Just in case you didn’t know … and that’s why Pennsylvania Governor Ed Rendell thinks we need a mortgage bailout program. Not because you may have gone into too much home (and you knew it), and used your house like a credit card (irresponsibly), or hoped that the home’s value would just keep increasing and you could sell anytime. No, in the New Democrat world … you were just tricked … bamboozled … hoodwinked.
Oh and watch Governor Granholm bang her head on the table stunned that Sanford doesn’t like the plan.
BTW, Governor Rendell’s comment on judges restructuring second home mortgage paper. True, and on student loans and car loans too.
But, extending the power to first mortgages is indeed a dangerous extention, applying to a far greater number of people and far greater dollar amounts. What’s more it vastly increases the lenders risk when making mortgages now … and what happens when risk rises? HMMMMMMMMMM? Do you know?