downwithdebt

You have to wonder, with all of these bailouts. Our government is undermining people who behave well, while rewarding those who are irresponsible.

With the SMP(streamlined modification program), homeowners who are 90 days late or more on their mortgages and have loans that are owned by Freddie Mac, Fannie Mae or participating lenders are eligible to have their loan restructured reducing their monthly mortgage payments. (By not paying your mortgage for three months you could qualify for a mortgage modification that would lower your mortgage payment)

Wall Street boys and homeowners who  bought homes they couldn’t afford have abandoned the morals and are now heading down to bailout town, with there hands out.  Being rewarded from there bad behavior.

So what are we going to learn from all of this, is this not what got us here in the first place?  We did not care how a profit was made we just had to make a profit even if it was unethical.

We hand billions of dollars over to banks that made bad bets with other peoples money and lost, and now where involuntarily handing over our tax payer dollars for them to spend without requiring them to disclose where and what the money was used for.

While the main street workers are losing there jobs! Causing more homes to go in to foreclosure and more tax on the public system for unemployment and social service benefits.

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