Ok, maybe I’m old fashioned, but isn’t foreclosure a way that banks protect themselves from defaulted loans? Like a quack doctor, Barry insists on treating the symptom rather than the underlying disease. In this case, the disease is unqualified, high risk borrowers who have no means nor the intentions of paying their mortgage on time.
Does the government desire to increase home ownership in America?
1. Cease and desist from any further bailout packages in ANY form.The government needs to quit robbing Peter to subsidize Paul’s irresponsible consumer behavior.
2. Discontinue efforts to fleece legitimate lending institutions from protecting its assets. Allow foreclosures on those who habitually default on their mortgage.
3. We need to end efforts by a fringe minority to redefine marriage based upon their mistaken and sinful norms. (31 out of 50 states rejected a voter organized referendum)
4. We need to discontinue the income tax deduction (if it hasn’t already ) for interest on mortgage payments. Many borrowers use the first year to boost their already inflated refund (children, Earned Income Tax Credit, etc.) and afterward, cease payment on mortgage.
5. To encourage homeownership within families, we need to eliminate the Capital Gains Tax.
6. Finally, we as Americans, need to understand that the problem begins with us. Yes, that’s right. We need to own up to the out of control habits we have let consume our lives and we need to start living within our means. That means, if you don’t have the cash, you don’t need to use the credit card. Or, PAY AS YOU GO. How can we expect our government to do it if we’re not willing to do it ourselves.