| I don’t disagree with anything you said OoD, but I’m not thrilled about the idea of bailing out everyone that made bad decisions. I’ve seen cases were folks have taken out a second mortgage above the value of their house and walked with the cash filing bankruptcy on the way out. Any kind of bailout would encourage these types of people to rip off the taxpayers.
My beef is with realtors and mortgage brokers that prey on trusting folks by pushing a bad mortgage product in search of bigger commissions with no regard to the long term well being of the folks that they work for. Yeah, we can blame the lenders for making a bad loan available but a responsible realtor should be warning folks about them instead of selling them. Most folks rely on sound advice from their real estate “professional” and too many don’t get it.
It really is buyer beware and a lot of folks spend more time researching a new TV than they spend checking out a 30 year commitment that devours half their paycheck.
I do agree that it is going to hurt all of us but most of these folks shouldn’t get a total free ride either. There are some genuine hardship cases out there. Can they be sorted out on a case by case basis? Given all of the welfare fraud and Medicare fraud I don’t expect the government to be very efficient at it. |