Readers Respond: Remedies for a recovery
In a far-reaching plan that covered everything from foreclosures to new mortgage agreements, President Obama unveiled a “Homeowner Bill of Rights.” Here's the White House's fact sheet. And below are readers' comments.
“Frankly this is not a good faith effort. Obama and his minions know that these efforts will not pass the ‘smell test’ in the House. There is no chance that the House of Representatives will embrace the concept of indemnifying people who made risky investments and lost. It won't happen. What Obama's re-election committee hopes is that they will not embrace the plan, and it then will become a talking point for his campaign. He then will have carte blanche to say that his plan would have worked, but the evil Republicans shot the plan down because they don't care about those poor people in distress.
— George McCullough
Quaker Chemical Corporation
“If the housing stimulus funds are anything like the federal stimulus money spent on roadways in California over the last three years, then the money will only go to union contractors and then on a time and material basis. No bidding and no non-union contractors allowed.”
— Augie Venezia
Fairfax Lumber & Hardware
“Another government program that will cost taxpayers more money. When will the spending stop? Just let the housing market recover through the free enterprise system. It has worked in the past and will work now if the administration stays out of the housing market. Also, I question the timing of this grand plan since we are in an election year.”
"This is about banking reform, which we should all want to stabilize our business and the economy. Home-ownership is something that contributes greatly to our industry. We should welcome legislation that makes it possible for responsible people to get mortgages without red tape and unethical practices. Politics should not be part of this discussion."