Posted by
Elmer from Iowa on Thursday, March 19, 2009 8:23:27 AM
With the new housing bailout plan even those who misrepresented (i.e. lied) on their loan applications are eligible to receive government assistance. By committing what many would consider a fraudulent act they received a loan for a house they could not afford otherwise. Now when they cannot make their mortgage payments the Obama administration is going to help them perpetuate their fraud. These people are going to qualify for lower interest rates, lower payments, and possible a cram down to lower the outstanding balance on their mortgage.
This attitude of rewarding bad or illegal behavior makes me wonder if a new trend is starting. If I lie on my drivers license form will I still get to keep my license? If I lie on my gun permit application can I keep my gun? How about if I lie about paying my taxes can I keep my government job?
I would like to know the percentage of failed mortgages that are due to applicants misrepresenting their income. I would also like to know why it is the taxpayer’s responsibility to reward them for their bad behavior. These questions need to be asked and not just by me. Nancy Pelosi, Harry Reid, and Teleprompter 1 should be leading that charge for accountability and responsibility and not just try to buy future votes with taxpayer money.