{OT} 75 Billion mortgage buyout

I got most of the story from Charlie Gibson on ABC while ago. (west coast ya know)

Seems there is a 75 billion bailout going to those that need mortgage help. It had a few proviso's

Has to be primary home, not vacation. Must be under 750k mortgage, must not be in default, must be either freddie or fannie backed, payment must not be over 31% of your gross income and there were some others I missed or forgot

But the one that bugged me the most was, If you lost your frigging job you're SOL!! What a brilliant idea this is by the ones that can't figure how to run Turbo Tax I bet.

Something really screwed here. We help the ones working but the ones out of work we don't help?

There was also something about some percentage of home buyers (10?) are upside down in their home loans. I wonder how many people are upside down in their cars?

R i I

What do you expect? None of the lawyer/politicians that are running the country ever read Dr. Adam Smith's "Wealth of Nations", written around 1880, which define how National wealth is created in a Capitalist society - the principals of which created this great country. Unfortunately, there is no such thing as a 'service based economy.' Service jobs do not create national wealth - they only move money around, making some people richer at the expense of others.

Remember, a lawyer's education is mostly learning case histories.

Why would you want them to bail out people with no jobs? Makes no sense. So you're saying you want people with no job to be bailed out in spite of the fact they have no chance of being able to hang on to the homes past the bail out period...?

There was also a recent article in the WALL STREET JOURNAL about dirtbags who are upside down in their harleys believe it or not. Its seems during the boom times harley did some subprime motorcycle financing and is now looking at some serious problems with the scumbags who buy their bikes not being able to afford the payments.

Mebbe barry will bail out the dirtbags too. Oh wait..he already picked his cabinet. I think that might be enough dirt bags for one 4 year term.