These politicians trying to get elected say the dumbest things. Putting a moratorium on foreclosures, giving 30-day reprieves, etc. – all completely miss the point. People are losing their jobs, have massive credit card debt, the money they have is losing its buying power when corn, soybeans, cocoa, gold, platinum, petroleum, and other goods are hitting or flirting with record high prices. The foreclosure on a home is a SYMPTOM of our current problems, not the root cause!
Let’s get real and deal with what’s causing these problems, not talk about retribution on banks for the loads of folks who never even glanced at the terms of the mortgage loans. Why not talk about this for a change? At least in the “House of Cards” on 60-Minutes when they interviewed the second couple the guy was open and frank enough to admit he never read the terms of his contract. And, even if he did read them, he didn’t seem to care – he wanted something better for his family, and gambled his family’s well being on a chance that property values would continue on the hyper-increasing trend.
Don’t confuse me with saying it’s all the borrower’s fault, cause I’m not. I’m saying everyone played the game to come out ahead with lots of money, and when people start losing value on their homes they cry foul – and that’s not right. You gamble, you lose, you pay.
I sympathize completely with those who are losing their homes due to reasons beyond their control. But, the rest are not entitled to receive my tax dollars to bail them out of a gambling debt.
