Wednesday, July 30, 2008

No stimulation, no relief

Today the president signed the Hope for Homeowners Relief Act. Eligible borrowers must have spent more than 31 percent of their monthly incomes on their mortgages as of March 1, 2008.

It’s the second big economic initiative since the economic stimulus packages earlier this year.

A few Washington area residents speak up:

“When I lived in a cheaper area of the country I had a mortgage. (It wasn’t paid off, so I hesitate to call myself a “homeowner.”) Payments were less than a quarter of my monthly income, yet I still freaked out a little putting my name to such a big loan. When I moved to DC, I realized that anything with indoor plumbing and electricity would be more than 31% of my monthly income. So I took the fiscally sensible route and rented. Where’s MY financial aid? ”

“I missed the economic stimulus eligibility cut-off by $426. Yes, $426. Apparently this means I’m *rich*. So flush with wealth that 31% of my income would buy me a PortaPotty here. Out by Ashburn. So I did the financially sensible thing and rented. Now I don’t even get a government-sanctioned $600 to spend on cheap consumer imports. Where’s MY financial aid?”


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