Why Certain Kinds of Liberalism are Doomed to Fail

From the Providence Journal, we have a "heartrending" story: Reed's bill would assist homeowners facing mortgage foreclosures.

A death in the family, a divorce or even a big jump in property taxes are among the situations which could qualify homeowners for mortgage assistance under a new bill to provide $615 million in foreclosure-prevention assistance filed yesterday by U.S. Sen. Jack Reed.

The Home Ownership Protection Enhancement Act of 2007 would expand the eligibility requirements — and available funds — for homeowners who cannot make their monthly mortgage payments to include all low- and moderate-income homeowners, as well as those with higher incomes who face a serious financial setback.

The homeowners are people such as Aida Maria Jansen, 77, who got a no-down-payment loan less than a year ago to buy a $250,000 house that she cannot afford.

“I didn’t even have a job,” she said at the news conference. “They told me my payments would be $1,200 a month and to get a roommate.”

Aida’s mortgage was actually two loans which totaled about $2,000 a month. Last year, Jansen earned $11,212, according to her tax returns.

“I have money for two more payments and them I’m totally broke,” Jansen said after the hearing. “In nine months I’ve paid $18,000 on that house…I’m exhausting everything.”

Jansen, who has visited a food pantry twice in the last two months, said she is in the process of applying with the state to adopt a child so that she can get some extra income to pay her mortgage. “They pay about $102 a week,” she said.

Jansen said that she never should have qualified for the loan. “They all ripped me off,” she said. “They put double my income to get this mortgage.”

Let's analyze the facts.

She's 77.

She bought a $250K house.

She didn't have a job, and got a mortgage.

She had payments totalling $24K a year, and her income was $11K.

"They" made her sign the contract. (She didn't mention what kind of gun "they" used.)

She's going to adopt a child at age 77 so that she can get $102/week from the state.

To quote Oscar Wilde, "you'd have to have a heart of stone not to laugh."