… because when I bought my first and second house I avoided adjustable rate mortgages like the plague because I considered them too risky and a bad bet, and so opted for the more conservative and more predictable (but with a higher initial monthly payment) fixed interest rate loans because I was too stupid to realize that my tax dollars would be spent bailing out those purchasers who took the riskier, less responsible, less conservative approach. Basically this is rewarding bad financial planning and opportunistic financial decisions to the detriment of those of us who tried to manage our lives responsibly. Bah! This is why this country is going the way of Rome…
My Way News – Housing rescue plan passes key Senate test
WASHINGTON (AP) – A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.
The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.