Second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values – Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about. In fact, the average family who re-finances today can save nearly $2000 per year on their mortgage.
How do declining home values prevent people from paying their mortgage on time?
If a house is worth $1 or $1,000,000 the mortgage payments are the same.
It's total bullshit that he would call these people who are behind on their mortgages "responsible families". Aren't the people paying their mortgages the real "responsible families"?
Obama is saying the exact opposite of what this bailout really is. This bailout is helping that "neighbor down the street who bought a house he could never hope to afford." Isn't it? If that neighbor down the street bought a house that he could afford, why does he need a bailout?
Obama straight up lied about this last night.
"The Obama administration's $3.55 trillion budget plan for 2010 includes cuts to Medicare and Medicaid. Private insurance plans serving Medicare seniors would take the biggest hit, but hospitals, drug manufacturers and home health agencies also face cuts."
ReplyDeleteIsn't that the opposite of what he said he was going to do?