Sympathy for the Devil
That really is one of my favorite songs. But that’s beside the point.
Today I’m talking politics (I know….here we go again). Since last week’s post on Obama’s foreclosure prevention program, friends have come down on my pretty hard. It appears that a good chunk of my friends are one of two things:
1 – in agreement with me but felt no need to preach to the choir, so they felt no need to comment/email.
2 – complacent (highly unlikely in that opinionated lot)
3 – bleeding heart liberals (this is Massachusetts, after all).
Funny, although I never considered myself a liberal of the bleeding-heart persuasion, I do find I’m distancing myself from that direction as I get older.
Anyway, certain articles I’ve since read (thanks to friends emailing them to me) have given me a better understanding of this package. In the end, I still disagree with it, though many valid points were made that I’d not considered before. Unfortunately, there still wasn’t enough to convince me of the fairness of the plan (responsibility=no reward, irresponsibility=reward).
So, I guess I do have sympathy for the devil (the devil being the foreclosure plan). I may not agree with it, but I can understand how it could possibily help. And doing something is better than doing nothing, I suppose.
But even with real estate prices in the state dropping by 20% or so (as stated in the Boston Globe the other day), i’m still shocked to see that condos in the metro Boston area (specifically, Cambridge, Somerville, Arlington, Back Bay, Beacon Hill, Waterfront) are still going for $400 – $600K for just a decent 2 bed/2bath unit. The “nice” units/homes are selling for even more than that.
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Ok. I’m going to voice an opinion on this. The banks have been making out like bandits. I happen to know a few families that have either lost their homes due to not being able to quality now under the new terms after getting behind 3 months on payments. Husband wasn’t sending child support, lost job… then they tried to catch up and they wouldn’t budge.. I think its detinately time for some type of forcing the hand especially when they are taking our money.. (the taxpayers) These people aren’t deadbeats but those ARMS are a bitch.. if you bought into the idea.. that they wouldn’t adjust up.. that much. Her payment had gone up over 2x times what it was.. Was 1100.. then adjusted up to 1800 and now 2260.(in 3.5 years). All she wanted was to go back to a fixed rate mortgage which she had for 10 years prior and never missed a payment.. Then got divorced and couldnt’ qualify.. they kicked her and her two kids out and now they are paying rent. Very sad case. I personally think they need to ban those mortgages.. Fixed allt he way baby.