(Washington) - President George W. Bush today announced that he was using his presidential power to guarantee that every poor person in America would be able to afford a home.
Experts say it's a government bail out for poor people who can't afford to pay their mortgage; people who bought homes at variable rates and got squeezed when their interest rate went up. People who, in the first place, couldn't afford to buy a chicken coop. These poor people, known as subprime borrowers, can now borrow money from the federal government and refinance their mortgage ... at the same rate as rich people with high incomes and good credit.
As an unintended consequence of the bail out, poor people will now be able to qualify to buy a million dollar house, with the loan guaranteed by the government. Hundreds of multi-million dollar homes in wealthy exclusive Beverly Hills have already been snapped up by poor people and illegal immigrants. The average working class U.S. citizen, of course, cannot afford to buy even a modest home.
Welcome to America.
copyright 2007 Andrew Lawrence