Thursday, May 8, 2008

The Housing Bill...House Endorsed, Ivan Execrated

There are actually two bills floating around the bureaucratic epicenter of the United States. One of the measures is a $300 billion doozy aimed at the extrication of the housing slump (rescue those facing foreclosure), the other is a $15 billion beautification measure; property owners can apply for grants/loans to fix up unsightly properties. While both bills found favor in the House, a Bush veto looms.

I know the market is less than favorable right now--I myself have an under priced house on the market that has generated little interest as there are fewer shoppers than a few years ago. The liberal lending bonanza is over. No more sub prime, zero down, instant credit, variable rate frivolity.

But these bills are bogus.

What is the role of government? Is it to offer handouts to those who could not manage the first handout? If someone is unable to manage their resources to the point of forfeiting their home, how will they mange a few billion shekels they did not work for in the first place?

I am not completely unsympathetic. I bought my first home zero down. But I bought a house within my means. I did not take a loan that I could no longer afford if I suddenly had to start paying twice as much for groceries and gasoline. I bought a house that was a ugly bargain...but I still own it.


Kenni B said...

And it's not "ugly" anymore.

nate said...

Thanks for the compliment Kenni!!!!

RC said...

i agree...both these bills are not inline with the purpose of governement.

i feel like house reps must be voting so they don't seem callous, but i am glad that Bush's plans are to veto these bills.

nate said...

Thanks for the comment RC, and thanks for putting my up on your blog! I'd like to jump in that Dads in Movies blogathon...I have a great movie in mind.