Government bailout a cause for concern
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Robert J. Franklin
Published: August 2, 2008
I am very concerned about the upcoming law that would provide relief to those individuals that had been affected by the housing crisis. Although I am concerned about all the individuals that have lost
money, and in some cases their homes, due to foreclosure I feel that the corporations (Fannie Mae and Freddie Mac) benefit more from this bill than the individuals that were affected.
It is ironic that 20 years also this year, the government spent over 100 billion dollars to bail out the savings and loan industry and this bill is projected to cost possibly just as much if not more.
Many people fail to remember or choose to forget that Sen. John McCain was deeply involved in the Keating Five savings and loan bailout. The straight talker fails to mention in his campaign for president
that he benefited both financially and personally from the savings and loan bailout and was rebuked by the U.S. Congress for his actions.
Unfortunately, sometimes the only way to learn is to suffer consequences for the mistakes that one makes at the time that they make them.
ROBERT J. FRANKLIN
Woodbridge
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Reader Reactions
Posted by ( magicman ) on August 02, 2008 at 12:44 pm
Hello Robert:
I agree with what you say. Most of my life lives in Simi Valley, California. On July 11th IndyMac Bank went under, which became a very local story. I was watching the horror on the folks waiting for their checks to be cut. I am in the process of selling my house in Dale City. I had heard on the news regarding the bail-out bill, that it will also add incentives to those buying homes. I really hope so. My home has been on the market for a little over one year and I had to adjust the price four different times. Out of three open houses I had two people stop by. It is quite frustrating.
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