Friday, August 31, 2007

Can We Get FHA Help Too?

From Bloomberg - Bush will announce at 11:10 a.m. in Washington that the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, will guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates.

Dear Mr. Bush,

My wife & I are able to understand basic Time/Value/Money calculations. We are also capable of realizing that even our combined incomes will not be able to make payments on a $1M home (although Countrywide tried their hardest to convince us otherwise). We used to think these were positive traits, however we now see that we were so wrong in securing a fixed-rate mortgage we could actually afford. Please can we have your permission to switch to a Subprime so we can qualify for some nice lower rates as I don't think we're currently eligible? Oh, we have some crazily responsible friends who'd like to get some of these rates & guarantees too.

Yes, of course I'm sympathetic to people who are losing their homes. If they were duped by unscrupulous financiers & brokers than surely that's a matter for the criminal courts not an FHA bail out? Perhaps the Feds should have refunded the Enron investor's money too? How about a nice Federal refund if the auto dealership talked you into a silly finance deal?

1 comment:

Nick LaVecchia said...

Hi Philip. This is what America's all about, old bean! A government that hates its own citizens, and then turns around and bails them out saying, "see, you're so stupid you can't live without us." Kind of makes you wonder why you ever left the U.K., huh? ;^)

Tried your old e-mail to no avail. Need to get hold of you. Lives are in the balance! (no, not really ;^) Contact me at nlavecchia@ambitenergy.com

Nick LaVecchia.