on with the politicians who dirtied their hands in this -- Dodd and Frank. They should lose their positions and have fines to pay. I also wouldn't be worried about bailing out China. We worry too much about everyone else instead of the homeland.
I also feel the homeowners who took these mortgages need to own up for their share in this. They knew they couldn't afford it. My DH and I are building a house. We were preapproved for $350K -- did we borrow that much? He!! no. We sat down and looked at our bills and what we're paying now and what, if any, extra we could pay each month. We based our loan amount on what we know we can afford -- not what the bank said we could have.
However, I do believe that these loose lending practices contributed to this mess. Not everyone understands what a 3-year ARM is. The banks should hold some responsibility in this by reducing the monthly payment by 20% and locking the rate into a fixed rate. The 20% the monthly payment is reduced by would simply be added to the length of the loan, taking longer to pay it off. Most of these people do not want to lose their homes; they just can't afford it.
I'm not economics major or anything, so these are just very simple viewpoints from a tax-paying, law-abiding, home-owning citizen. |
I'd start with the suits that made out like bandits -- - they'd be paying it all back and then
