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Is it fair to force people who have faithfully paid their mortgages to bail out those who haven't?
Is it fair to force people who have faithfully paid their mortgages to bail out those who haven't?
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Results so far:
| Yes | 18% | 45 votes | Total: 246 votes | |
| No | 82% | 201 votes |
Yes
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Government mortgage assistance programs should be available to homeowners who 1)could afford their homes at the time of purchase; 2)fell behind due to a set of circumstances beyond their control(illness, loss of employment, reduction in work); and, 3)can now resume mortgage payments or can resume mortgage payments after a specifically defined forbearance period. On the other hand, there are some people who cannot afford to become homeowners.
For example, you may have a solid middle class income but believe your children's education is your top priority. If you choose to send your children to the best private schools in your region, you may not be able to afford a home. Some people have knowingly entered into mortgages way beyond their means. Government mortgage assistance programs should not be available to the latter categories. Instead of looking for government sponsored programs, these unfortunate homeowners must look to extended family resources, friends, their own fortitude, and renting.
Predatory lending practices should be addressed by our government at the municipal, state and federal levels. Legal Aid, pro bono, and private practitioner attorneys must continue to aggressively defend against mortgage foreclosures where there are clear violations of law which can be established in a court of law. Overwhelmed courts must continue to institute alternative dispute resolution programs for homeowners facing foreclosures and impending homelessness. The Philadelphia County Court of Common Pleas has an exemplary program.
On the other hand, lenders who can demonstrate their compliance with the terms of state and federal laws, should not be unnecessarily punished for the decisions of homeowners who chose gated communities when what they could afford was the up and coming community near the inner city.
Government support should be given in the form of funding to premier legal aid programs, such as the ones in New York City and Philadelphia, to Law Schools to fund Housing Clinics, to reputable non-profit credit counseling programs, and to public school systems to fund financial literacy programs for juniors and seniors. And yes. Cash grants may be appropriate to a limited few.
The Honorable Colin Powell, who crossed political party lines to support our current President, has expressed his concerns about excessive governmental spending. No one, not even the most liberal among us, would, today, support a legacy of welfare entitlement programs. These programs clearly do not work.
Even in the burning hot light of the current recession where even celebrities are feeling "the pinch", we must continue to help the truly needy. We live in a country where a bright young man, the son of a single young woman and an absent father can become President of the United States. Surely, we can support our fellow citizens who are facing the prospect of homelessness due to circumstances beyond their control.
Learn more about this author, A.B. Smith.
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No
Let me talk about the words "fair and force" in the statement "Is it fair to force people who have faithfully paid ..." The two words can never go together in one sentence and get a yes vote from me. No one should be forced to do anything as it relates to being fair. The very word fair, from the Encarta Dictionary means, "1. reasonable or unbiased, not exhibiting any bias, and therefore reasonable or impartial. 2. done properly, done according to the rules." While this sounds fine and democratic and allows the person a choice to do what is reasonable, the next word, force, takes away the reasonableness and unbiased-ness of the situation. Most of us given a choice of either letting homeowners lose their homes because they are behind on their mortgages or giving a little extra to aid those in trouble would opt, I believe, for the latter.
Now, force, from the same Encarta Dictionary means, "1. natural strength, the power, strength, or energy that somebody or something possesses. 2. physical power, effort, or violence used against somebody or something that resists." This sounds as if you are literally holding me at gunpoint and reaching into my pocket to get my last hard earned dollar. Any reasonable person, being of a fair mind, will of course object to that. You will never get me to agree (by force or otherwise) to part with my money to "bailout" someone who misspent, mishandled or otherwise squandered their possessions.
While I believe that people who have gotten behind on their mortgages due to difficulties not of their choosing should receive aid or a "bailout," I do not believe those who have faithfully and diligently paid their own mortgages should be forced - violence used against somebody that resists- to carry the brunt of this unfortunate situation. No one should be forced to part with their hard earned money. We pay taxes that support the public welfare. All of us, including the people who are behind on their mortgages and those who are not, have contributed to this system. This system already in place should be utilized to aid these homeowners just like any other government aid to the needy is utilized.
Of course it is not fair to force anyone to carry the burden of someone else's misjudgment, no more so is it fair to expect the people who find themselves in this situation to not want any help. There are all kinds of reasons we have found ourselves laboring under these horrible conditions. It can include anything from loss of jobs to death of the main bread winner to the whole financial shenanigans of mortgage lenders, bloated appraisals and unscrupulous buyers. The reasons are as myriad as the number of people who now find themselves behind on their mortgage. Most of us are only a few missing paychecks away from ill fortunate and what would we expect if the worst happened.
Help, aid, assistance, is what these homeowners need, but not by forcing the rest of us to pay up. We will do what is fair, because our conscience demands it and we know to expect less in these hard times is just not fair.
Learn more about this author, Barbara Combs Williams.
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