Over the weekend, Congress gave final approval to the housing relief bill that is aimed at helping thousands of struggling homeowners avoid foreclosure and to temper falling home prices. It also includes provisions to assist institutions that operate in the mortgage market, namely the Government sponsored enterprises (GSE) Fannie Mae and Freddie Mac. The cost of this bill, despite other proposed funding options, will be funded primarily by the American taxpayer over the long term and in particular those of us who are financially fit. That is people who have not got in over their heads and are effectively managing the debt they have. It also covers people who have taken the efforts, sometimes sacrificing other wants and luxuries, in order to be timely on their income tax payments, debt obligations and to ensure they enter loans they can afford. So if you are in the “financially fit” category, like I am, you should be annoyed at having to bail out the rest of broke America. I understand that some people are genuinely distressed, but the vast majority got themselves into this mess through financial ignorance or mismanagement.
Check out the rest of the enlightening post here: http://www.savingtoinvest.com/2008/07/why-you-should-be-angry-with-2008.html