John Boehner: If Their Mortgages are Underwater, Let ‘Em Drown
WASHINGTON — House Speaker John Boehner thinks it’s about time for the government to stop trying to aid people with underwater mortgages.
Responding to a plan President Barack Obama unveiled Wednesday to help homeowners refinance, Boehner scoffed at the idea and then suggested government should get out of the way of increasing foreclosures and falling prices.
“One more time? We’ve done this. We’ve done this at least four times where there’s a new government program to help homeowners who have trouble with their mortgages,” the Ohio Republican told reporters on Capitol Hill.
“None of these programs have worked. I don’t know why anyone would think that this next idea is going to work,” Boehner continued. “All it does is delay the clearing of the market. As soon as the market clears and we understand where the prices really are — [that] will be the most important thing we can do in order to improve home values around the country.”
