Posted by
Indyconservative on Thursday, February 19, 2009 12:41:12 PM
Finally the Obama administration is doing something to address the housing crisis that started this whole mess. The plan, as Obama likes to point out, is not perfect nor do we expect it to be. While the plan seems good on the face of it there are surly other problems down the road. While I am not a fan of the government bailing out banks or people something needed to be done. The problem includes buisness, government and individuals we all got into this together and it will take all of us to get out of it. This seems like a time that the government should step in to stop the downward spiral of the housing market. Although I feel that it is too little too late this will fix some of the problems but certainly not all. What bothers me about the program is that these companies need an “incentive” to rework the loans. The question is weather or not the mortgage companies should seek, on their own, to make loans good? Clearly the borrower has an interest in being able to make payments but the financial institution does as well. The problem goes even deeper when these companies want to foreclose on all these properties but then want the taxpayers to make up the difference instead of filing for bankruptcy. I say make them rework the loans so the housing market can be stabilized which in turn will stabilize the economy. I do prefer the Republican plan in the house but this is something and sometimes something is better than nothing.