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Bad Medicine: Hillarycare for the Housing Market
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hillarynews
Joined: 24 Jan 2007
Posts: 2255
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 Posted: Thu Dec 06, 2007 8:00 am Post subject: Bad Medicine: Hillarycare for the Housing Market |
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 Bad Medicine: Hillarycare for the Housing Market
By Michelle MalkinIf you thought Hillary Clinton's government takeover plan for health care was bad, wait 'til you see what she has in store for the housing sector.
Category: Commentary
By Michelle MalkinIf you thought Hillary Clinton's government takeover plan for health care was bad, wait 'til you see what she has in store for the housing sector.As always with the Clintons, the market is the problem and Big Nanny is the solution. Unfortunately for taxpayers, Hillary has bipartisan company in the Bush administration on this issue. Their election season prescription? Rewarding bad behavior. Punishing responsible behavior. Doing more harm than good. In case you've been living in a cave, there's a painful credit crunch underway. The culprit is the subprime mortgage -- a species of risky home loans to buyers with dubious credit and income. Cash-rich lenders doled out the subprimes hoping rising home prices would compensate for any failed bets. But when housing prices started plummeting and interest rates began rising, many borrowers started defaulting. Insolvency looms for countless lenders. Instead of letting lenders and subprime mortgage-holders suffer the consequences of their actions, politicians and grievance-mongers are riding to the supposed rescue. In a supreme irony, the very same champions of the needy in the Democrat Party who complain constantly about the lack of "affordable housing" are now fighting tooth and nail to keep housing prices high. To "cure" the housing crisis, Hillary wants a 90-day moratorium on foreclosures for homeowners who default on subprimes. In addition, she wants a five-year freeze on the monthly rate for subprime adjustable mortgages. While she demonizes lenders as predatory out of one side of her mouth, the other side of her mouth is floating legislation to protect lenders from lawsuits and let them convert certain mortgages into "stable, affordable loans." On top of all that federal meddling, she proposes a $5 billion -- yes, that's "billion" with a "b" -- fund to "help communities suffering from high rates of foreclosures."
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Source: The Hillary Project
Description: reporting the news about Hillary that the media refuses to |
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