5 MAY 2009, Tuesday

1. Well I guess I was the dunce afterall...The Obama administration unveiled an expansion of its $75 billion foreclosure prevention plan yesterday, providing new subsidies to mortgage lenders and investors. The plan as first announced in February applied only to primary mortgages. Now, lenders will be eligible for payments when they modify the terms of a second mortgage, including a home-equity line. Under the new plan, lenders would receive $500 for modifying the second mortgage, plus $250 a year for three years if the loan remains current. The borrower would be eligible for $250 a year for five years to lower their principal balance. The borrower could have the interest rate lowered to 1 percent, depending on the type of loan, with the government sharing the cost of the rate reduction and also the reduction in principal.
2. Soooo...as if the taxpayers (me, my kids and my grandkids) weren't getting screwed bad enough by helping pay for some idiot's mortgage. Now, we have to help pay for their 2nd mortgage that they took out on a house they couldn't afford so they could buy all the crap they felt entitled to because they were Americans, damn it, and had to keep up with the Jones's? Oh, and we get to pay the lender for modifying the loan he shouldn't have made in the first place. So, yup, taxpayer pays...and it will be through money the government doesn't have and will have to be borrowed upon which there will be interest that the taxpayer will have to pay too.
3. If this forking bullshirt wasn't so sad, I'd laugh. Instead, I've learned that I've been the complete and utter fool my entire life...Welcome to Bizzaro World!