Did Chris Dodd and Barney Frank make Fannie Mae loans available to poor people like State Representative Scott Newcomer?
I am just shaking my head. How embarrassing.
There are questions here about why Republican State Representative Scott Newcomer did not make the payments on his house. Did they over-extend themselves? Is this just part of the ‘greed factor’ that has been the root cause for so many foreclosures in the country? Are the Newcomer’s also part of the reason the national economy has taken such a hit? Should the government help bail this poor man and his wife out?
State Rep. Scott Newcomer and his wife have defaulted on a $313,000 mortgage for their Elm Grove home, according to a foreclosure action filed against them in Waukesha County Circuit Court.
The foreclosure filed by the Ohio-based Huntington Mortgage Group claims that Newcomer and his wife, Julianne, stopped making monthly payments on their mortgage in September and that the balance they now owe is $284,689, according to the lawsuit.
Newcomer said Wednesday that he was surprised to learn the company filed a foreclosure action. The home has been for sale for two years, and they have had an accepted offer on the residence for four months. The closing, which has been extended three times because of issues of another mortgage company, has been scheduled for Feb. 27, he said.
Newcomer believes the turmoil in the industry is part of the problem.
Should we expect to see Newcomer start to blast Chris Dodd and Barney Frank?
CAFFEINATED POLITICS 
Would be expect that if Scott Newcomer were a Democratic State Representative that we would heard this story on Caffeinated Politics?
No, I don’t the government should bail him out. Because in general I feel why reward people for their own mistakes. Newcomer and his wife are adults and he should be able to understand the paperwork when he signs on to a mortgage. If he could not that is why you have a good lawyer or mortgage broker.
Yes, in fact had the same facts, homes, prices, etc. been about a Democratic member of the state legislature I would have posted and commented.
On this blog I have made known my problem with those who over-extended when buying homes, and also my problem with bailing them out. I still feel that way. And I hope that the foreclosure bill that will finally pass Congress will not reward those who are greedy, or stupid. All of us had to work hard for a house, or wait a long time for a house, etc, and should not have to pay for the greed of those who wanted bigger homes than they could afford, or those who wanted to make money of their homes. I hope the bill helps those who through no fault of their own were duped or misled, but NOT those that were clearly trying to make money off their homes at the expense of the national economy.
I feel pretty strong about this, and so yes, had a Democrat been the story, it would be here.
Tom,
Here is the earlier post I did on this topic, which makes my point in a longer form than my comment above. Give it a read.
I sure hope that with this guy’s grasp of how the economy works at home that we can find a seat for him on the Joint Finance Committee!
and don’t forget the part about how Newcomer didn’t live in the assembly district he was running for at the time of the special election. Them carpet bags can get kinda ‘spensive.
“God always has another custard pie up his sleeve,” (Georgy Girl)
Thank you Deke. I remember reading that story last September. When we bought our house a couple of years ago we had the greatest mortgage broker, good fixed rate, afford to make the payments on one income, etc. And where is our Mortgage Broker today? Unemployed of course for the last 6 months, his office closed because of the credit crunch.
That is a shame when good, decent, hard working people lose their job because of other schmucks who are greedy or just “Sign Here and Here and Here” without thought what they are getting into.