Urban, I guess I am more frustrated by your comments. I don’t agree that foolish and short sighted mistakes are understandable when it comes to purchasing a $600K home that was an unrealistic purchase to the buyer.
Of course I have made mistakes, but should I hold you responsible? No, I should take responsibility for my own actions and if that means my credit is ruined for ten years and I will be held accountable for my debt that incurred for the mistake, then so be it.
I watch on a daily basis our government taking extreme moves to protect the irresponsible. Now I have to tell my little boy as he grows up that he is now going to be responsible for the debt of today’s ignorance. Sorry, but that just doesn’t really sit well with me.
As far as being judgmental, this is more of a matter of right and wrong. You make the right decision you pay the ultimate price, i.e. higher taxes, much lower 401K’s and a drawn out market collapse with no end in sight. You make the wrong decision you get bailed out and forgiven of debt. Along with the wrong decision you don’t have to worry about home buying because you won’t be doing that for years and chances are you never even had a 401K because you weren’t too smart with money management in the first place.
I don’t think there is any grey area here. I have family members who are walking away from their homes and I don’t feel sorry for them. They took equity out of their home as many Americans did and spent it unwisely. For that they deserve to pay for something, but that isn’t the case.
