On Thursday (June 26, 2014) Treasury Secretary Jacob Lew made an announcement about the Making Home Affordable Program, and the Obama administration wishes to extend it to December 2016.
Now, the program, like many others, started with a good interest back in 2009, help shore up the housing market which crashed, resulting in one of the largest depressions in recent history. Now, it somewhat worked, but a problem is here.
Lew referenced that the administration wished to help people who cannot afford homes, with a government sponsored company called Ginnie Mae. This company would help high risk loans, by taking them and, hopefully, reducing interest which would allow more people to ‘afford’ homes.
This sound all to familiar to another government program to help people afford homes. What to know what happened there? We had a housing crash because people couldn’t afford their monthly payments.
So it appears democrats have learned nothing and once again are trying to set us down this same path again. Oh, they’ll use fancy words, say its different because of some obscure wording but we shouldn’t be fooled again.
There is a reason why not everyone owns a $200,000 home, not everyone can afford it. Sometimes with a purchase, you have to say no.