Foreclosures
Is this action by the Legislature a good move? Does it go far enough?
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Comments (2)
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It is just like the Savings and loan bail out. People were greedy and made bad investments and lost. Why should the taxpayers pay for bad loans that were made to people who could not afford them and the mortgage company knew the borrower could not pay the loan back. This just extends the belief
people have that they are not responsible for anything they do and someone else will bail them out. Let the banks, investors, mortgage brokers and anyone one else that made money on these loans pay for the bailout. My wife and I bought our home based on what we knew we could afford not what we hoped we could. I know this is hard on people but it is time for them to learn a hard lession at their expense not mine.
Posted on July 18, 2008 7:20 AM
Paul
I agree 100%.
My wife and I, as tax payers, will be forced to pay for other people's mistakes. We are being punished for making the right decisions and others are being rewarded for making the wrong decision. If the goverment would stay out of the issue and let a few people lose their houses (which they knew they couldn't afford if the rates went up), and a few leaders lose money on their bad loans (which they knew they shouldn't be offering), maybe it would teach them not to do it again in the future. Leason that are hard learned are the leason's you remember.
Posted on July 18, 2008 8:39 AM