Sunday, September 21, 2008

Beware of the Feds Owning Your Mortgage

Part of the mortgage bailout plan involves the federal government buying up mortgages with a high probability of defaulting. Let me ask you people out there who have these kinds of mortgages (I'm going to go out on a limb here and suggest that many if not most are among the poor): do you want the same people who run the IRS to own your mortgage? I mean, if you default on a company, that's one thing; if you default on the federal government, I'm guessing federal prison time might be involved. I think it's a terrible idea to owe money to people who use force rather than exchange to get things done. Further, if the feds own your mortgage, they own your property. What is it called when the government owns the property but lets you live on it? Socialism? Fascism? I do NOT like where this is going.

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