In a speech Wednesday in Mesa, Ariz., President Obama unveiled his plan to address the home foreclosure crisis, pledging $75 billion in federal aid to homeowners and mortgage lenders and outlining an expanded role for Fannie Mae and Freddie Mac in renegotiating mortgages on homes at risk of foreclosure.
"This plan will not save every home, but it will give families resigned to financial ruin a chance to rebuild,” Obama said, who described home foreclosures in the context of the broader economic crisis.
“Companies in your community that depend on the housing market – construction companies and home furnishing stores, painters and landscapers – they’re cutting back and laying people off,” Obama said. “In the end, all of us are paying a price for this home mortgage crisis.”
The crowd cheered wildly at the first mention of the Economic Recovery and Reinvestment Act, which the President signed yesterday in Denver. But Obama’s speech wasn’t a festive occasion, and the president had stern words for Americans who had made reckless or risky choices in their borrowing and lending practices.
The housing crisis, Obama said, was brought about by an “erosion of…common sense.”
“All of us need to learn to live within our means again,” he said.
I hate to break it to Barry, but there are a WHOLE LOT of us out here who are already living WITHIN our means. And how, exactly, will subsidizing those who have NOT learned to live within their means, help solve the problem?
Sounds to me like we are rewarding those who overextended themselves at the expense of those who live 'within their means.'
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