“For several years now we have watched the value of our home plummet like most other Americans, Ouellette said. “We bought it in 2005 at the market high, and have watched other neighbors foreclose and walk away from their homes, only to be snapped up by new buyers and investors at fire sale prices. We feel that it is simply unfair that we have to scramble to cover a $60,000 principle reduction payment to refinance to a lower interest rate. We feel that we have weathered the storm, by not viewing this house as an investment but as our home.”
Ouellette added: “We feel that we are being penalized for our creditworthiness, and this is just another example of the good guys finishing last.”
Christine Taylor of Cheshire, Conn., also hopes the proposals will help struggling homeowners. She wrote: “The homeowners who bought within their means and made better choices on the type of mortgage they took out may still be underwater on their mortgage and may be unable to take advantage of today’s very low interest rates without having to come up with a lot of cash. Why should it just be the gamblers and greedy people who get bailed out?”
--On Wednesday, Feb. 29, I will be moderating The Washington Post’s Behind the Headlines discussion, “Peeling Back the Labels: Black Women in America.” The event will be held on the campus of Howard University in the Armour J. Blackburn University Center, 2397 Sixth Street NW, Washington, D.C. 20059. The program will run from 6:30 to 8:30 p.m. Admission is free, but seating is limited. To RSVP, e-mail email@example.com.
Panelists include Tricia Bent-Goodley, professor at Howard University; Carla V. James, director of the Disparities Policy Project for Kaiser Permanente; Rahiel Tesfamariam, founder and editorial director of UrbanCusp.com; and Washington Post staff writer Krissah Thompson, who covers national politics.
If you missed my last appearance on ABC’s “The Revolution,” here it is. I talked with my brother about his financial turnaround.
As the financial contributor on the show, I’m looking for people willing to share their money stories. For an upcoming segment, I’m looking for people who are concerned about their parents’ finances. Do your parents have large debts that you’re worried they can’t pay? Are they spending their money on stuff and not saving for their retirement? If you’re interested in being part of the show, e-mail firstname.lastname@example.org, and put “Parents Finance” in the subject line. You can also e-mail me at email@example.com. Put “The Revolution” in the subject line.
Tia Lewis contributed to this e-letter.
You are welcome to e-mail comments and questions to firstname.lastname@example.org. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.