Obama’s Heart Broken

by Chuck on April 20, 2010 · 1 comment

An excerpt from a post on Greta Van Susteren’s blog

, where President Obama was speaking at a rally for Senator Barbara Boxer (D-CA):

POTUS (Obama) says he gets 10 letters delivered to him each day. “About half of them are calling me an idiot … but the other half … tell again and again just heart breaking stories about children asking why it is they have to move even though they really like the house they live in,” or families talking about how they are going to take care of their parents or how they are going to make their mortgages.

“And nothing is harder and nothing is more heartbreaking than reading this letters and knowing that change is not coming as fast as we’d like. … But here is the main message that I have for all of you: change is coming.” Loud applause.

As tragic as it is that so many people have lost their homes, what is almost never publicized is that a very large percentage of these people took huge Cash-Out ReFis on their homes, and pissed away the money.  They gave no thought to the future, or the possible negative ramifications of what they were doing, instead exercising poor judgment and  the consequences be damned.

How would Obama explain to these children that it was their parent’s greed and stupidity that led to their having to move… not the banks or mortgage industry?  OK… before you jump on me for taking the side of the Financial Sector, let me be clear that there are unscrupulous lenders and mortgage brokers out there that prey on the gullibility of John Q. Public.  However, nobody forced these people to sign on the dotted line, and one would think they might take the loan paperwork to an attorney or CPA for some advice before signing.  Paying a professional for an hour of their time to evaluate the deal might have saved their home.

Of course, this is just One Man’s View.  Your comments are, as always, most welcome.

, Fiscal Responsibility , government intervention , Politics

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