Next up: U.S. mortgage rescue plan

[cobra de capell]

A letter to BO from a real person.....

Dear President Obama:


I want to tell you a story about myself and my neighbor. I have 4 kids, all in private school, that my wife and I have to pay tuition of $4500 per child while my taxes pay for my neighbor's 1 child to go to school for free. But its ok, that was our choice.


Every morning as I pile all 4 kids in the van to drive them to school, I see my neighbor standing on his lawn as the free school bus-that my taxes pay for- comes to pick up his child. But its ok, that was our choice.


When we bought our home, I paid a "point" to get my loans rate down to 5% fixed for 30 years. My neighbor decided to go with one of those "intro rate" loans that, at the beginning , was a rate lower than what I was paying and he did not have to pay the point. But its ok, that was my choice.


He lost his job back in early November of 2008, just after buying a new $10,000 boat. As Christmas came, he told me he was not really looking for work anymore because he wanted to "enjoy the holidays". While my wife and I bought a great xbox game console for $50 for our kids, my neighbor told us they just got the new $399 xbox 360 to go with their Wii and latest Nintendo. Again, not complaining, its our choice. Just seems odd someone out of work would choose to spend money that way.


I asked again (early February) how the job hunt was going and he told me that his unemployment had been extended for a year so he is going to wait until the end of the summer to look for work as he wants to spend time on the new boat. Apparently its pretty easy to fill out the jobless claim forms on the internet to continue to get the benefits. (Doesn't anyone verify that people who get unemployment checks are truly seeking work?)Might not be ok, but that was his choice.


Having 4 kids can be quite expensive, but making the right choices isn't too hard. You would be amazed at the great clothes you can find at the thrift shop. Other Moms ask us how we can afford so many "Limited Too" outfits for the girls-they can't believe how much you can save by staying out of the malls. Now as for boats, we have a great one-a 1979 pontoon boat we picked up for only $1200 (my 2 brothers pitched in on it so it was $400 each). It may not be the prettiest or fastest thing on the water but we have a lot of fun on it. Not complaining, again it was our choice. Just pointing out that people make choices in life, ours was to make sure we could afford our lifestyle.


What I am concerned about is that I have learned about your plan that will take money away from me-a taxpayer-to lower my neighbors interest rate to 5.16 percent. He paid no point for his original loan...he paid an interest lower than me at the start of his intro rate loan...but now I have to pay to help him stay in his waterfront home??? Mr. President, thats not ok, and its not my choice.


I keep hearing how people are not able to afford to stay in their homes when their rates increase, but does that really make them "homeless"?

Here is an analogy that makes my point. Imagine someone getting financing on a Ferrari sportscar that was set up so their introductory payment was only $500 per month. Now when the payment jumps up to a number that person can no longer afford and the car is repossessed-is he considered "car-less"? Of course not! He has already demonstrated he can afford $500 per month in payments-he just needs to buy a car he can afford.


The same should go for people, like my neighbor, who can't afford to live in their house anymore. Buy a smaller home or...GASP...rent! Sell the boat! Quit going away on trips! Cancel the 2 cell phones, the cable, and ...GASP...THE INTERNET!

Its all about choices, I made mine, my neighbor made his. I already pay for mine, please don't make me pay for his.