All Posts Tagged With: "Mortgages"

Congress Should Not Micro-Manage The Economy

Not so much because tinkering with the economy on a regular basis is messy as much as having Congress doing the tinkering is just dangerous. Remembering that the Prime Directive of nearly every member of Congress is “Do nothing that interfere with my re-election”, and the corollary is “Take care of my deep pocket special interests”, it is exceptionally difficult to trust anything that Congress does, especially when it is wrapped up in the “we’re here to help” blanket.

So today (Thursday), the House passed a bill to spend yet another $300 billion that we don’t have in order to firmly entrench the new entitlement: home ownership.

We won’t spend any time bemoaning the end of apartment dwelling as we know it. Nor the fact …


McCain Seeks To Help Homeowners

In Friday’s New York Times, there was an article about McCain’s new proposal to help homeowners who are in that borderline group of people that were impacted by the recent rate resets and yet are legitimately able to pay a fixed rate mortgage.

The Times characterized this as a “shift” and “pivot”, which is probably fair to an extent.  McCain’s plan does not appear intended, however, to help those that have be reckless in their borrowing or lending.  McCain’s comments in the past have been such as:

“it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers”

McCain’s plan provides a path for about 200,000 to 400,000 homeowners to refinance their …


The Senate Cannot Fix The Economy

But Senator Tom Harkin (D-Iowa) thinks it can. Living in Iowa, we occasionally receive a nice email from the Senator letting us know how he is scr- uh, helping us with his work. Here’s his latest missive, arriving just this afternoon…

Dear Friends,
Many working families are being saddled with higher costs at the grocery store and the gas pump at a time when incomes remain stagnant. People across our state are starting to have real anxiety caused by the steady drumbeat of bad news about the state of our economy, especially in the housing sector.

More than 11,000 Iowans are expected to have their home foreclosed this year. And when that “Foreclosure – For Sale” sign goes up, it can create a domino effect


Everyone Deserves To Own A House, Right?

Well, Hillary appears to be attempting to make EVERYONE happy.

More government money to rescue folks who simply bought more house than they could afford. According to a Wall Street Journal story Tuesday, Hillary proposes:

  • Freezing Forclosures for 90 days
  • Freezing Interest-rate Resets on Sub-primes for 5 years
  • Establish a $30 billion fund so states and cities can buy foreclosed properties
  • Expand the Mortgage Revenue Bond Program (provides below market interest rates for first-time home buyers) by $10 billion

Thanks so much. I’ve heard a number of people call this, appropriately, “cost-shifting”. That means one group of people (those of us who are careful to buy what we can afford) are going to take

Capitalism and open market disciplines cannot support a class of people

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