Thoughts on mortgage policy
My issue with Obama’s mortgage plan is that it doesn’t focus on the unemployed. It also states that people who live in higher-cost areas like New York and California won’t receive help with their mortages if they are over $729,750. Even though the mortage plan covers those who have low incomes and smaller mortages to pay off, I disagree with disqualifying people with high mortages. They should at least be able to receive some help, particularly if they were newly unemployed. In large companies, the employees to go first are always the ones who are paid the most, or who have been newly employed to the job. To me, it seems like punishing some people’s success and subsequent bad luck. Although there are certainly many bankers and financiers out there who cheated the system, there are also hardworking people who are between a rock and a hard place. Just because they took a leap of faith by taking out a large mortage in less financially turbulent times doesn’t mean that when bad ones come, they shouldn’t be given a hand, either.