Mortgage program unfair

Although the plan promises relief to struggling homeowners, the plan lacks equal protection.

A new mortgage assistance program was recently announced by the Obama Administration that would refinance or modify the terms of troubled mortgages to offer lower monthly payments to homeowners everywhere. But alarming is the way the new plan leaves out the most troubled mortgage payers. The new program covers people who owe up to five percent more than their current home value, leaving out thousands who have seen the value of their home degrade rapidly. Although it is encouraging to finally see relief that is targeted directly to homeowners, this new mortgage plan is unfair and flawed. The White House has acknowledged that this plan will not work for all but at the same time has issued no intention to fix it. So that means that those who have been unfortunate to own a house in areas such as California and Nevada where housing value have drastically decreased are basically out of luck. It is almost as if government has given up on them. It is starting to look as if history is repeating itself here in the United States. Throughout it, the government has always grappled with the question of who should have the liberty of an economic safety net and who should not. In this case, the government has motioned to organize homeowners into tiers, leaving out the ones who need the most help. Although the plan is reportedly going to help up to 9 million homeowners, it is blatantly unfair to those struggling the most. Opportunity for direct relief to all struggling homeowners, regardless of their circumstances, is the only way a mass effect will be felt universally by homeowners. The Obama Administration can make this plan feasible and fair in a relatively easy way by simply taking out the five percent rule that will limit many homeowners from applying. Although it will probably make the $75 billion plan more expensive, it is well worth is, as this plan is unique as it is bailing out the people of this country, not an undeserving Wall Street bank.