Obama's foreclosure plan questioned by the loyal opposition.

I must say that the GOP has been a massive disappointment for the past 8 or so years, but they are really impressive recently and much of the thanks can be given to Obama whose magical powers include spinal reconstruction.

Specifically Eric Cantor the Republican whip, credited with rallying the House GOP against the Stimulus bill, has with John Boehner posed several questions for Obama. I personally see this bill flying through as too many Republicans are obsessed with stopping the housing meltdown at whatever cost, but I am happy to see them get vocal. Aim is to spend 75 billion to shore up 9 million mortgages in an effort to thwart our country from the continuing housing meltdown.
Courtesy of CNN, here are the questions.

• What will your plan do for the over 90 percent of homeowners who are playing and paying by the rules?

• Does your plan compensate banks for bad mortgages they should have never made in the first place?

• Will individuals who misrepresented their income or assets on their original mortgage application be eligible to get the taxpayer funded assistance under your plan?

• Will you require mortgage servicers to verify income and other eligibility standards before modifying mortgages? Watch more on the home foreclosure crisis »

• What will you do to prevent the same mortgages that receive assistance and are modified from going into default three, six or eight months later?

• How do you intend to move forward in the drafting of the legislation and who will author it?

Those are all excellent questions and my particular favorite and something that I have been whining about - what about the rest of us? If stupid people unable to read mortgage rules and cannot understand what an Adjustable mortgage does (it adjusts), then why OH WHY should they be bailed out? As my previous post on the matter pointed out, a majority of the refinanced loans fail and the GOP is curious as to why this time it will be different. Lastly, after the latest partisan boondoggle they are asking if any Republicans will be invited to participate and I am sure they will.

Obama has made the following process and I will be watching very closely to see how quickly he will go back on his words.

"It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans. It will not help speculators who took risky bets on a rising market and bought homes not to live in but to sell," Obama said Wednesday. "It will not reward folks who bought homes they knew from the beginning they would never be able to afford."

Really? He wants to save 9 million mortgages, but it does not include speculators, irresponsible or unscrupulous individuals? Where is he getting 9 million from then, because that is higher than any estimate I have ever seen.

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