Zero Sympathy

I read that McCain has suggested an additional $300-$350 billion in homeowner bailout for those who are defaulting on their mortgages on top of the $700 billion for the business. Now that doesn’t have much chance of passing in Congress, but what a surprise to see a Republican candidate volleying up what is essentially a welfare program. What about all of us who still has managed to make our mortgage payments?

While I was completely opposed to the larger bailout as it didn\’t seem to hold those accountable who made reckless decisions, I understood the need since this affected markets around the world, as well as thousands and thousands of jobs. However, I am really against a bailout of individuals who are defaulting on mortgages. While it has become a widespread problem, I\’m reading that less than 10% of homeowners are affected (of course the could increase) and when I read specific stories, more often or not they go along these lines.

In case that like doesn\’t work, the short version is that person buys 10 properties worth $2.4 million with no money down (!!!) with the hopes of becoming a landlord to pull herself up by her bootstraps (to use a hackneyed phrase). I have zero sympathy for people like this. While there is heavy blame on the mortgage company who gave this woman the loans, who in their right mind thinks they can buy 10 properties with no money down??? At what point does a person go from victim, to willing victim, to co-conspirator? At what point will people in this country start taking accountability for their actions again? Or is that just a pipe dream?



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One response to “Zero Sympathy”

  1. alex Avatar

    Amen brotha! I’ve never missed a rent payment, only been late on a credit card payment maybe once or twice in ten+ years. Where’s my kickback? Of course, if you reward the people who make payments on time (say, with lower interest rates or something), then you can’t make every last drop of profit, which as we all know, is the American Way.

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