Congress is so dumb that…
Posted by Mike Sylvester - 12/17/08 @ 8:50 pm - Filed Under Uncategorized
Our representatives in Congress are really, really dumb.
Back in July I had two posts detailing why I opposed HB 3221.
HB 3221 is a bill that was pushed through Congress with 99% Democratic support and 24% - 33% Republican support.
Basically Congress intended to re-finance loans at taxpayer expense in order to keep people in the homes that they cannot (And could often never) afford.
The Congressional Budget Office felt in July that HB 3221 would allow 400,000 homeowners to keep their homes at taxpayer expense.
As usual Congress was 100% wrong.
This law was so complicated that I went to three local mortgage companies and trained their agents on the tax implications of the law. After each training session I asked the mortgage brokers in the room if they thought this law would keep more people in their homes. There were a total of about 30 mortgage brokers in those training sessions and not one thought it would do much.
I was right as were the mortgage brokers. The only people who thought this plan would work was Congress; mostly Democrats in Congress.
This bill is a massive failure. Read this article on why it failed! Per the HUD Chief to date only 312 people have even applied for the program that Congress intended to keep 400,000 people in their homes.
Nancy Pelosi and Harry Reid should both resign. They are both almost as inept as President George W. Bush.
Mike Sylvester
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Mike, ANYBODY that didn’t see that fiasco coming is absolutely deaf, dumb, and blind. It was noble of you to try and implement instructions for the mortgage brokers (I hope you got paid) but you must have been exasperated once you looked at the very first page of instructions!
You are to be commended for at least trying!