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Citi Mortgage.. Bailout or Loan?

March 4, 2009

Analysis of:Citi: Mortgage break to unemployed | money.cnn.com

A Massive wave of foreclosures is looming over America and threatening the economy in ways we have not seen for decades. But is it fair to the roughly 93% of homeowners who are not in a bind (yet) to pay for those who are? If the mortgage bailout is in the form of a "loan" with a 2nd lien placed on the property, then I think we are approaching fairness. Responsible mortgage payers should not foot the bill for others with out some reward. Down the road (2 years, 5 years, 10 years, etc.) the homeowners who received the bailout, need to repay the loan before they profit from the sale of that home. Also consider mortgage delinquencies are up over 50% last month, undoubtedly in part to the bailout plans on the table. There needs to be a strong deterrent to mortgage assistance unless absolutely necessary. Don't punish people for losing their jobs and falling behind on their mortgage, bud definately do not punish those taxpayers who are still on time.

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