That is right, 92% of U.S. mortgage payers are not behind in their payments! Why is my liberal heart not all that excited over this bailout predicament? Is it because Robin and I have been responsible and have lived within our means most of the time? Maybe somewhat. But as a taxpayer, I feel we need to take a closer look at this. Maybe we as a nation are being too reactionary.
The Homeowner Affordability and Stability Plan does have particular weird discrepancies for us California residents. Under the Federal tax plan, you can buy a new or existing home and get an $8,000 tax credit. Under the California state tax plan, you can get a tax credit of $10,000 for buying only a new home. This, of course, is planned to spur new house construction. But what of those hundreds of thousands of houses that have been foreclosed on? Lot's of questions still on the horizon.
Here is something that I find strange. Neither Robin and I nor any of my three brothers and five sisters are eligible for this mortgage bailout. Or my many nieces and nephews. I can go to my in law's side and can't come up with anybody I know of. I have many friends in Humboldt County, but can only think of a few that will qualify. I just wonder how many Humboldt County residents will be able to take advantage of this bail out. Any ideas?