User profile: mar100
Joined: July 7, 2008
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Hats off Senator Ensign for doing what was right.
This bill will bailout lenders who made bad and in some cases criminal business decisions when loaning money and shift the losses to the tax payer. This just stalls the foreclosure for a few more years and will add more debt, our children and grandchildren will have to pay in the future.
When we fuel our vehicles and pay $4.00 or more for a gallon of gas remember who is responsible. It's Democrat Senator Reid from Nevada who has for years prevented drilling for oil anywhere it exists and former President Clinton who vetoed a drilling bill in the late 1990s. Thank you Harry and Bill.
The morgage bailout will save banks, loan compaines and their stock holders which is wrong. If individuals could not pay back morgage loans at the teaser rate, how can they now repay the government backed loan at current rates 6% or more backed by tax payers. Let the banks/loan compaines fail, help individuals with loans were their is a chance of success, let the investers fail.
Senator Ensign's real motive is to kill this bail out of foolish banks/lenders. For us tax payers lets hope he is successful. Remember 93% of all morgages are paid on time...
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It is unfortunate that to change the behvaior of adults we must punish the family including the children. Maybe its time to stop allowing them to be used as weapons and excuses for failure. Lets give this policy a chance.