JustinSpeak A Look Inside the Mind of Justin Schmidt

Obama Housing Plan Questions

I have to admit that I'm a little ignorant on the finer details of Obama's housing plan. So, if any of you out there are really knowledgeable on this, please leave the rest of us some insight in the comments.

What I Do Know About Obama's Housing Plan

• It is expensive - $75 billion dollars?
• We'll see the benefits, hopefully, as early as March.
• Everyone says it is going to help 9,000,000 people. Are these the same people that bought houses they couldn't afford in the first place? Remind me again why we have to help people who made poor financial decisions?
• There is also $200 billion going to Fannie and Freddy so they can do what, get another $200 billion in free money? That is a little disingenuous, this money is going to somehow help people who have mortgages larger than what their home is worth. Correct me if I'm wrong, but weren't Fannie and Freddy two of the companies that issued these predatory home loans that got us into this whole mess in the first place? Aren't we in a way rewarding them for that?

I voted for Obama, and I like the fact he's doing things to help. However, I can't help but not like all this extra spending. I also don't like, as I mentioned in my auto industry bailout post, paying for other people's financial mismanagement. I try to be careful with my money so I don't find myself in a situation where I am losing my home.