Utter Insanity in Treasury Plan to Aid Homeowners

I could not believe my eyes when I read this article on the evening of the 28th of April on Bloomberg.
In my life and yours there will never be another program like this. It is the biggest payoff to the mortgage industry / banks / speculators who hold mortgage debt ever devised disguised as a "homeowner bailout".

Our government has wrapped legislation designed to benefit big business with "consumer friendly" titles for years. Why? I guess it works. People in this country live by headlines and PR spouted by the loudest paid idiot so I guess it is fitting that congress and or the White House has long ago learned to give corporate legislation a consumer friendly title and all will be fine. Shame I use "consumer" to describe the American "citizen" but that is what American citizens are, consumers and nothing more (well solders but nobody will admit that).

The insanity of the government paying $2500 to "loan servicers" to rework a loan needs no explanation. This is taxpayer money going to help "homeowners" refinance their mortgage. Needless to say, "homeowners" (debtors) in this country already get the biggest damn government subsidy on the planet, living "rent free" as they write off the "interest" (majority of mortgage cost for the bulk of the loan) from their income on their taxes. Secondly, the spoiled, spoon fed, suburban raised baby boomers, were given the biggest "gift" in the history of tax giveaways under the Clinton administration (yea Clinton not Bush) with a $250,000 tax exemption on the sale of a primary residence with the only stipulation that one have lived in the property for 2 of the last 5 years.

So, "homeowners" live rent free, get to keep $250,000 in cap gains when they sell their home and NOW, they get a $2500 benefit from the mortgage company that refinances their tax free loan PLUS mortgage servicers (the people who collect the mortgage payment each month, first mortgages only) can get $4500 over three years if the loan stays on their books that long PLUS the BORROWER or the person refinancing their loan gets $5000 over five years as an "incentive" to pay their mortgage! An "incentive" to pay their mortgage? This money goes directly to towards reducing their principal balance.

Help me out here. Please? What in the hell is on the minds of the folks at the Treasury? I will tell you. Their G** D*** buddies! That is what is on their minds. They created the house of cards; this "economy" based on Usury, which has been advised against by every religion, every economic textbook of any useful significance and anybody with any common sense. We don't produce anything anymore so we have to base our economy on something right?

We cannot build tangible products in this country any longer at anywhere near the rate to maintain employment because we have dumbed down our economic expectations and wages as much as humanly possible to fatten the real "tax" in this country, huge profit margins on national oligopolistic business that control the sale and distribution of over 50% of the value of goods and services sold in this country, so we create an economy engineered by mathematicians with computer models that make it possible for one loan to one person to generate income and profits 5 different ways. Then when this pathetic, manipulated, unregulated house of cards comes crashing down we look to Washington (taxpayers) to finance the bail out?

I am absolutely disgusted by this entire thing and economically speaking, the Fed / Treasury / Government has borrowed, guaranteed, bought, lent and backed enough of the "economy" to last till about October 2009. After that, the entire thing comes crashing down big time. Get out now!

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