Once again the government in it’s ultimate wisdom has set out to do yet another program to help homeowners. This program is only for homeowners who have responsibly paid their mortgages and the mortgage is higher than the value of their home. If your house is worth 300,000.00 and your mortgage is 400,000.00, Fannie Mae will let you walk away with no debt but no house.
This program will begin in March and you and I will be footing the bill. This comes way too late in the game as well as it uses our tax dollars to fund bad investments. From our perspective, this is market interference that threatens our economic freedoms. While the government’s gesture is a nice idea, like all government programs, it comes at the expense of other people. We do not agree with this plan nor do we think it will do anything to truly help the housing recovery.
