Outrageous

Obama has now found a new way to reward the banks for making bad loans and to reward those that took the bad loans in real estate.
Next month, starting April 4th, Obama is encouraging anyone that is behind in their mortgage payments to "short sell" their home.
A "Short Sale" is when you sell your home for less than you owe on it.
The incentives are;
(1) The seller (homeowner) gets $1500 of your tax money to walk away, free of any debt.
(2) The bank (or mortgage holder) gets $1000 of your tax money as an incentive and gets to "write off" the balance.
(3) 2nd mortgage holders get $3000 of your tax money and the "write off".
He (Obama) is setting aside $75 billion for this program.
One of the repercussions of this is that all homes will now go down in value (including yours).
The banks lose nothing, the mortgage holders lose nothing, the delinquent home owner walks away debt free...and the taxpayer picks up the tab for all of this.
There is NO INCENTIVE for those that have paid their mortgages on time and are current or for those that have worked hard to pay of their homes.
Not only does this totally destroy the real estate market but makes all of us that have "played by the rules" feel betrayed by that incompetent egomaniac. He is rewarding his banking buddies and shifting the wealth of this country to the non producers.
The "American Dream" of home ownership has just been flushed down the toilet.
The only alternative that I see for all of us, is to stop making our mortgage payments, sell our homes for less than we owe...and then buy them back at a reduced price with a smaller mortgage at a lower rate. Of course, if we all did that, it could break the back of the financial community (and we don't want to hurt them...LOL).
I am totally outraged at what Obama is doing to this country and those of us that have worked so hard to preserve our future.
Could this be the first step in the government takeover of the real estate market ???
WE MUST GET RID OF HIM AND THE CONGRESS THAT PERMITS THIS........