Here is the text of the bailout bill that Congress will probably vote on tomorrow. I don’t suggest reading this over breakfast. I’ve only read about the first 30 pages so far, but I already feel like a big sucker. I’ve been paying my mortgage all these years.
Page 25 lines 5 to 18 state that the government may use loan guarantees and credit enhancments (what the heck is a credit enhancement??) to facilitate loan modifications to prevent foreclosure.
It gets worse from there. Page 26 lines 9 to 12 and Page 29 lines 24 and 25 indicates that the government will pay to make improvements on rental properties. I used to own a rental property and the government never gave me a dime to improve it. My husband did the work and paid for the materials - sucker!
On Page 26 lines 14 to 21 and again on Page 28 line 15 this bill says the government will provide homeowners with “principal write downs” on their mortgages. Why didn’t anyone tell the rest of us that all we had to do to reduce our mortgage debt was stop paying our mortgages?
I don’t know if I can stomach the rest of the bill this evening. If you happen to read past page 30 and you find anything disturbing let me know.
[...] of this writing, a deal is likely to be achieved sometime Monday or [...]
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This thing is just plain horrible for every possible reason.
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The bill should not” be called the “bailout plan” or the “rescue plan”, but the real bill title should be: “America Welcomes Socialism”. A sad day for our once strong and ethical nation.
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