Rush’s Morning Update: Screwed Again
May 15, 2008
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For months, elected Democrats have bemoaned the sad fate of homeowners so distressed over rising mortgage rates that they’ve abandoned their homes. Democrats blame “unscrupulous” mortgage brokers, who took advantage of homeowners. As with every crisis, Democrats have a solution — and that’s using your tax dollars. Well, according to the Los Angeles Times, we’ve been had. Looks like the phenomenon of “walkaway homeowners,” as they’re called, is an urban myth!
The L.A. Times checked with major banks, housing lenders, and the Mortgage Bankers Association, but no one could produce any factual numbers backing up claims that homeowners, en masse, have abandoned their homes. Mortgage Bankers Association spokesman John Mechem attributes his belief in the prevalence of walkaway homeowners to, quote, “what we’re reading in the newspapers.” Yup: Drive-By stories. Turns out, Democrats are right about “unscrupulous” behavior being partly responsible for housing problems. On the part of unscrupulous borrowers!
Many borrowers lied about their financial status, or lied that they planned to occupy the homes, but were really purchasing multiple investment properties. So, who’s really abandoning homes? Not homeowners, but some investors who lost out when mortgage rates ticked up. So it’s all BS! In retrospect, we should have known. When Drive-Bys and Democrats pounce on a crisis — and offer government solutions — ten times out of ten, we’re not getting the whole truth. We’re getting anything but the truth. It’s just another setup.
We’re being screwed — politically speaking, of course.
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