Who Will Pay for All of This?
Kimberly send in this interesting article along with the following email.
These are her thoughts:
"These 1.7 million "homeowners" NEVER should have qualified for loans and been homeowners in the first place. The reality is that Americans are severely overleveraged with debt and always find a way with overextended credit from finance companies to obtain what they otherwise simply cannot afford to have. The materialism in this country is out of control. Americans need to reign in their budgets, live more simply and save their money for a proper down payment on a home that they can truly call their own. These 1.7 million are NOT homeowners, they occupy homes that are owned by mortgage holders-they often own 97-100% of the home due to their loose lending policies. Legislation needs to be passed to tighten credit restrictions immediately. The hard working rest of the American public should once again NOT have to bail out large financiers who rode the wave of wealth while they wrote all these bad mortgages and took all the fees upfront. Let them get stuck with the properties and the shareholders cough up the money. I am tired of CAPITALIZATION OF PROFITS AND SOCIALIZATION OF LOSSES! What does this mean? It means that as long as the money is flowing in, the companies want to keep it all for themselves. Then, when there are hard times, they want the layers of government to pay for it with your tax dollars. If you actually OWN EQUITY in your home and pay a normal mortgage you should be outraged and get prepared to pay to bail out this industry."
Time will tell just how far reaching this problem really is. Will the Federal government jump in to save the day with our tax dollars like a white knight to the rescue? It would not be the first time. www.rateinformer.com
These are her thoughts:
"These 1.7 million "homeowners" NEVER should have qualified for loans and been homeowners in the first place. The reality is that Americans are severely overleveraged with debt and always find a way with overextended credit from finance companies to obtain what they otherwise simply cannot afford to have. The materialism in this country is out of control. Americans need to reign in their budgets, live more simply and save their money for a proper down payment on a home that they can truly call their own. These 1.7 million are NOT homeowners, they occupy homes that are owned by mortgage holders-they often own 97-100% of the home due to their loose lending policies. Legislation needs to be passed to tighten credit restrictions immediately. The hard working rest of the American public should once again NOT have to bail out large financiers who rode the wave of wealth while they wrote all these bad mortgages and took all the fees upfront. Let them get stuck with the properties and the shareholders cough up the money. I am tired of CAPITALIZATION OF PROFITS AND SOCIALIZATION OF LOSSES! What does this mean? It means that as long as the money is flowing in, the companies want to keep it all for themselves. Then, when there are hard times, they want the layers of government to pay for it with your tax dollars. If you actually OWN EQUITY in your home and pay a normal mortgage you should be outraged and get prepared to pay to bail out this industry."
Time will tell just how far reaching this problem really is. Will the Federal government jump in to save the day with our tax dollars like a white knight to the rescue? It would not be the first time. www.rateinformer.com
posted by Rateinformer.com at 3/15/2007 06:04:00 PM
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