Russ J. Alan
Your home value is falling...refinance?
By Russ J. Alan
February 8, 2009

Most of us who visit these conservative websites and read these common sense articles are financially responsible, productive Americans who work hard and pay our bills on time. We believe in honoring the contracts into which we have entered, our home mortgages for instance. We don't want 30, 60 or 90 lates on our Equifax, TransUnion or Equifax reports, so we pay on time.

We have hashed over and over the causes of the banking crisis. Basically, the democrats forced banks to make loans to people with BAD credit (because they were "underprivileged" — due to racial, gender, sexual and other types of discrimination). We couldn't bring in illegal Mexicans to build all the new houses fast enough. There was a "feeding frenzy" in the lending world and even though the democrats created those opportunities, we had to hear "predatory lending, predatory lenders, predatory this, predatory that," ad nauseum, attempting to make us feel sorry for the financially IR-responsible, discriminated-against, underprivileged "groups" that "fell prey" to those "bad old" predatory lenders.

Naturally, the mortgage payments stopped coming in. That's what financially irresponsible people do. They don't honor their contracts. As Jesus said, "the poor will be with you always." You can't even get rid of them with a letter bomb, especially if it looks like a bill. The rich keep getting richer and the poor keep getting poorer because the rich continue to do the things that got them rich, the poor keep doing the things that keep them poor and the democrats — who wouldn't have it any other way — keep being re-elected by the poor.

Because of the government's intrusion into the private financial banking sector there were 3.1 million foreclosure filings in 2008. Banks became stuck with huge inventories of foreclosed properties which they are willing to sell at a fraction of their cost. This has driven housing prices down...everyone's... yours, mine, Hillary Clinton's in New York, Rush Limbaugh's in Florida, everybody's.

The democrats now want to force the banks (including those who did not take the bailout funds) to refinance mortgages in lieu of foreclosure, at the current value of the homes. The banks will have to EAT, by order of the government, any amounts they have loaned and are still due, over and above the actual property value. Who's going to cover this loss? Who's going to determine the new property values? The democrats?

No doubt there will be runs on the banks, by the financially irresponsible, to get their loans refinanced at the at the new lower principal value of their properties.

The actual value of anything equals the price a buyer is willing to pay. In the case of real estate, the selling prices of comparable properties in a given principality largely determines one's asking price. It is conceivable that in this sort of market, home prices would continually fall. You could refinance the principal every 10 minutes in this market. Let's just go ahead and say they are all worth nothing... that's where it would head under the democrats.

Should you, Rush Limbaugh and I continue to honor our contracts and continue to pay our current inflated mortgages, or should we also take advantage of this government opportunity?

© Russ J. Alan


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Russ J. Alan

Russ J. Alan's politically conservative articles have appeared on several websites such as,, ( Wall Street Journal online) and (more)


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