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Mortgage & Housing Market News from HSH.com
February 24th, 2009

The 92 Percent Solution

by

 

Perhaps it was inevitable. First, Rick Santelli’s rant last week on CNBC spawned the formation of the American Tea Party.

Now, there’s a new group in town:

The 92 Percent Group is committed to the preservation of free-market economics in the United States, specifically in relation to the Obama Administration’s Homeowner Affordability and Stability Plan. We believe this plan is unjust to the vast majority of American taxpayers; in particular to the 92 percent of homeowners who are current on their mortgages.

Today’s economic crisis impacts all Americans, not just those who are behind on their mortgages. Everyone shares concerns over health care, job loss, and the decimation of their retirement savings. All Americans have made sacrifices over the past year. The American taxpayer is already on the hook for mismanaged banks, incompetently run auto companies and extravagent stimulus packages. We don’t need the additional burden of paying for our neighbor’s mortgage. The bottom line – we believe that being current on one’s mortgage should not be grounds for being put at a financial disadvantage.

Here’s the intro to their mission statement:

1. The sole purpose of this group is to oppose President Obama’s housing plan, and the incentive it creates to not pay mortgages.

2. We hold this policy to be unfair and unjust as it rewards those who do not pay their mortgages, and punishes those who work each month to pay theirs.

I’m not sure I can get behind their call for a nationwide mortgage strike, however…

By witholding their April mortgage payments, homeowners across the country will demonstrate the absurdity of rewarding those who do not meet their financial obligations.

…because mostly what it will demonstrate is how much a late mortgage payment will ding you next month.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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