Tuesday, July 22, 2008

Bail out of Home Mortgages

Our elected representatives have voted to bail out up to $300 billion in subprime mortgages. I am not sure of all the details, but it involves tax credits to those who buy foreclosed homes. This is just plain stupid. Those who made the loans were responsible for doing their due diligence. If they wanted to make a loan to a person who was economically unable to make payments, then those who made the loans should be the ones who lose, not the taxpayers. These lenders raised their rates, collected extravagant interest and forced many into foreclosure. You make a bad loan; you eat it and take the loss, end of story.

This bailout will result in higher deficits, depress the dollar more, resulting in higher oil prices and hurt our economy. These representatives need to be voted out of office. I would never vote yes on a bill like this.

I want to restore the American dream, where in a land of opportunity a person can work hard and prosper. I will be as frugal with your money as I am with my own.

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