The govt is not supposed to watch out for us. Should they tell you to not drink? Should they tell you to not go snowboarding down double black diamond runs if you do not know how to? At some point adults need to watch out for themselves. Tens of thousands of people had no business buying a home and would not have been able to had it not been for the govt.
Nobody gets kicked out onto the streets Brian. Of all the homes we have purchased and informed the occupants they had to leave, not one of them ended up in a shelter. Save the scare tactics for people who are not in the industry. It is surprising how many people live within the means they can afford when they have to. Add to the fact of all the people living for free now because they are not paying. No they can afford a rental and they are not destitute like you make them out to be.
The bubble was fueled by the govt with foolheartedly policies that allowed for easy credit and allowing PEOPLE WHO HAD NO BUSINESS TO BUY A HOME get into home ownership. The govt fed the institutions the business. To think the govt ever, ever, ever is watching out for people or wants to take care of people is something that eventually you will learn to be far from the truth.
There are so many better ways to help people out but allowing them to live in a home that for all rights is NOT AFFORDABLE and NEVER WAS AFFORDABLE and NEVER WILL BE AFFORDABLE to them is not one of them. Foreclose on the home and let them find a rental with a govt subsidy for rent.
There are far to many people who did not require the govt to “take care of them” and prevent them from being idiots. What was the reward they got? Squat…they did not get squat. The reward is that they now get yoked into bailing out Wall St and letting the poor idiots continue to live in their homes through loan mods.
The only people who really “benefit” are the govt and Wall St.
