Where's My Incentive?

I apologize in advance for this post - I just need to express a few opinions. I've been reading up on the mortgage part of the bailout that was passed last week. All I have to say is - ARE YOU FREAKING KIDDING ME?!?

Everything about this irks me. Here is just one paragraph that stood out..."To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years."

Again, ARE YOU KIDDING ME?!? So essentially, the government is bribing people with money to make their own mortgage payments on time. On what planet does this make sense? Shouldn't that just be a given? It's called PERSONAL RESPONSIBILITY.

I have lived in my house for almost five years. I have made each payment on time - sometimes even early just for kicks. My incentive? SELF-RESPECT, PEACE OF MIND, AND A GOOD CREDIT SCORE. Do borrowers really need an "extra incentive" to pay their mortgage on time? After their interest rate and principle have already been lowered? I don't even give "extra incentives" to my six-year-old for doing his homework. He knows it's part of being a first-grader. I expect that by the time he is an adult, he knows that paying his bills on time is just part of being a responsible person. If you need an "extra incentive" to pay your mortgage on time, you have no business owning a house. It comes with the territory.

What happened to living within your means? My mortgage is about 70% of what the bank said we qualified for at the time. Before we bought a house, we sat down and did a budget and bought a house for what we could afford - not what the bank told us we should spend. Granted, it's not extravagant. The boys bathroom has pink laminate countertops. I'm pretty sure all of our faucets are original to the house (that was built in 1987). We're slowly replacing the floors and other things. That's fine with me. We're not asking anyone to pay for it. It's our house, and we'll take responsibility of paying for it ourselves.

Now, I know there are people with situations such as medical bills, disability and other unforseen circumstances. I'm not talking about them. I'm talking about the people who just don't know how to stop spending, don't know how to make a budget, and expect their "starter" house to be 4000 square feet with granite countertops and a 60" flatscreen above the custom-made fireplace. WHY AM I PAYING FOR YOUR DAMN MORTGAGE?

Sorry. I'll get off my high horse now. My next post will be lighthearted and have some pictures of my super-cute boys.