Ed Walters: Poor need more

April 9, 2013 

Mr. President, and all of our federal leaders, It would be evil to place on the backs of the poorest Americans a burdensome tax that the moderate and wealthy citizens do not have. It would be doubly painful if this tax made these poorest Americans indentured slaves for 30 years.

One of America's agencies that provides the greatest number of home loans to the poorest of citizens (HUD/FHA) is doing exactly that. They have now not only made the Up-Front Mortgage Insurance and the Monthly Mortgage Insurance so large that it is stifling low-income earners, it is going to be for the life of the loan.

Also, as of April 1, senior citizens will no longer be allowed to have a fixed-rate loan on a reverse mortgage, but will be forced to have an adjustable-rate mortgage (the very loan our government officials so emphatically detest).

Who allows such decisions to be made?

Shame on a government that chooses to make such an evil decision against the wrong people.



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