How much to help how many with mortgages


I read this article about the plan Obama has for helping those who need help with their mortgages. On one hand, I can see that there are some people who may need help because of unforeseen circumstances that has led them to this point. However, on the other hand, if it is poor planning on their part that got them to this point, they need to deal with the consequences of their decisions.

This is the statement that stood out for me from the article. Why are we spending that kind of money and only helping 9 million people. I would think pretty much every homeowner could get some money to pay toward their mortgage with the amounts in the bill.

From Bloomberg.com

President Barack Obama has proposed a $275 billion plan intended to help as many as 9 million troubled borrowers refinance or restructure their loans. About $75 billion would be used to rescue homeowners by agreeing to pay lenders for altering troubled mortgages while reducing borrowers’ interest rates as low as 2 percent.

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A great thing I heard once was that your lack of planning does not create an emergency for me. It was in regard to people waiting to the last minute to do something where they needed the help of a co-worker who was working on their own projects. Why should the co-worker drop everything in order to help someone who waiting until a project was due to ask for help? Why should the co-worker not get their work done on time because of someone else? Wow, those questions brought up a really good question for us and taxes. We are seeing that there are a lot of taxes planned that may not change the amount of tax that we pay to the IRS, but will be impacting the cost of products we buy. If it costs more for us to buy day to day necessities, such as gas to get to work, if we have a job, and bread and milk to eat, will we have the money to be able to pay our own mortgages? Will at some point we be forced into looking for help from the government for our own mortgages? Gotta laugh at it we are paying so much in taxes we can’t even afford a roof over our heads.

It is also bugging me that my money is going to pay for people’s mortgages who probably make more in a year than the mortgage on my home!

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