This article in the New York Times is enough to make any responsible American angry. Politicians think they need to come up with a solution to "fix" the mortgage problems of many Americans. What a joke.
The functions of government do not include bailing out people (or companies)that are irresponsible. No matter what the government does, it will not in any meaningful way change the market. It will only prolong the problems associated with people borrowing more than they could afford. Furthermore, it will waste my tax dollars.
As someone that put more than 20% down on my house, took out a mortages that was less than 2.5X my annual salary, I feel I owe these people nothing that put no money down on their homes and borrowed 3, 4 even 5 times their annual salary. These people are not only stupid, but greedy and self-absorbed.
I understand that high rates of foreclosure effect me and the value of my property. However, I knew that buying real estate was a risk when I bought my home. That's exactly why I bought a home I knew I could afford regardless of short-term market conditions.
When I hear that people lost jobs or got sick I do feel bad for them. But what did they do to prepare for such circumstances? Build their skills, purchase disability insurance, or save money in a rainy day fund? No, they spent like there was no tomorrow. Surprise, there is a tomorrow and you should be prepared for it. Don't ask the responsible people to subsidize your indulgent life style.
We all cannot live live rappers, movie stars and pro athletes. Stay within your means so you stay out of my pocket.
Rescues for Homeowners in debt Weighed
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