Resentment of foreclosure aid on the rise

Updated

Here on WalletPop, our resident accounting expert Tracy Coenen has expressed her disagreement with efforts to bail out troubled homeowners in a number of posts: like this one and this one.

A lot of other people share Tracy's views. With governmental efforts to help out homeowners increasing, the New York Timesreports that "Some of these municipal and state efforts have met resistance from people who consider the assistance undeserved and adamantly oppose anything that resembles a taxpayer bailout."

I'm not necessarily opposed to helping people through tough times. But I have to agree with Tracy and a lot of the other critics. The way a lot of "experts" are advocating helping out home owners is insane: the government-backed rate-freeze for subprime borrowers announced in March only offered assistance to people who have less than 3% equity in their homes.

Advertisement