0% Interest RatesThe Federal Reserve is now trying to kill all the remaining savers! They've lowered the interest rates to 0%! Why? So these deadbeats can stay in houses they can't afford another month. You want to stop foreclosures? Why don't you try paying your mortgage?
I didn't buy a house I couldn't afford, and I paid my mortgage responsibly for 15 years until it was paid off. Now, deadbeats who missed their payments will be able to delay foreclosure and, if Barack Obama gets his way, refinance into ultra low rates. People like you and me, who were responsible and saved money, will be taxed in two ways to pay for all this:
- Interest rates will be kept artificially low, so we can't get any interest on savings, CDs, and bonds.
- The government is printing more money, devaluing the money we've saved up.
And consider these folks:
Modify our loans? What kind of America would we have if you can enter into a contract, then whine to the government to get it changed after-the-fact? Nobody would want to do business in that type of environment.Most of these folks who put no money down and paid low teaser rate will lose nothing if they have to move! They were essentially renting a home from the bank with their interest-only payments, and had no skin in the game. Want affordable housing? Don't delay these foreclosures. House prices will fall rapidly and honest people will be able to buy them.
Instead of dealing with this sensibly, Barack Obama is instead punishing the only responsible people in America: the Savers who had nothing to do with this mess.
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