President Bush outlines a plan for people who are having difficulty with sub prime mortgage deals.
I've got a plan if you are one of these people.
1) Pay your mortgage.
2) If you can't pay your mortgage, sell your house.
3) If you can't sell, work with your lender regarding foreclosure.
Gordon, you are so harsh, why are you so mean to people who are about to lose their homes?
Look, right now I have two family members trying to keep it together and actually pay their mortgages current.
One just took a bath from the sale of a home and we figure they had to be at least $25,000 underwater on their mortgage. Why should someone today get a bailout when this family didn't? This stuff has been going on as long as there have been home loans.
It's tragic that so many people are getting their butts kicked on this mortgage business. But I know way too many young people that had to have a $200,000 home right out of college and they let these scum bag mortgage lenders and real estate agents work them into the deals they wanted.
I see these people in my office every year during tax season. Every year they're surprised that $12,000 in mortgage interest doesn't translate into a $12,000 federal income tax refund.
This is tragic for each and every family going through it but getting the government involved is one way to assure that no one will learn a lesson because they know there's a safety net waiting for them.
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