Mortgage Principal Reduction?

[Jim in CT]

Originally Posted by Piscator

Seems like a mistake if allowed. Wouldn’t this give someone an incentive to stop paying their mortgage to get a modification if they owe more than what house is worth? Sounds like a plan to stick it to the responsible tax paying, mortgage paying folks once again................

Why does it not pay to be responsible and do the right thing in this Country anymore?

"Seems like a mistake if allowed"

It's idiotic and infantile...

"Sounds like a plan to stick it to the responsible tax paying, mortgage paying folks once again................"

Obama's entire re-election strategy is "us" (everyone who isn't stinking rich) versus "them" (those who are stinking rich), and doing whatever he can to buy votes from the "us" category, and making "us" afraid of "them". Liberals also believe that those in the "us" group, particularly those who enjoy "victim" status in the liberal world, are not responsible, or at fault, for anything bad that happens to "us". So if someone making $35,000 took out a $400,000 mortgage, well it's not their fault they can't pay the loan back. It's the bank's fault. Or Bush's fault. Instead of letting these people learn a lesson they need to learn, Obama gives them a pat on the head, a check, and asks for their vote because Romney won't offer them as much cash for making stupid decisions.

The fact is, there are lots of middle-class and upper-middle-class folks who work hard, do all the right things, and struggle to maintain our standard of living. From what I can tell, Obama has done exactly nothing, from an economic standpoint, for this large group of people. Why anyone in this group (unless they are in a union) would vote for Obama is beyond me. It's just beyond me.

Liberals want to offer in-state tuition to high schoolers whose parents are here illegally and thus pay no income taxes; they offer $7500 rebates to rich liberals who buy Chevy Volts (averege income of a Volt buyer is $175,000), mortgage modification programs for folks who bit off more than they could chew, credits for first-time homebuyers...None of this helps existing homebuyers who made responsible decisions and who struggle to do the right thing all the time. These programs don't help us, but we will be stuck with the bill.