The fair and objective CNBC reporter and "Ayn Rander" Rick Santelli continues his elitist class war on suffering homeowners with more woeful stories of those poor mistreated "average" high wage workers who aren't about to lose their house. For starters:
Santelli says: When it comes to helping troubled mortgage holders, government is promoting bad behavior. Like when they bailed out Wall Street bankers with no accountability? Mortgages are merely being adjusted to current values and with low interest rates. The same low interests rates that are available to everyone right now (5.1% 30 yr).
Santelli says: Those 8% in trouble, families who need help, aren't a good risk. "They're probably not going to contribute after the stimulus..." It's nice to know Santelli has God like abilities to see into the future of struggling Americans to predetermine their inability to be productive members of society. Maybe they should just give up and die?
Santelli says: "I don't think it's right in America to reward people that made wrong decisions. Send them to classes on how to read the small print." That's not an elitist smug thing to say, is it? Having been in real estate, much of that small print is written for the protection of the buyers and mortgage holders. Its standard stuff. What isn't standard are the upfront misleading promises made by agents who take an ethical pass so they can con an unsuspecting consumer.
Santelli says: "I don't look at my house as an investment, it's what I live in." Total BS. Ask any homeowner.
Santelli says: The average working Joe can't get the same kind of restructured mortgage. WRONG. I just refinanced at 4.785% on a 15 yr mortgage, and took out $10,000 in equity for some needed home improvements. 30 year fixed rates are at 5.1%. Incredibly low. Anyone can refinance now. Rick, that means you.
Santelli says: Americans should get a tax holiday, or a government check to everyone who has a mortgage. Ah yes, short term solutions that don't produce long term jobs.
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