John McCain wants to help those stupid people who go themselves into foreclosure trouble.
I guess now it has gotten to the point where if they don't help them, the national economy could get worse. But who got the loan in the first place? More importantly, who gave them the loan?
Several years ago, I had some friends who bought a house, a large expensive house mind you, for a super high adjustable-rate mortgage and no money down. They used the profit from their old house to buy home theater equipment.
At the time, my wife and I were shocked and foresaw they would have trouble in the future. Why would anyone in their right mind take a loan like that?, we said.
Lucky for them, they sold before the crash and moved to a less expensive area. But a whole lot of other people didn't. Now these people are stuck with a house full of "home theater" junk and the bank outside ready to foreclose.
Don't worry, the government is here to bail you out.
You are so right, I hear people I work with complain about credit card debt. I don't have a credit and don't want one. Credit card debt use to be the big thorn in the side of consumers, now it is buying the house that the Jone's will be jealous of. Too many people bought houses on bad terms, like interest only loans. Now their property is worth less than they owe.
ReplyDeleteAs far as how to fix the problem, I have no idea. I have talked to my wife about what I think is in our near future. I know we will make it through this recession. My home loan is the only debt I have and I like it that way. No home theater system or jet skis or boats. Just my little modest ranch home.
Now is the time for people to stand up and accept responsibility for what they have done to them selfs.