A proposal circulated by a bank to members of Congress warns that as much as $739 billion in mortgages is at "moderate to high risk" of default over the next five years and that millions of families could lose their homes.
Well, excuse me if I sound callous, but aren't many of these "families" actually flippers who bought, refinanced, sold and re-bought their way into outsized profits while I took the safe route? Now that the pyramid scheme has collapsed on them, the gummit wants to pick my pocket to bail them (and their bankers) out? To be fair, maybe they are talking about the folks who lied about their income (sometimes by 50%+) to qualify for Alt-A mortgages they couldn't afford? No? Perhaps they are talking about the folks who got interest only loans (or even negative amortization loans) because when they rates kicked up "they would definitely be making more money" and/or "real estate always goes up"?
Not sure how any of this is MY problem. As one of my professors used to say many years ago, "Lack of planning on YOUR part does not constitute an emergency on MY part."
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