Fannie Mae and Freddie Mac now under control of the government.
http://www.wcfcourier.com/articles/2008/09/07/news/breaking_news/doc48c4445632064440291992.txt
After a long day of work, I get home, fire up the internet and read this...
"The Bush administration announced Sunday it was taking control of the two institutions to avert the potential for major financial turmoil."
The first thing that I could think of was...wow we really are on our way to Socialism.
These were two privately owned businesses that are now under complete control of our government. My new career goal is to create a trillion dollar business, do whatever I want and then if I ever make a mistake, the government will step in to help me out! Wow, what a business model.
"Both companies were placed into a government conservatorship that will be run by the Federal Housing Finance Agency, the new agency created by Congress this summer to regulate Fannie and Freddie. The executives and board of directors of both institutions are being replaced."
I wonder what other companies will be put under control of our government?
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Ladies and Gentlemen,
Let us please remember that there were positive outcomes from this housing experiment. Many people and families who would not have had the opportunity for home ownership, got that chance.
Admit it, many of these people were not prepared for home ownership. BUT they had the chance. They took it. Some survived.
The real reward here is those who got their homes, made it and will keep their homes.
Those who have made the positive transition, and have become responsible for their home and neighborhood. They learned that having a house is more than just locking the front door. It is owning the front door and all else behind it. It means they learned that THEY are now responsible for paying taxes, Water and sewer bills, School Taxes, and all the home maintenance.
They learned that they have to take care of the house. No longer can they punch holes in the wall and call the Owner. No longer can they clog the toilet and watch the overflow ruin the ceiling below. The heating and Air conditioning now represent an area where it is necessary to cut back, because NOW they have to pay the Gas and electric bills. So the front door stays closed to keep the heat and air inside.
That rug where the animals spill food and the other animals pee when they miss their walk, belongs to them. It is no longer a non issue.
There have been benefits of this seeming crisis.
Many people have learned, just what home ownership entails. And we all are better off for THEIR experience.
A huge number of Americans have graduated into self reliance, self respect and housing independence.
And what we see now is just the cost of this training opportunity. It was a huge move.
Who can deny that this was all worth it?
Those who are in the Middle working class, already have their piece of the American Pie. They did not need this Trillion dollar home ownership assistance program.
And as they continue to keep working to pay their mortgages, I hope they understand that those of us who got this opportunity for a bigger house than we originally could afford, and when we over extended our mortgage to buy an additional car or boat and even scheduled a vacation, all on the housing market, we say thanks.
I am happy that my mortgage payments will be reduced through additional programs and some of these buyouts. I am awaiting to see my original mortgage contract come back amended to reduce the more realistic amount, that should have limited the amount of my indebtedness.
I saw the opportunity. I took it. That Car, boat and vacation were gifts.
There was never any hesitation on my part. I have always depended on government assistance. The events of the last few days, have renewed my faith in Government.
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