Power Point: Fight the chaos with compassion

Thoughts from the State of Alaska,
This election has many promises. There is one promise that I feel is secure. There are many mansions that by His grace and mercy have been paid for. Those homes are free. In these troubled times let us pray for peace and love. God does promise this, also.

To Sonia or Duvall:

I really have to object to an equal rate setting for everyone. People who are a higher risk of default should have to pay more than those who are at lower risk. To set interest rates of subprime borrowers equal to those for prime borrowers is a slap in the face to prime borrowers. I earned my prime rating by being responsible and paying my bills. The reason I do so, aside from being the right thing to do, is I want the benefit that comes with being a prime borrower: Easier, and cheaper, access to credit. If a subprime borrower can obtain the same access to capital as me that incentive no longer exists.

Whatever plan exists has to include rewarding responsible borrowers. Or at least pushing irresponsible borrowers. As it is the proposals I’ve seen do just the opposite: reward irresponsible borrowers and punish responsible borrowers. Just imagine the financial crises that would exist if the responsible borrowers decided it’s time for their reward by becoming irresponsible.

Houses are unaffordable in many parts of the country for the average person. Set rates at 5.35 for everyone, but put a cap on how much mortgage deduction is allowed, people in California and WA for instance with $600000+ houses (with big profit due to housing price increases) won’t also get big government mortgage subsidy. Cap at around median price of houses nationwide, the midwest is sick of paying for the better off in nicer housing markets and this might lead to housing price decreases in outpriced markets.

Give all homeowners a break-as someone said, why reward people for reckless, foolish behavior? I didn’t get one of these bad loans, I pay my mortgage on time, but I’m starting to feel I’d be better off to start paying late, or not at all so I can be eligible for a break! That’s they way they are setting this up, and it doesn’t make sense.

Quit trying to stop home prices from falling! They are still too high. When homes can be afforded by regular middle class people, without having to resort to shady financing, the problem will fix itself. I have no sympathy for people who chose to buy ridiculously overpriced houses that they couldn’t afford. The alternative is called renting!! Bailing out the stupid is a slap in the face to all responsible Americans.

Its a great idea but I’m sure the government won’t do it. Love to see it though, it would help my family out.

Why only troubled loans? That seems backwards to me: Reward recklessness and punish responsibility. Why not give everyone a break?

Johnn of Iowa:

I disagree it should be a flat 5.25%. Many of these loans are subprime. Which means the borrower had a demonstrated history of being a deadbeat. Therefore they should not receive the same interest rate as a prime borrower. Lower prime borrowers rates to 3% if you’re going to lower subprime borrowers to 5.25%

I agree everyone in the US should have the same perks as the ones who overextended themselves…. Give all home owners a break. this will pick up the economy.

Lower 100% of all home loans to 5.25% across the board, and convert them to 30 year fixed or from where the loan is in remaining years to stabilize prices of homes. Give all homeowners the same fair offering in home relief, which will in turn free up cash to stimulate the economy at the same time.