This article was printed in the online op-ed section of USA Today. The article is about whether or not Obama's housing plan can stabilize plunging values. I did not agree with the writer of the article, so i decided to send a letter to the letter. If you want to do the same, the email us letters@usatoday.com.
To the Editor:
“Our view on the economy: Can Obama’s housing plan stabilize plunging values?” (editorial USA Today, 2/20/09), states that everyone can gain something by Obama’s new housing plan. The article argues that helping up to 5 million people who are current in their mortgage payments but who cannot refinance at lower interest rates because their debt is near or over the value of the house will actually be for the greater good. I feel that this is false. There are other credit markets in the U.S. that can operate without changing the rules. For example, the auto industry has operated successfully despite that fact that many people are in debt when they sign the contracts. If the government is giving money and changing the rules for people who default on mortgage payments, then why shouldn’t they now help the many people that are beginning to default on car loans?
Sincerely,
Nico Scerbo
Ramapo College of New Jersey Student
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