As president of the United States, Alan, I would order the
secretary of the treasury to immediately buy up the bad home loan
mortgages in America and renegotiate at the new value of those homes
— at the diminished value of those homes and let people be able to
make those payments and stay in their homes
Wowsers! Mr. McCain. Will you also refinance my loan to reflect the diminished value of my house? I still have equity but not as much as I had when I initially bought it. It is not my fault that I can make my mortgage payments just like it is not their fault others can’t make their mortgage payments. I was duped into believing that I should live within my means! Had I of known the consequences of making that decision (to live within my means) I would have made a different decision. Living within my means is costing me big time and I have come to realize that it was just as bad a decision (if not worse) than purchasing a home I couldn’t afford. I have discovered to my horror that I can’t refinance my house because I don’t qualify for those special loans that defaulters get and I no longer have enough equity to do it without adding mortgage insurance to the mix. And I am sure that my bank won’t go for refinancing my home based on its diminished value… will it?
So Mr. McCain… are you going to help me out with my bad decision making? Believe me… I am starting to think that living within my means was a really stupid mistake that is going to continue to cost me big time as I go without these perks that other home owners are getting.