Saturday, June 04, 2011

Where's My Bailout?

Delinquent Homeowners to Get Mortgage Aid from Government posted at is another example of how the current administration is clueless about how to help the economy.   Call me cynical :-)  I don't understand how reducing the mortgage principal for someone who is unemployed and can't pay any expenses and debts really helps the economy.

If the administration is looking some more useless bailout ideas,  I'm happy to provide a couple that could help me::

  • Restore retirement accounts to pre-2008 levels.   I lost a lot of money in my retirement accounts due to the great recession through no fault of my own.   My misfortune was clearly due to the other factors, such as the previous administration and the poor policies choices of the other party.  In addition, the recovery of my retirement accounts has been hampered by the events in Japan and Europe.

  • Restore my lost housing equity.  We too purchased my house during the housing boom, but we chose to pay a down payment of 40%.   We have since paid off our mortgage, but we have lost significant equity in our home.  Again through no fault of my own, our house is worth much less that we paid for it. 

  • I think my situation merits as much consideration as should be given to principal reduction.   About zero.  But since the administration is seriously considerng principal reduction, I thought I make a case for my own personal bailout :-)

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    This is not financial or political advice. Please consult a professional advisor.

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