People are being foreclosed at the rate of 7 per minute according to ABC news. This is a sad situation for America and for these families.
The Obama administration has a portion of the stimulus bill setting a side billions of dollars to help banks make mortgage payments more affordable. One of the restrictions is that you must show income. ABC was decrying the policy because it rules out too many people. The majority of the foreclosures are happening to the unemployed.
I'll tell you my problem with the program. The government has no business taking money from one person to pay another persons mortgage. This is the same as rewarding irresponsibility at the cost to the responsible.
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I'll have to look at that news report.
ReplyDeleteAnother problem with program is that there's no Constitutional warrant for it. Alas, this is no longer considered a serious argument in Washington these days.
I doubt many on capitol hill are aware of what is constitutional or not.
ReplyDeleteYou're both right about the constitutionality question. If our federal government restricted itself to only spending the money confiscated from citizens on things that pass a constitutional test our deficit would go away.
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