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HomeBarack Really is Going to Pay Her Mortgage
Posted by Larry Doyle on March 26th, 2010 8:24 AM |
My blood is boiling. Why?
The assault on the principles of free market capitalism is escalating with news that banks are poised to start reducing principal balances on certain mortgages.
I empathize with those who are strapped, but I have never felt more strongly on a topic than this principal reduction. Despite any and all bulls*%# put forth by those in Washington, the principal reduction program is an enormous escalation of the violation of moral hazard which our country sadly continues to embrace. I have no doubt it will expedite the development of a socialized housing finance system.
Do not think for a second that banks will take the hit on these principal reductions. Who will take the hit? Me and you. Those who have worked hard, saved, played by the rules, and taught our children to do the same. (more…)
Tags: Federal Housing Administration, FHA, herb allison, Housing Crisis, housing finance, how to get principal reduction on mortgage ion, kick the can down the road, Moral Hazard, mortgage principal, Mortgages, mortgages principal reduced, Neil Barofsky, New Plan to Cut Some Mortgage Balances, Obama principal reduction program, our future, principal reduction, principal reduction of mortgages, principal reduction program, socialized housing finance, TARP, violation of moral hazards
Posted in General, Moral Hazard, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 13 Comments »
