Barney Frank wants to spend 2 Billion Dollars in TARP money to help prevent unemployed homeowners from going into foreclosure. Is this a good ideal or should the taxpayers stay out of this and let nature take it’s course? Check out this short video and give us your thoughts.
Have you ever wondered who Fannie and Freddie are? How do they effect your mortgage and what’s all of the fuss about with the government bailing them out? Check out our short video and we’ll give you a little history and easy explanation of how they may be involved in your mortgage.
Look, I was all for government intervention, to some degree, to keep some key companies afloat and avoid the major job losses and impact to our financial system. But where do you draw the line? Bank of American has taken $45 billion in tax payers money and has not paid it back yet. Now, they’re going to invest money in a luxury hotel in Charlotte. Does anyone else think this is freaking ridiculous?
Let’s break this down to a simple hypothetical scenario. My cousin calls me because he’s going through tough times and doesn’t think he can afford his house payment this month. He fears that he will lose his home and asks for help. I slide him a $1000 so he can avoid this and he promises to pay me back. A few weeks go by and I run into him at the hardware store where he’s buying materials to renovate an investment property he just purchased. That’s right, he hasn’t paid me back yet but apparently thought it would be okay to go ahead and buy another house because with time, he could make some money on this investment of his. I don’t know about you, but I would probably have to kick his *** if this story were true!
C’mon, enough is enough. I’m just disgusted to think about my children having to pay for this kind of crap once they enter the workforce and start paying taxes. The government needs to take a stand and set down some hard requirements in regards to paying back this bailout money they next time they hand it out. As far as Bank of America’s luxury hotel, I hope they at least offer a free breakfast and newspaper for those deciding to support their future endeavours!