because my neighbor “flipper” made a mistake, walked away and brought my home value down with him because I was fiscally responsible?
Why should I bail YOUR ASS OUT? I am not benefitting, am I?
Where is my share of the pie? Obama said in December he thought we should get another stimulus check and that if it were up to him, it would have been before he got in office. Well you are in Obama, WHERE IS IT? NO MENTION OF IT SINCE HE GOT IN!!!!
I am tired of hearing about people losing their jobs and not being able to make ends meet. WE ARE IN A DEPRESSION>>>>HELP ME AND MY FAMILY OBAMA!!!!!
We pay the bill. My wife had her hours cut from 45 to 10- 24 per week. But yet I won’t be eligible under your plan. Only the stupid and the greedy that got in at the last beat of the music in the musical chairs game of flip this house and paid ridiculously high prices and have not yet walked away from their homes that they cant sell but for a loss will see any bail out from this. Not the honest Joe the plumber, Joe blow, Joe the jack off, regular Joe the poor working slob will benefit. We will be taxed with the job of bailing these incompetent get rich quick assholes out. Thanks for your stimulus plan but for me it does not arouse me to erection.
Try again with sincerity, instead of trying to pay back and bail out your cronies.
And to think, I voted for you.
I am very disappointed.
Mark

gail on Fri, 20th Feb 2009 4:37 pm


My husband and I are financially responsible. We are in our 60’s and have paid off our mortgage. Like so many others, we’ve also lost well over $100,000 in the stock market in our IRA’s so we have to give up on what we’d hoped to be able to do at this point in our lives. Still, we have some money saved and still want to get a modest vacation home. With house prices and mortgage rates so high, we can’t get something we could be excited about…so, we’re not buying.

The thing that will get us to buy is if mortgage rates on 2nd homes ( not just 1st homes) drop. There must be people like us out there who would buy if mortgage rates only dropped. Why should banks who have been give billions of dollars in bailout money be allowed to continue charging 5% and over for mortgages? How about insisting they get 1% over the rate they charge for their C.D.’s or something like that? If this was done, more responsible people would start buying houses (1st homes and vacation homes) and the government would not just be helping the irresponsible ones who find themselves in trouble.

Susie on Fri, 20th Feb 2009 5:02 pm


Let’s get real, shall we let everything fall to the ground in ruin, if it does, that would still punish the hard working people. Are we not supposed to pull together as a nation these times. As a small business owner I see the pain in what all the greed and 8 years of Bush has produced first hand. The people who walk into my store, depressed by the fighting and the economy news that the media keeps reporting. I hope all those people in politics realize your public is finally awake, and we will vote you out. Those republicans who don’t support their President should be shamed, Everyone has their opinion, so where were these politicians 8 years ago, when they destroyed our way of life we worked so hard for. So if you want your property to go down some more, and have empty homes next to you, after they start going to ruin, then what? As our President has stated we can not sit and do nothing. Who said life was ever fair? and good guys finish last? so lets make the best of this before it gets even worse! Make sure we put all the checks and balances in place so it can’t ever happen again.
Thanks Susie

WARNING: Moral Hazard Ahead! « Red Tory v.3.0 on Fri, 20th Feb 2009 5:24 pm


[...] Moral Hazard Ahead! Jump to Comments Surely you knew this sort of nonsense would be coming from the moment President Obama announced his latest “bailout” aimed at [...]

Phyllis Wright on Fri, 20th Feb 2009 5:27 pm


This stumulus package is not going to help anyone. We are being tricked into beleiving President Obama is able to solve all our problems, but I would never try to go thousands of dollars in debt if I was already thousands of dollars in debt. In my opinon our government is certainly not being responsible at all.Why should I be paying the government for money I will never see and did not want anyway.

Church of Cowherd » Foreclosure Prevention Program: Am I Eligible? on Fri, 20th Feb 2009 5:32 pm


[...] Obama Mortgage Bailout Plan Promotes Bad Financial Behavior [...]

maxers2 on Fri, 20th Feb 2009 5:51 pm


I totally get this article. I’ve been a responsible, hard working individual who pays my bills on time and works to ensure that my bills are paid first before anything. Now, my credit card company is raising my interest rate 9% (thank you Capital One) due to the current economic crisis. So now I get penalized for doing what I’m supposed to.

chris on Fri, 20th Feb 2009 6:40 pm


I do not want to support deadbeats anymore this includes our government. bailout programs, tax everything, enough is enough the biggest cut needed Mr Obama is in your back yard. Careless spending by our gov. Stop coming after the working families every form of government wastes the rest of their fiscal year budget or “we wont get it next year” cut all budgets by 10% and it cant fall on the public, cut gov. vehicles, health clubs, credit cards, make gov. employees pay for their health insurance like the rest of working america, now i pay for mine and theirs. Everyone in gov. has assistants, assistants have assistants, do your job yourself like the rest of us. Stop looking for things to tax for more income, The more you tax the less we have WE ARE BROKE DO YOU UNDERSTAND WE CANT AFFORD MORE TAXES YOU IDIOTS!! Instead look at gov. spending. I have had it with being robed by the people we put in office, it dosent matter what president we blame it is never going to change until all forms of gov. clean up their act, local to federal. sorry for the babbling but i am fed up.

Kenneth on Fri, 20th Feb 2009 6:48 pm


Where is the end of the bailouts?

I am certain you will give billions to the auto industry? They should cut production to match sales and cut all pay to be more in line with Honda so they can compete.

Luisa on Fri, 20th Feb 2009 6:55 pm


This is the typical mentality of black people.. welfare!!

angel on Fri, 20th Feb 2009 7:26 pm


For all the people that live a honest good life and do the right thing, we don’t have to look over our shoulder to see who is coming to take our house away or our car and we can sleep peacefully at night. Peace of mind is worth more than all the high living.

Joanne on Fri, 20th Feb 2009 7:53 pm


I cannot believe that my family and I are going to be PUNISHED for living within our means and being financially responsible. We are struggling to make ends meet like most people we know. Now we will have to support all the deadbeats who were reckless and irresponsible. I really do feel for those people who are in a crisis through no fault of their own for example factories closing causing a huge drop in real estste value and loss of jobs. There is no question those people should be helped but not all those people who took out huge loans to put in pools, additions, new kitchens, vacations etc. it is simply not fair. THAT is toally irresponsible on the government’s part. It is just rewarding and promoting irresponsibility

brandon on Fri, 20th Feb 2009 8:28 pm


I love Susie’s comments stating that she “sees the pain in what all the greed and 8 years of Bush has produced first hand,” and that “those republicans who don’t support their President should be shamed,” and that “these politicians … destroyed our way of life we worked so hard for.” Amazing liberal rant, Suzie. The only thing that destroyed some people’s way of life was their own greed and living beyond their means. It wasn’t Bush – if anything political, it was the liberal congress (Democrat controlled) that did nothing when many Republicans called for more wallstreet (Fannie, Freddie) oversight. The shrill voice of the Democrats (yours included) make me sick, considering the vast majority of Americans who have lived within their means and are now being punished because the liberals, especially Obama, believe in “redistribution of wealth.” Our country was built on opportunity for everyone who cares to work for it – it was not built on rewarding poor decisions, laziness, and inefficiency. For those who didn’t see through the Obama smokescreen, you are just starting to see the wealth redistribution that he believes in (but covered up throughout the campaign).

Fri Load on Fri, 20th Feb 2009 8:45 pm


Motto of the story is: “No good deed, goes unpunished.” Or, “let us all depend on our country, not what we can do for our country.” Or, “let’s join the freeloaders.” What happened to our plumber.?

drew on Fri, 20th Feb 2009 8:47 pm


I can not believe this decision by the president of the United States of America. The country that people imigrate to for hope. People believe in this country because there was hope in the fact the harder you worked the farther you move ahead. Responsible decisions make you stronger and more successful. This decision is a disgrace and I have to ask why should people strive to be better when all of the taxpeyers will bail them out for bad and risky decisions. If this is change Mr President it is not the change you were campaigning about. the campaign is over it is time to make real decisions for all of Amercia.

Doug on Fri, 20th Feb 2009 9:05 pm


My wife and I are one of those hard working americans also but because of all this sh&% going on. I have lost over $400,000.00 worth of business in the last 4 months. I am a small remodel business owner and my wife is also in this industry. We have always paid our bills and worked very close to the budget we set for ourselves. Now I am in a very bad position. Lost my business and my wife has not been able to close a home sence last OCt. not because she hasn’t sold but they can’t close even with good credit. Banks are lending. People don’t have jobs and spending has come to a stop. I will say one thing. I think that if the gov. feels like they have to spend our tax money and also make my children pay for thier mistakes then that money should go out to all tax payers and not to business or banks of any kind. think about it. If we the Poeple get the money then we pay on our mortgages in turn banks get their money, pay on our credit cards in turn the banks get their money, pay off or on car loans in turn banks get their money, go shopping in turn stimulate the retail business in turn create jobs and if the people go out and blow the money in stead of paying on the loans then they have no excuses of complaints if the banks come in and foreclose or take th cars, but make it our choice with OUR MONEY not business or Gov. It all starts with the poeple not business This is the United State of America not Corp. WE THE POEPLE FOR THE PEOLE! PROBLEM FIXED.

Teri Davis Newman on Fri, 20th Feb 2009 9:41 pm


Hey Diane and Mark
I didn’t vote for the Obamasiah because I KNEW this was the kind of socialist crap he was selling. You bought into the glossy rhetoric not thinking about the fact that he had no government experience to speak of and isn’t fit to hold the office of POTUS snd you’re upset because you voted for him. How do you think I feel–and I wasn’t STUPID enough to vote for him! I get to say “I told you so” for the next 4 years while bailing out all these irresponsible assholes.

DIK on Fri, 20th Feb 2009 9:41 pm


So now all those Obama sheep are finding the pasture a little barren or with bitter grass.
Where were aur media pundits when we really needed to hear some truths………..not just your gamey “We will change”? Do you really like this change? Do you really believe King Barack is leading us down the Right………err……… left path of redemption.
How foolish you were then and now! If we could find a common grave for you all…………..

PhuckedOver on Fri, 20th Feb 2009 9:45 pm


OBAMA IS SERIOUSLY OUT OF CONTROL. And its starting to show, not just a little, but a lot.

ONLY wish the idiots who voted for him WOULD pay the price later.

Oh, did I forget, most of the them are 20ish and the rest are blacks or latinos.

GET THE IDEA PEOPLE!!! Most of these slobs who voted for him don’t make over $7.25 an hour.

Like I’ve said, were phucked!!!

dang gum truth on Fri, 20th Feb 2009 10:10 pm


YOU PEOPLE DID THIS ….YOU PEOPLE WHO DONT WANT CHANGE ….CHANGE THE SYSTEM NOT THE MAN ..DEMOCRACY I THINK NOT POPULAR VOTE ..I THINK NOT …DICTATORSHIP?HMM GOVERMENT DOES WHAT THEY WANT PUTS IN OFFICE SWHO THEY WANT MAKES ALL THE BILLS THEY WANT….WHERE IS OUR RIGHT????/?

LOU on Fri, 20th Feb 2009 10:46 pm


Seems Most of these people don’t understand the bailout. Do they really want to extend there mortgage to 40years to get lower a payment?

Livis on Fri, 20th Feb 2009 11:40 pm


Congradulations to all who have managed their finances well and have by the grace of God, are staying afloat in these tough economic times. For this reason be thankful, not arrogant, about what you have done right and some else has done wrong. It could have been the opposite, and because you have two nickels to rub together today, doesn’t mean you’ll have them tommorrow. You might not admit it, but you would want help if you needed it, even if you hadn’t acted responsible. In fact you have been helped, you might think you pulled yourself up by your own bootstraps, but doors were opened for you to get where you are today. Everything we have, belong to and have, comes from God, our health and strength, reasoning, ability to do whatever we do to get what we have possession of. Yes some of us make better choices than others, but God loves us all and gives all of us additional chances in life, and its up to the persons to make good of them, its called grace, something we can’t earn, its a gift from God, the giver of every good and perfect gift, according to his word. Let us all be thankful that things are well with us as they are, help all that we can help, yes we have to rebuke each other at times as well as encourage, but do so in kindness, pray for each other, our president and other leaders that we all receive wisdom and understanding from God, to walk with God through our crisis. God commands us to love him with every capacity, and love our neighbor as our self. God has already demonstrated his love towards mankind, and continues to do so. God has everything we need, continue to do the right things in life and don’t be selfish, this will honor God and you will blessed more than you know. Things may get tougher before they get better, but together with God’s help, we can make it through this crisis and anything else that may come our way!

Love, joy, peace!

Livis

susie on Sat, 21st Feb 2009 6:38 am


Dear Brandon and all.
If you don’t think the last 8 years have led up to America’s failure you need to have another look, all the warning signs were there, just as we were warned about 911, Yes Greed #1 Banks and all the rest, and I do not follow any liberal or anyone. I go by the facts, how difficult that seems to be. When was it OK to lie, when was it OK not to care, simple to say just its just too much media, shock us that’s the game to get our attention, you need to guess at what is the truth today. We can’t turn the clock back and fix this can we? Please tell me why it is so difficult to accept and get pass all the wrongs that have been done. I am a logical person, cause and effect, pros and cons. So what do we do now? yell and scream like children, Stay angry all the time? Do we keep attacking those who are trying to fix things? Yes its horrible, unfair, greed, and so on. Or do we move on? I am hanging on like the the rest of America, my small business getting less sales everyday, trying not to lay anyone off, working for no pay 7 days a week, worried that my bills are being paid late. So what do we do? I have not heard anyone come up with a plan that might work, I sure would not want the position of president today, again do you want to see your neighborhoods fall apart? lose what we have? Its sliding away, and the rich people who have more money, then they could use in their lifetime want more. Its all too sad. So lets get some logical idea’s to fix us. We all care about us, family and loved ones, it seems like kindness is out of style. Maybe we need to change that? Do we need to go back to living in caves and forest, and hitting each other with sticks, guess what if we don’t move on, who knows? Anyone has any better idea’s please let the President know, Susie

Dave on Sat, 21st Feb 2009 10:43 am


I really don’t have a problem with subsidizing the refinancing of a mortgage to reduce some foreclosures, but dropping the rate to a prescribed % of income is irresponsible.

I’m kind of this the first person. I have a mortgage 15 yr at 4.625% that I refinanced a few years back when rates dropped. The change kept my payment the same, but allows me to pay it off in 15 yrs vs. 30 yrs. I have over 50% equity in the mortgage even with home prices declining slightly in my area.

I’ve worked hard, received promotions, my 401k is getting killed, and am now beginning to put my kids through college. My daughter’s dorm room and meal plan costs $900/mo and I’ll have 3 in college in 3 years!

If anyone should receive a handout it should be me! How about a big income tax break if I buy one of these bank owned homes to put my kids in while they are in college? I’m willing to take the risk and accept the consequences. I’m also a better risk than the people that can’t pay their bills.

Scott on Mon, 23rd Feb 2009 8:55 am


Why would he? Because that is his base of voters. His base consists of layabouts that want more and socialists that want to give it to them.

His job is to suckle his voters with the milk of chumps.

If only landowners, or even citizens, could vote, Obama would not have enough to be president of anything. (except maybe Detroilet)

renee on Thu, 12th Mar 2009 12:29 pm


Give things time to work, and in the meantime, pay your fair share of income and other taxes. If you don’t want to pay for the benefits you enjoy to live in this country, then move to another. It seems no one wants to pay anything for everything we get back, yet you don’t mind paying out to taverns, cigarette companies, gambling joints, and the like. At least we get back something from the government. All the others only take our money and give nothing in return. Stop buying on credit that which you cannot afford now. It makes no sense. When you point your finger at someone else, look where your other three fingers are pointing. What did any of you do to contribute to this mess? Give Obama a chance; he’s extremely intelligent and will very likely prove to be one of our greatest leaders in history.

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