I understand the anger if this money goes to people who could never afford their home, but I was under the impression that to qualify for funds you had to take an affordability test. Meaning, I don't think people making 30k with a 500k mortgage are going to qualify for help. As well they shouldn't. This is probably why the amount is G$75 for so many homes. Most of those people will never receive help.
Also, we need to be careful when painting such broad strokes. It is not unreasonable to think that some people are losing their homes because of the poor economy and not because of some poor decision they made. I work with a lot of young single people that purchased 100k homes on 40k salaries, not that unreasonable. Their homes are likely only worth 70-75k right now, if they could sell at all. What if they lost their jobs? Yes, you shouldn't have to pay their mortgage for them, but it wasn't a string of poor decisions and greed that got them into this situation. They would probably last a few months, but it's not exactly like they have lots of job options. Does anyone believe that the government should provide *some* mortgage help in the above situation?
The above situation is likely the very minority case, but all exceptions need to be considered. If they had purchased 200k homes with an ARM, I say let them find shelter elsewhere. And if they had to take an affordability test to get government help, I imagine Uncle Sam would say the same as well.
