Homeowners question bailout

February 19, 2009 3:27:53 PM PST
President Obama's plan to help struggling homeowners isn't sitting well with everyone - specifically people who didn't get in over their heads.Some say homeowners who made poor decisions should pay the price. Obama's plan includes billions to help with refinancing and preventing foreclosures - a number that was relatively low in our state last month. In all, it will cost taxpayers more than 75 billion dollars.

"We're throwing money at the problem," offered Raleigh homeowner Jerry Eickholt.

Eickhold told Eyewitness News Thursday that if you took a bad loan, then you should pay the price.

"Maybe you over-bought and I would like to bail you out and I'd like to help you, but I don't believe we're learning anything when we bail out people," he said. "If you can't afford your home, or if you are in foreclosure, somebody's telling you something."

But Yvonne Height pays her Raleigh mortgage, and she hopes Obama and her tax money will help those on hard times.

"People sometimes make mistakes - [were] not aware of who predatory lenders were, what they were getting into, and now they're in a situation where they have the home, why not try to help them stay in the home?" she asked.

Phyllis Brookshire with Allan Tate realtors said many who are in foreclosure weren't negligent, but lost their jobs in the economy. She felt Obama's plan will stabilize the Triangle's housing market and ultimately help everyone in the neighborhood.

"It's so early. We don't know really what all the ramifications are going to be, but generally speaking, helping having a strong community and having homeowners in those communities makes everything a better place," she said.


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