Obama announced today a plan to "rescue" homeowners from potentially losing their homes. This, in a nut shell, will cost the tax payers another $50 billion when passed. This also will give bankruptcy judges the power to reduce the amount owned on a mortgage. That, as Neal Boortz puts it, is PURE THEFT. This is going to do nothing but cause an even bigger problem with banks and loans. Good job Barry O!
Also, as heard on Boortz, it seems inevitable that the government is going to start buying up a lot of middle-income housing due to the current woes. With that, these houses have the potential to become Section 8 housing, which is to say welfare houses who's rent is paid in bulk by the tax payers. Believe you me, if these start popping up in the neighborhoods we live in, we all better get the heck out. Property values are linked to such things and we all know what that would do to OUR properties and investments- in the toilet!
To read more on Boortz's take on this & more, click here.
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