This bit of news regarding the housing bailout is just too much to stomach. When will the lunacy end?
An excerpt from Glenn Beck's column today:
"Think of the housing bailout. A part of that plan (the TV show “Lost” is more rooted in reality) is President Obama giving homeowners an “incentive payment” of $1,500 if they remain current through their loan modification (translation: a handout just for doing what you’ve previously agreed to do). They also qualify for a bonus of $1,000 a year for five years if they keep up with payments. That’s a $6,500 perk for people to stay in homes they already can’t afford! And by the way–do you have a five-year mortgage? Me neither. Most of us have 30 year mortgages, so this is an awfully expensive band-aid on a problem that we’ll only have to rip off in five years –and you know how painful that can be. Plus, for good measure we’ve allowed people to remain under the delusion that they can and deserve to stay in homes they never should have been able to buy in the first place. It’s so insane, I’d actually laugh if I wasn’t so busy crying."