New bill could save homeowners from foreclosure


Before the effects of the first economic stimulus plan can even be felt Democrats are already looking to put together a second stimulus package. This new package would help citizens who are facing foreclosure as well as providing funding for transportation infrastructure. Proponents of the transportation portion of the package cite concerns from constituents in their home states as well as the need to grow in the 21st century for support for infrastructure improvements. Senators hope that the bill can allow bankers to provide lower mortgages in exchange for increased federal backing. Even if the plan passes congress it isn't likely to get past George Bush's desk, as he has stated he will not pass any more stimulus plans.

I can't argue with the need for improved infrastructure across the nation but I don't understand any reason it is tied to a stimulus package which will bail out over their head homeowners. As Zac Bissonnette has pointed out before the government is bailing out those who are in debt but leaving those who practiced fiscal responsibility out to dry. Had I known that the government would make part of my house payment I would have signed up for the federal housing program last year rather than leasing an apartment. While I agree that the rash of foreclosures across the nation has played a major roll in the current economic situation we are facing I find it hard to believe the best solution involves rewarding individuals for overextending themselves. If the federal government continues the current trend of bailing out individuals and investment banks how much are taxes going to rise in the coming years? Come to think of it, I should start defaulting on my student loans and wait until the government decides to bail me out!