Chris S said:
I personally do not want to see people’s lives ruined who were tricked by dishonest people into the situations they are in.
.. dude I can see you not wanting bad things to happen to all the FBs out there, but when you say that they were “tricked” into the situations that they are in… it makes you look like an idiot. Why are you so quick to forgive the lack of responsibility, research, common sense, and thriftiness that anyone who buys a home should have. Anyone who practices any one or two of the preceding traits could have avoided the “crisis” they are facing now.
Many of those who are currently struggling to make the 100% financed mortgage on their MCMansion are doing so due to greed, pride, and complete recklessness in regards to spending and the responsibilities that come with taking on debt.
If someone told you that you can afford a 500k home on 70k per year with 0 down, and you believed them … that’s not being tricked.. that many other things.
The problem is that these actions did help ruin things for those who are responsible in life with their money, and possibly for our childrens, and now with the fed preparing for an attempted bailout of the markets, so as to lessen the blow to those who risked the most, we may all pay in the form of higher inflation.
I don’t want our economic system to “tank”, but it would be nice to have an economic system where people are rewarded for saving money, housing prices appreciate, yet are stable and affordable, and food and energy doesn’t double in price every 4 years. It also wouldn’t hurt to see the most irresponsible banks/lenders/borrowers be taught a lesson.
