$700 Billion?
It’s your turn. Help people instead of companies
We need to temporarily lock the interest rates that homeowners are paying – no upward ARM adjustments for the the next five years or more.
Housing prices need to adjust with the market. Prices are over inflated and need to cool. Step in to help homeowners keep their homes as opposed to supporting the ability of companies to make bad decisions without recourse. Yes, individuals need to take responsibility for their actions. The process of buying a home and obtaining a mortgage can be an overwhelming process; the banks have the primary responsibility of ensuring that purchasers properly understand their loans. If the banks have failed in this regard then they must be held responsible. Easing a homeowner into a better loan if possible or selling the home if needed should be the primary focus of this legislation, not enforcing poor or even criminal business practices.
No one wins in an environment where foreclosed homes sit vacant to be stripped of wiring and copper pipe. Occupied homes help to keep the crime rate down and the tax base intact.
If you are going to spend my money – and let’s face it, it is my money along with every other taxpayer out there – spend it helping people.
