Refinance program not fair for all
What do you call it when the majority is favored and the minority is left out? Discrimination and bias might come to mind. What would you think if that is what the federal Home Affordable Housing Refinance Program is doing?
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HARP was established to assist homeowners during the downturn of the economy, which caused a steep rise in home foreclosures. To be eligible, the mortgagee must have a loan backed by Freddie Mack or Fannie Mae, which back up to 80 percent of home loans. The 20 percent group of mortgagees who don't qualify don't get any help in qualifying for mortgage refinancing. Instead they are faced with stringent, inflexible banking regulations that could most likely prevent them from refinancing.
So in effect, this minority group is being discriminated against and is at risk of suffering the hardship of foreclosure. They can be denied historically low interest rates even though they currently are struggling to make what could be significantly lower mortgage payments.
All this seems absurd, that it's happening in America, the land of equal opportunity.
Please help by contacting your U.S. Senators, Mark Kirk and Dick Durbin, and U.S. Rep. Peter Roskam asking them why this has to be.
America sure has been transformed
In regard to Fence Post rants about "tax breaks for the rich" being so terrible, with no factual justification for the negative slant, I submit the following facts:
In the 3.5 years of the Obama presidency GDP has grown only 6.7 percent, 1.6 percent in first half of 2012, deficit spending has increased, total debt exceeds $16 trillion, Treasury bonds have a negative yield for the first time in history, bond ratings have been reduced by S&P, Egan-Jones and, soon, Moody's. The Federal Reserve's low interest policy has virtually eliminated positive returns on individuals' savings accounts.All this because of Obama administration policies built on deficit spending and government control over the economy, which includes control over energy and health.
By contrast, during Reagan's presidency, 1983-85, GDP grew 18.5 percent. based on policies of low tax rates, a sound dollar and limited government. Subsequently, the country enjoyed 20 years of unprecedented prosperity. Why the profound differences being wrought by the party currently in power are not apparent to all is mind-boggling. And, I do recall Obama's vow to "fundamentally transform America." He certainly is doing a great job of it.
How did we let this happen?
What is going on in our country during this election season? When did we all lose respect for anyone who doesn't agree with us? When did think we were so arrogant as to think anyone one of us -- or group of us -- has the only right answer?
When did we stop listening to reason and facts? When did compromise become a bad word? When did Christian ethics get so turned upside down? All we all have to do is look in the mirror and ask ourselves: How did we let this happen?