In today’s news is an article about a new federal regulation which will take effect on October 1st, 2009. Simply stated it says that if you have no income …then you can’t get a home loan. The article states that the failure of people to fulfill their loan obligations is thought to be partly responsible for the market meltdown and the foreclosure rates in the housing market. They think this problem might be one cause of the current recession. There are probably several government funded studies going on at this time to determine if people purchase something they cannot afford and then have to give up their purchase because they could not pay for (since they don’t have any or enough income) that someone, somewhere is going to be negatively affected.
Gosh, you think’
I realize this may come as a shock to many of you, but this is a new rule coming from the government. Yes, that’s the same bunch of folks living up in DC LaLa land who think they can make health care more accessible and affordable for the entire nation. The same people running the post office. You remember the post office don’t you’That’s the place you go to take letters and have to stand in line longer than it takes to drive them to where you want them delivered. Look up the word efficiency; you won’t see a picture of the post office alongside the definition. In fact you won’t see any sort of governmental program.
Anyway, the big new government regulation as of October 1st will be that if you don’t have any income, you won’t be able to qualify for a mortgage.
How cruel is this’
I feel relatively certain there are protest groups already forming under the bridges and overpasses in all of our major cities just to demonstrate the harshness of this decision. I predict there will be rioting in the streets by people who hold onto the firm belief that every American is guaranteed the right to life, liberty and the pursuit of a house they can’t afford to pay for. Imagine the nerve of the United States Federal Government actually requiring someone to prove that they can afford a loan. This certainly borderlines on cruel and unusual punishment. Isn’t the American dream the idea that anyone who wants a house should own a house, regardless if they can pay for it or not’I’m sure if we look around the world we can find evidence that other countries such as China, Iran or Russia are providing loans to their non-working, non-income producing citizens.
Isn’t the American dream where a minimum wage pizza delivery boy can come home after a hard days work and relax in the hot tub and pool of his $500,000 swankeinda’Isn’t this a God given right that should not be taken away from any of us’
The shame of it all. I don’t how the members of the Federal Reserve can look themselves in the mirror each morning knowing they are forcing, yes forcing millions of people in this country to actually qualify for a loan before they are allowed to purchase a place to live. And qualifying in what regard’
By having a job. You know …. The act of actually working somewhere and producing income. I know, I know……there are many people in our land who are under the impression that the word JOB only relates to a book in the Old Testament. These people may have to change their lifestyle and actually live within their means, if they have any.
Of course all of my rambling may very well be for naught as I’m fairly certain the good old US government will probably consider and pass some form of enabling legislation that will effectively supplement anyone unable to make a house payment.
Oh, wait…I forgot we already have that don’t we’I believe a former president with the initials of LBJ started that concept.
And it’s worked so well, hasn’t it’