OBAMA MORTGAGE HELP PLAN – IS ROUND TWO NEEDED?
Back in March and April there was the Obama mortgage help bailout that assisted some homeowners. Some people qualified for it and others didn’t which left lots of homeowners out in the cold. In any sort of bailout assistance plan like this, there are going to be winners and losers and the ones that get left out are not going to be happy about it.
The same thing can be said about the Obama free money program also known as stimulus grants. A lot of companies and government agencies are benefitting but others are not which leaves some out in the cold. All across America there is a feeling of entitlement and those that aren’t benefitting from the bailouts are upset.
Now that home forclosures and mortgage rates have been pushed back to the second page of the news, one wonders whether more Obama forclosures and trouble is just around the corner? The stock market has gone from the 6,000’s up to around 9,000 and people are starting to feel good again. Yes, unemployment is still high but you just don’t hear the same panic you did several months ago. It seems too many people are assuming the worst is over and we are on our way back up. But what if we aren’t?
This comes from Mike Jacka’s Real Estate Investing blog:
“All this activity is the reason the experts are predicting that we have reached the bottom of the market and that we are in the recovery stage. I hope that I am the foul and they are right. Because I think we have only seen the calm of the eye of the storm. I think that later this year, we will see a huge number of foreclosures hitting the market and the first time home buyers will be out of the market when the $8,000 tax credit expires. I also believe that with all the stimulus and spending that the Obama administration is doing will prolong the housing recovery with all the job losses and the massive tax increases, if they get everything that they want passed.”
The Obama mortgage help plan did work a little the first time around but what is he going to do if there is another crises right around the corner? And it seems everyone seems to forget who is paying for the bailouts: the American taxpayers are the ones paying for these foreclosures by way of higher taxes. Don’t let anybody fool you about that!
