Housing Foreclosures Articles

President Obama has committed to spending $275 billion in taxpayer money to bailout people who took on mortgages they cannot afford.  Freddie Mac and Fannie Mae, which will execute much of the plan, will receive $200 billion to allow them to refinance loans and create new mortgage loans.

The remaining $75 million in tax payer money will be paid out to mortgage companies, banks and servicers in the form of loan guarantees for restructured loans and participation incentives. Incentives include payments of $1,000 for each loan a bank restructures under the plan and a $1,000 annual payment to home owners who participate in the program and make timely payments, for up to 5 years.  That’s $6,000 of our money for each loan that is restructured under the plan being paid to banks and borrowers who took on irresponsible risk.

President Obama will use our hard-earned money to bailout irresponsible borrowers who have taken on mortgages they cannot afford with no strings attached.  This is unfair to responsible taxpayers who made prudent decisions about their family finances.

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