Apparently the President has lost faith in the market and, in a fit of liberalism, has decided it falls upon him to bail out people who signed sub-prime mortgages and are at risk of losing their homes.
The agreement with mortgage companies will freeze interest rates for several years, even though the rates were scheduled to go up in 2008, as per the signed mortgage note.
So... where's my bailout? Just because I was smart enough to finance my home with a fixed-rate loan, I don't get a break in interest? C'mon. It's bad enough the government is nullifying and modifying contracts it deems unfair just because people are whining, but we're actually rewarding those people who made those unwise decisions. If anything, I should get some federal assistance for making my payments on time and even throwing in a little bit extra each month to eat away at that principal.
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